The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-11-24
----o-8-e--
WEEKLY MARKET REVIEW.
Active Speculation in Grain-Cotton
Firm-StOcks Irregular, Mostly
Higher,

Active Speculation in Grain-Cotton
Firm-StOcks Irregular, Mostly
Higher.
The grain markets forged to the
front during the past week, and the
prediction made several times here re-
Gently that broadening speculation in
wheat was to be soon expected. is
being fully verified. During the first
part of the week wheat, while firm,
showed no especial activity, but ex-
element developed on Wednesday, due
to heavy buying by leading bull OPP
orators. The strength was supported
by responsive cables, lighter receipts
and good general demand, specula-
tive and copsumptlve. The buying was
mostly of December, and the, result
was the almost entire disappearance
of the May premium at one time. High
point was reached Friday morning,
December touching TN. and May 77B,
which was a rise of nearly &c for De-
cember since the preceding Saturday s
close. A sharp reaction followed on
free realizing, so that on Saturday De-
cember had dropped to 74Ac and May
to 751sc. Later renewed firmness de-
veloped and the market was pretty
strong at the close. December closed
about 2kc higher. at 75Ac; May lac
higher, at 761sc. e.
There was also a good deal of ex-
element in corn, December advancing
nearly &c, to $3.50 by Thursday morn
ing. Heavy realizing broke it back to
53c on Saturday, but it finally got
back a little, closing firm, at 55c, a gain
of &c. May sold as high as 441sc, clos
ing Ike higher. at 42%c.
strong bullish feeling on wheat
is rising all over the country, and
there are multitudes watching for
slumps to buy on. 1t is likely that SOC
will soon be passed. and the more en-
thusiastic bulls are talking of 81 or
higher. One thing is certain, and that
is that wheat is the cheapest food
commodity in the world-abnormally
So as has been frequently remarked
in this review.
Cotton was fairly active, and at ad-
vancing prices. as was forecasted here
last week. The close was slightly be-
low best prices, and about 35 points
higher. January, S.29c; March, 821c;
May, S.22c. The causes of the advance
were higher cables, less favorable croI,
reports, discounting an expected bull
ish bureau estimate, and renewed
manipulation.
The movement was rather large,
reaching $4,000 bales, against 43O 900
last year. In the two big crop years,
1898 and 1S9S-99 the movement into
sight for the corresponding week was
$4,000 and $4,000 bales respectively.
To date the amount in sight is $780,
900 bales, against 1885, 900 in 1897, and
5,260,000 in 1898. When it is considered
that the present crop was an excep-
tionally early one, it must needs be ad-
mitted that the figures do not indicate
anything like II, 10000 bales. For that
matter it does not appear that early
crops ever turn out to be large ones
The long side of cotton seems prefer
able
Stocks were active. but fitful and ir-
regular. However, prices were higher
as rule, with very sharp gains in in
dividual instances. The most important
feature was Manhattan, which rose
about 20 points on bullish rumors con-
corning increased dividends, consolida-
tions, etc. The other fractions gained
materially in sympathy. ST. Paul came
in with a rise of over 10 points late in
the week, and there were many others
scoring less important advances. Read
ing doing nearly as we'll as st. Paul.
The market on Saturday after early
strength, sold down later, although the
bank statement was by no means I'M
favorable. 1t is probable that an ir-
regular and unsettled market will rule
also during the ensuing week. Both
bulls and bears will have plenty of
chances by judiciously discriminat ting
as to particular stocks and the time for
investing. VIM. t. Williams.
Savannah, Nov. "a, 1902.