The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-05-05
WEEKLY MARKET REVIEW.
A Break in COttOn-Wheat Steady.
Corn Weak.

break III COttOn-Wheat steady.
Corn Weak.
Following the strong sentiment prev
alent at the close of the previous
week, the cotton market was very
strong Monday, and advanced fully
20 points. July sold as high as $3.50,
August. 9.4Oc. A feverish feeling fol-
lowed with rather wide fluctuations,
but toward the latter part of the week
the market became very heavy, and
prices declined sharply on Saturday.
July fell to ellie and August to &c. A
feeble. rally followed, closing prices
showing a loss of q points for July, at
9.17c, and II points for August. at
9.03c. New crop months show no ma
terial change.
In New Orleans the fluctuations
sympathized with those in New York,
July closing IS points lower, at 9.54c,
and August 20 points lower, at 9.11c.
The decided weakness on Saturday
was largely due to depression in LiV-
erpool, which was said to be caused
by fears of a panic on the New York
Stock Exchange. However, although
stocks were slightly demoralized Fri
day afternoon, there were no indica-
tions of anything like a panic on Sat
urday.
The amount in sight for the week
was 1881 bales, against 107013 last
year. To date 9,615, 900 bales, against
1856, 000 The movement holds up mod
erately well, being undoubtedly slim
ulated by the recent material rise In
prices. AS a general thing, receipts at
interior towns show apparently unmns-
taxable signs of practical exhaustion.
The weather was favorable for the
new crop and this will now be the
leading factor, the old crop being pref
ty we'll settled. Bullish manipulation
may cause advances, but with con-
tinuance of a promising prospect for
the new crop, a lower range of prices
must naturally be expected. No one
is advised. however, to sell summer
months short
Wheat fiuctuated a good deal. with
a strong squirt on Thursday. The close
on Saturday was weak, at about the
same prices as those of a week ago,
July 76076Mc. The closing weakness
was caused by reported rains in Kan
sas, from which state the usual
drought reports have still kept COM
ing. The wheat situation is becoming
very bullish. Stocks are decreasing
very rapidly, an indication, as Brad
streets suggests that country re-
sources are quite small. Exports are
heavy; from July 1, 1901, to April "a,
1902 they amounted to about 210,OOo,-
900 bushels. At the present rate the
years total may be expected to APP
proximate 275,000,000 bushels, which
is more than had been counted on
and probably more than can well be
/ spared. Moreover, the new winter
wheat prospect is rather vague so far,
! and the spring wheat crop quite back
ward in starting. Wheat ought to be
bought on the easy spots in anticipation
| of the bureau report on next Satur-
day afternoon.
Corn was decidedly weak and closed
21sc lower, July 61Ac. The decline is
only an incident of the speculation
in corn, and need not be construed as
indicating any inherent weakness in the
market 1t is much too early to predl-
cate anything on the new corn crop
and the old crop shortage will be keen
ly felt long before fall. september
corn NAV go to almost any kind of
figure, and should be bought on de-
pressions. VIM. T. Williams.