The Savannah morning news., 1902-03-21

Rostns steady and Unchanged-LO-
cal and TeIegraphic Markets.
The Morning News Office.
Thursday, Mardh 20.
Ia the cotton markets little of in
.srsst was doing, either at the specu-
lst,ye centers or spot markets. Ire
r7endous liquidation was going on at
New York, according to reports, with
"a non to $4,000 bales being dumped
overheard in lots. and yet those in
charge allowed the market to close off
only } points. Sales for the day were
25OOOO bales.
In the spot markets there was no dis
position to trade, due to the light ex-
mort demand and the apparent pause
in the operations of mills, who have
cor some time been liberal buyers of
snot cotton. The current belief is that
mills will again be in the market soon,
and that until then the situation may
remain about unchanged.
The cotton market at New York is
speculatively in a semi-somnolent con-
dition, says the Journal of Commerce.
It appears, however, to be sleeping
with one eye open, if we may be per-
mitted to suggest the situation by such
q smile. The bull contingent is with
ont courage. We do not learn that the
several parties who are referred to as
of syndicate relationship are doing
ANYTHING more either one way than the
other. than occasionally shifting their
deck load as occasion may arise
from one side to the other side OF the
market They are well grounded IN
the belief that cotton is entitled to an
advance on the merits of the situation
as indicated by the stability of the
Southern spot markets, by the excess
sive exports, by the partially supplied
condition of American spinners as TO
raw material and by the well supplied
condition of American spinners as to
orders Ter goods. They argue that,
cost of transportation considered, the
New York market for cotton is all out
Of shape with other markets the world
over: depressed by regular and irreg-
ular means until the situation invites
speculative confidence at the current
schedule of prices from the present
month to the last month of the season.
Meanwhile the bull contingent having
heavily invested in cotton await Tor
the cotton world at large TO realize the
fact that. even with a crop of 1O,5OO,OOO
bales. there will be an insufficient of
cotton quantity with which to meet the
increasing needs of the world at large.
To levy upon our cotton notes issue
we observe that Mr.. Runge, of Texas,
makes a calculation by which he con-
cludes that the cotton crops of the
past three years will make total of
300l9 $40 bales, against total of 3D.
232. 1875 bales, the combined crops of
group Of the previous. three years, or a,
reduced production of 100000 bales
during the last three years as COM
pared with the previous three years.
while the consumption of American
cotton is steadily expanding as indi-
Gated more Immediately by the enor-
nous exports this year and the cur
rent heavy demand from American
spinners with every promise of con-
tinued general prosperity, at least
enough of it to justify the expectation
of marketing the balance of the Amer
lean crop at higher prices. We note
that our own reports from dry goods
centers are very strong as to cotton
goods staples, with higher prices Sc
cured or demanded. In this connec-
ton also we note that 33sc is bid for
as August. There is talk of a 24-hour
schedule by some of the Southern
1ul@. while the fall River mills have
decided upon individual policies, as
called for by differing conditions.
Turpentine closed firm at 47c. The
rise for the past two or three days has
been the distinct feature of the local
markets. 1t looks like strong bullish
Influences are at work under the d.
rection of a skilled and experienced
hand. While the offerings were not
absorbed to-day the market appeared
exceedingly firm, with a rise of a cent
between calls. Sales are small, being
53 barrels at the opening, and IS at the
closing. The wet weather and floods
are. fully believed in well informed
circles to have interfered with the
movement to an extent to raise prices
some, but it is certain that this will
soon be thoroughly discounted at the
rate the market is now rising. When
the rise runs it's course the question
Of its legitimacy will be tested by the
maintenance or loss of the gains
scored. Resins closed steady and I'M
changed, with the demand light. Re-
sumo of the markets as follows: