The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-09-23
Trade AND FINANCE
ox MARKETS CLOSE AT THE
w. ,nyANCE WITH RISING TEND
ENCY.
MORE SHORT CROP TALK.
.,zD RAINS HAVE CAUSED DE-
D~rp1oRATIoN AND CUT CRoP
SHORT.

ntine in Demand at 46% C.
posins Firm at the Advance-spot
no..on Closes steady After Firm
.i,n-LocaI and Telegraphic
Markets
The Morning News Office,
Monday, Sept. %.
rsa cotton markets ruled fairly ac-
to-day in the face of uncertain
.aitions. and coming announcements
rnicb are expected to have an import
:. hearing upon the markets one way
Tho other. The weekly government
o,t tomorrow is an unknown guam
with both bulls and bears doubt
~ &c to it's probable tone. Futures
New York closed firm IL to Is points
:. and at New Orleans 8 up for Sep
,.nber 4 on october, and Z to on
others.
The nreponderance of evidence from
No crop is that it shows marked de-
,.rioration, with every indication that
:, will fall short of what was expect
=, few weeks ago. 1t has been dam
ouad by rains in many sections. To
some extent these reports have either
heen accepted by spinners who are TAX
inc cotton with fair freedom in
,be face of extremely large receipts, or
their stocks has run down to a point
,bat makes it imperative for them to
snter the market without delay.
~ nxy la ht.n
saws the New York Journal of Com
MERGE that the position of cotton on
its merits does not show undue spec
"ative influence in the direction of ad-
vancing prices; that the inherent sta
Mity of the market is manifested in
the SPOT position; this remains firm in
ihe face of an extraordinary move
ment. said to represent a heavy de-
mand. not lower prices. which would
mean an inherently weak position, but
AT advancing prices, as was the case
All last week. This is called an evil
dence of inherent strength, based upon
an actual demand for actual cotton.
This conclusion. the bulls claim, is JUS
tilted by the fact that business with
exporters and spinners, notwithstand-
Ing enormous receipts, has prevented
any considerable increase in the stock
Of cotton in this country or abroad
over the figures of last year.
As to the movement itself the cotton
pngs are operating upon the belief that
it represents a precocious yield follow
ing the forcing of a drouth season, as
in 1896 and again in 1899, in which
years the movement was proportion
ately heavy.
The bear contingent insist that the
adverse crop reports of late so gen.
orally current are largely the result of
missionary work." if the reports them
selves have not been "doctored;" that
current claims of an early and small
crop will not be carried out, by the
facts; that the current large move
ment represents a large consumption
will also prove to be exaggerated.
Some recent heavy selling of the near
tr positions, il is also asserted, means
Just so much cotton for delivery on
contract and that the present insignifi-
can't New York stock need not be con-
sidered to be a factor in view of the
large amount of cotton claimed to be
available. 1t is alleged that a pool
Is being formed to finance a big block
Of cotton for market smuggling" pur-
poses. AS yet cotton is not being
shipped in considerable quantities to
this market, but the bear contingent
assert that the premium on January if
continued will invite enormous guam
titles to New York.
Turpentine closed firm at 46Ac, with
the demand good. Resins closed firm.
The wholesale markets closed steady.
Resume OF the markets as follows: