The Savannah morning news., 1903-01-13
TRADE AND FINANCE
COTTON MARKETS SHOW CONsID-
ERABLE HESITATION.
MOVEMENT THE FACTOR.
TURPENTINE FIRM AND IN DEMAND
AT SIC.
Ihe Boom in Spirits Caused by
small Movement and Good Demand
for all offerings Resins Firm.
Local and TeIegraphic Markets,

line morning News once,
Monday, Jan. II.
There was little interest in the mar
kets to-day, owing to the drawbacks in
both cotton and stocks, caused by the
uncertain movement in the former,
and the money market in the latter.
Cotton is at point which makes it ex-
tremely doubtful as to which way
prices are to move in the immediate
future. The belief is that a large long
interest will have to be lessened be-
fore prices can rise very materially,
while in other quarters it is asserted
that after the present pause the mar
ket will continue it's upward course
rninterruptedly. Commenting on the
past weeks operations a large COM
mission house of New York says:
So clear does the situation appear
from the statistical standpoint that a
child could write bullish account of
the cotton market at the present time
Receipts are comparatively light at the
ports and interior towns, with the
visible supply reduced by the larger
takings by spinners until the visible
factors are greatly in favor of higher
prices
Why then do not prices advance, is
the question asked on every side, by
planter, merchant and spinner, who
have all bought or held cotton during
the past sixty days on these factors.
To answer this query in a satisfac-
tory manner is a difficult task unless it
be that the advance of nearly a cent
q pound during that period has dis
counted the factors which are so evil
dent to all at the present time. 1t is
thought that the so-called bull pool in
January is disposed to act on the short
side in anticipation of an increase in
the movement when the roads improve
and so reduce the losses resulting from
that unsuccessful operation. Its SELL
ing has checked the outside Specula-
ton but that is not large factor if
spinners believe the crop will fall be-
low their requirements as buying by
them will upset any speculative plans
IL they are not based on the actual
facts as shown by the movement.
What is operating against an adj
vance is the reports received of a re-
newal of picking in Texas, Arkansas
and the Mississippi valley, where
weather conditions have improved af-
ter many weeks, when it was impos-
sible to work in the fields.
1t is this unknown factor-the guam
tity of cotton remaining in the fields
and in planters hands in the middle
of January-which causes the trade to
hesitate to accept the receipts as con-
elusive evidence of a smaller yield
than the commercial estimates of No
Vember. -
1t is many years since we have heard
of pic1ng being general in January and
none are as yet. quite clear what it
means. Thus, while everyone is bull
ish, they are waiting for further EVIL
dence of a small yield. As there was
no need of holding our stock longer,
the late bull party has been gradually
selling January for the purpose of
rendering as every bale that can be de-
Hvered saves money.
Turpentine closed firm at sec, with
the offerings in factors hands quickly
wiped up. Resins closed firm and I'M
changed from Saturday. The whole
sale markets closed steady. Resume
OF the markets as follows: