The Savannah morning news., 1902-02-03
WEEKLY MARKET REVIEW.
cotton still Hangs Firc-Grain
Markets Unsettled.


The cotton market was featureless
and without any life whatever. May
quotations ranged from soc to Sic,
and closed midway between the two
extremes at size, decline for the
week of some . points.
The feeling of apathy, however, is
more apparent than real the temper
airy stagnation being attributable to
the fact that the developments con-
corning the crop situation were entire
ly negative and as yet afford no posiA
tive confirmation of the views of eth
er side. The Chronicle makes the
amount in sight for the week 264, 1872
bales, against 300, 6S7 last year. and
244,311 the year before. These figures
seem bearish in themselves; and the
further fact that interior stocks show
ed scarcely any decrease, only 1000
bales, certainly yields no evidence of
immediate exhaustion. Still, the weeks
movement showed a decrease of about
1000 bales from the week before,
against an increase of II 900 last year,
and $1,000 the year before. Moreover,
the new week starts very light indeed,
both for Saturday, and for Mondays
estimate.
The crop in sight to date is 1876, 1858
bales, against 1881 119 last year, or an
increase this year of nearly 800, 900
bales. With an equal movement from
now on, this crop would therefore be
10, 900 bales. But last year the
movement was continuously heavy
from this date until the end of the
year, and there appears no prospects
of any similar volume this year. 1t is
probable that for February, March and
April the movement will lose some
thing like 100000 bales. Then last year
from May l to Sept. 1, over 1000, 600
bales came in sight, which was excep-
tionally large. A further loss of about
350,000 bales may be reasonably looked
for under normal conditions, and this
would make the total approximately
10 100000 bales. Thus the confident
claim of the bears that indications
point to a total of 1900, 900 bales or
over, is as yet little premature. Out
side of a few extremists on both sides,
the trade is confessedly at sea- hence
the pause in the market
The grain and provision markets
were sharply lower early, there being
almost a panic Monday morning. This
was due to a vicious raid on oats dur
ing the absence from the floor of the
leading bull operator. The trade sur
missed that the deal had collapsed and
sold wildly.
The price of May oats fell over sc
in a few minutes, In the melee May
corn fell to 603sc, and May wheat to
ne. 1t soon developed that the scare
was without foundation, and the mar
ket RAPIDLY recovered. Signs of nerv-
BUSINESS continued for sometime. but
the general market was decidedly
strong on Wednesday, May wheat
reaching 1890. Later it dropped again
to TIC. but closed 7SKc. about the
same as a week ago. Both corn and
oats closed shade up. Provisions
ruled weak throughout. owing to con-
tinued heavy receipts of hogs. Pork
closed about Coo lower.
There were no important develop-
mentS in wheat either statistically, or
regarding the crop situation. The po-
sition seems just as bullish as it ever.
was. despite the temporary speculation
set-backs. The price now looks low
enough to buy on all weak spots, with
reasonable safety. VIM. T.. Williams.