The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-09-08

Markets Following Lower Liver
DooI-OutIOOk for the Entrance OF
American Mills as Active Buyers
of CottOn-Turpentine and ROsin
Markets.
The Morning News Office,
Monday, Sept. z.
The Cotton Exchange and Board Of
Trade were closed in observance of
Labor day so that no official quota
mons were published.
An interesting feature of the days
cotton news was the early arrival of
,,nfavorable Liverpool advices, which
would very probably have had damp
ening effect upon the American markets
had they been open and exposed. Con-
lecture was heard as to the probable
effect of this on ;o-morrow's opening
in the home markets. Na
That there is a good home demand
for cotton there seems no doubt, and
the current belief is that prices are
nearing a level to attract buyers.
what Will Europe Do.
round lot order from one source
in the hands of an f. o. b. man to-day
showed about how the consuming CEN
ters in the interior feel about buying
cotton, and indicates to many that the
time for active buying may be at hand.
A question that interests the trade
seriously at the moment is whether
Europe will get slow, let the American
mills buy freely and possibly not only
allowing them to gain an advantage
in the quicker manufacture Of goods,
but also create conditions that may
impart decided strength to the cotton
markets.
The cotton trade recall, and none
more so than the shorts, that there is
a live bull party we'll backed ready to
operate for an advance, and liberal
buying by American mills will furnish
them an excellent basis on which 10
launch a hull demonstration.
There will be the usual number Of
ships to sail from Savannah during
September, and they must go out load
ed. If the agents bid for cargo with
low rates a strong inducement to buy
cotton will be held out to exporters to
take advantage of the low freights,
even though prices continue to be main
tanned. The part the freight situation
will play in this respect will, of course,
be known in few days.
Naval stores Markets.
Some said turpentine sold after Sat-
urday's official closing at SEC, but this
was not generally credited. The belief
is that the market has lost none of its
strength. A large majority are dis
posed to attribute the advances in both
spirits and resins to legitimate condi-
lions, though others say manipulation
is the moving factor. Commenting on
this, the New York Oil, Paint and
Drug Reporter says
THE market for resins has been eX-
ceedingly firm, and a sharp advance in
prices has taken place. This was at
tri0uted to the small stocks on the
spot, held by first and second hands,
ana the strong advices received from
Southern markets, coupled with a
steady demand here The strength of
prices for the extremely low grades
and pale rosins was quite pronounced,
owing to the very light available sup
ply. Prices of pale resins particularly,
were at the option of sellers, and quo
tatTons have been wholly nominal, as
buyers who were forced TO make pur-
dhasas We're obliged to pay fancy
prices, ranging from 10 to 20 cents
above quotations, particularly for good
window glass and water white resins.
1t was stated by members of leading
local firms that the unprecedented rise
in prices has been principally due to
the sharp rise in prices at Savannah,
which has been brought about by the
leading operators there squeezing the
short interest. 1t is not believed that
the high level of prices will hold for
any length of time, as they are consid-
fluence of strong speculative manipu-
latiOOS''