The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-09-04

spell accompanied by frost towards the last OF
this month had no visible effect 10 stemming
the downward run in quotations, the month
closing with middlings at 914c, fall Of Nc for
the month.
NOVEMBER opened with the spot market quiet
and easy at &c for middlings. Values con
tinued to 90 off steadily, while the demand was
rather slow. and holders were obliged to make
frequent and steady concessions, owing to the
heavy accumulation, especially in the poorer
grades. The market ruled quiet, while the in
quiry was irregular by reason of the stringency
of money. This caused exporters considerable
difficulty owing to the demoralzed condition
of foreign exchange. That condition prevailed
throughout the month and so frightened holders
that they began throwing cotton overheard"
In other words, they granted heavy concessions
to buyers for cash But business still continued
little slow. owing to the inability of exporters
to sell their sterling bills. Toward the close of
the month, however, the foreign exchange
market became a little more settled when a
better inquiry set in and exporters were more
disposed to cover Still the tax n g of the first
half Of the month were so small that the stock
had banked up considerably and was rather
burdensome. Mddlings at the close of the
month were held at s34c.
I DECEMBER was ushered in with further
decline, middling being quoted at S9sc The
market ruled quiet and easy. Tight money and
the unsettled state of foreign exchange caused
the demand TO become SLOW and Indifferent;
/ and some of the small holders were Offering
ready concessions At this time. the finauciai
situation becoming more difficult factors
were obliged to carry exporters. In other
words, they were compelled to take
exporters exchange in payment for cotton and
| hold bills OF lading as collateral. The stock
at this time was not considered excessive. But
the prospect of going over the holidays and in
| creasing receipts tended to influence holders
toward further concessions. About the middle
of the month, however, money conditions i'm
proved slightly, which impaired a better feeling
all around, resulting in a firmer undertone to
| the market, while a steady demand began until
the stock in first hands was reduced to smaller
proportions. The continuance of heavy re-
ceipts weakened controlling markets, and the
spot market ran to dizziness with poor grades
easier. Foreign exchange toward the last be-
came weak, while holders were anxious to
to realize, but the business was small, owing to
the closeness of money. The month closed at
sssc for middlings.
JANUARY developed some strength owing to a
sudden drop in receipts at the ports, while an
active demani resulted from stronger Liver
| pool reports. The spot market opened firm at
9-l6c while local receipts fell off, and freight
room Offering freely encouraged the demand,
while money and foreign exchange were in
| better shape, exporters being stimulated by the
| advance in Liverpool and New Yerk. Prices
| were advanced steadily until about the middle
of the month, when middling touched &c. Then
the demand just as suddenly became sluggish
and buyers hesitated ia covering orders on
account of the increased estimates of the crop.
! The month continued on with no activity, while
the heavy port receipts developed weakness
and future contracts touched lower prices than
were recorded in many years. The last week
of the month showed some activity, but the
receipts continuing heavy, stocks increased
until it became buyers market and prices fell
off, middling closing at $3.50.
FEBRUARY set in with the Offering of stock
moderate and good demand at s9-16c for
middlngs, the receipts continuing heavy
with large supplies still on the plantations and
European markets weakened very much Iiv-
erpool led in the depression, causing the spot
market to become quiet and steady. The de
mand was for the better qualities, with the
lower grades neglected The increased supply
in sight aud the unusual heavy movement from
plantations and interior towns continued to
lapsed into dulness, with values easier. and fell
off steadily with offerings free aud grades
poor. In the last week of the month the demand
for Baltic shipments set with liberal stocks
offering, holders managed to sustain prices it
the face of enormously heavy receipts, and the
close found middlings at 7-16c.
MARCH opened quiet and weak at $3.50 fol
| middlings The demand was slow with but few
buyers in the market for foreign account, while
the continuance of large receipts at ports anC
the heavy interior movement discounted al
previous estimates of the crop. Stocks at con
trolling centers steadily accumulated, and with
the uncertain outlook buyers were encouraged
In their demands for concessions in grades al
well as values. Stocks in factors hands wert
very much inflated Operators seemed NOR
disposed to Indifference Arrivals were very
large and the outlook for reaction more dis
couragng; the situation was weaker and opera
tors moved with considerable caution and slow
ness The demand was light, though steady
with holders offering freely, while the croI
movement was unprecedentedly heavy. Mid
dlings closed at Bloc.
APRIL found the supply of spot cotton in ex
cess of the demand. Prices weakened an,
declined Il cents, middlng being quoted at 81
cents. Holders we're free sellers. The receipt
were large and the stock became very burden
some, owing to financial difficulties. Towart
the middle OF the month the market took on
slight steadiness and good demand followed
which caused a much better feeling to prevail
and on full business holders manifested SOM
little confidence. The receipts continued heavy
A heavy frost just about the latter part of tn
month tended to harden the tone of controllin,
markets, owing to the set back given planters
The heavy movement to the ports and iuterio
weakened the market again, and at the close o
the month it was dull at s1s for miidling
MAY was about the steadest month of th
year, opening and closing the month at 3-16
slow and buyers Indifferent. But the stock il
first hands was well held in the face of the I'D
settled money conditions. and values were wei
sustained, although the stock was larger thai
usual at this time and the market very dull
closing with holders firm.
JUNE was comparatively a dull monti
throughout and values steadily sold off, open
ing at 616 for middliugs. The stock in frs
hands was ample for all requirements But
duh and weak feeling continued to prevail
while buyers exercised more than the ordinary
caution, aud toward the close we're asking con
cessions in view of good reports from the grow
ing crop. Middliugs closed at l3-16c.
july started in with dull and easier market
at 1880 for middlings Buyers throughout the
month were scarce, while controlling market,
were very weak, aud prices continued to ease of
gradually. The better grades as the month ad
vancei were particularly weak. The offerings
throughout we're free, but business was quite