The Savannah morning news., 1902-04-13
TRADE AND FINANCE
.rEp LARGER RECEIPTS
EsIl" aorsToN DBPRBss COTTON
f" MARKETS.
NEW YORK FUTURES DROP
LIVERPOOL AND
fA ,,cnT RECEIPTS NO RELIEF.

,a- snot Cotton Light--Lit-
peni"- lin. i'm the Local f. o. b.
,ch-Tnrpentine Firm at 42%c.
,ns Firm and Unchanged and
"V .Demand-Loeal and TeIA-
..aphic Markets.
The Morning News Office,
Saturday, April IL.
with estimates for large receipts at
,,.aston and Galveston on Monday the
nOD vark cotton futures market broke
40 to-dav's small port receipts,
tho better Liverpool advices,
'as ia, cave the market an opening
W.. of strength. This fear of de-
' ns.. coubled with the usual desire
'ii, "ai,st accounts on Saturday, caus-
Iiauidation that wiped out the ear
" aoins and left the market in an easy
state .-,......., =. ,,.,.
hon trade at present is the wide
,Earei,ce between spot and contract
s..iues at New York and those at New
orloans. ordinarily New York should
:, from Is to 30 points higher for the
urerent months than New Orleans,
ehoreas New Orleans is the higher
market and decidedly the stronger.
From this the trade make significant
deductions as to the real value of cot
ton New York has fair stock, but
# d claimed to be low grade cotton,
mich of which is understandable, ex-
cent for the manufacture of very cheap
goods. Then, too present values in
hat market are so influenced by spec
nation that they bear no reliable re-
latlon to the actual value of cotton.
On the other hand it is asserted that
nrces at New orleans represents the
value of the actual stuff-the cotton
which is now i'll demand from spinners.
Then too, the price of futures at New
orleans corresponds with the prices
of spots Commenting on this the New
York Journal of Commerce says:
"A feature of the general situation
that is attracting increasing attention
is the growing tendency on the part
Of spot cotton markets South and also
on the part of the New Orleans future
market to ignore the New York mar
ket In this connection we note an
advance of nc in spot prices at Mobile
and also at Wilmington, while Savafl-
nah reports an advance of Ac and St.
Louis an advance of 1=16c. All of
these markets, with the New Orleans,
the Norfolk and the Augusta spot
markets, closed firm, while the New
York market for the spot article closed
quiet and steady at unchanged prices.
The New Orleans market has most of
~ y1x&y
York market in the matter of advance
ing prices until premium is shown
by New Orleans as to the near=future
schedule over the spot price, while
the New York market shows a dis
count for the same positions. Yester
day, for example, simultaneously with
the closing of our market, which show
ed a discount of rs points for May, "a
points for July and 40 points for Au
gust the New Orleans market showed
premium of one-point on May and IL
points on July, with August at dis
count of but points as compared with
a discount of 40 points in August at
New York.
THE price Of spot cotton at New
York is Ac higher than the price of
spot cotton at New Orleans: yet the
future months at New Orleans show a
premium in the face of discount on
all futures at New York. This cirouin-
stance leads to inquiries the answer
to which is not forthcoming.
The turpentine market closed firm
at 42%e, with a fair demand for the
offerings Resins closed firm and un-
changed but with the sales small and
little demand The wholesale markets
closed steady. Resume of the markets
as follows: