The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-09-03


astrous results attending the long con-
tinued drop IN prices ID evidence that money
was plentiful. Some regulators. aching on
the theory that there is price at which any
thing il cheap, became bnllIsh and possibly
saved the market. In September prices
! touched SlkC. for middlinEs, the highest
point during The year. This was fqlI ad-
vance Of &c, while grades below only adj
vanced 3-l6c- This was caused by tue heavy
damages TO the crop in this section by the
worms and heavy rains. Added To this
was the slow movement The receipts were
small, which, Of course, helped to stiffen up
the market, but IL did not remain long at
the higher point, although there was good
steady demand for good cottons. II De
came weak and prices went of on more
favorable reports OF crop conditions, with
an increased movement to the ports. The
receipts toward the last Of the month be
gan to show up better N quality, and with
heavy receipts factors were free sellers. the
month closed however, somewhat nTmer at
| l3-loc. for middlings. Early in October
prices advanced to TIC. for middllng. This
| was caused by a labor strike, which cur
tailed business, but the slight advance was
well sustained, owing to the small
! local receipts, due to the railroad tie-up
/ caused by the strike. At this time the high
/ estimates of the crop, which were borne
| out by the heavy port receipts, caused
| however, was steady and although the
| course of controlling markets was some
| what cratic The fact that frosts injured
| the crop in some sections caused the local
market to be firm and advance l-l8c. which
| was followed almost Immediately by an
| easier feeling and prices declined steadily
| in the face OF the glut Of receipts. Buyers
were obtaining concessions freely on the
| good grades while the poorer qualities were
steady owing TO their scarcity. The re-
ceipts at this time were enormous and IN
paralleled at the ports, while stocks began
banking up. Prices again weakened and
sold OFF steadily. The receipts to the close
of the month continued TO beat all previous
records although there was a good demand
w Kent
local stock well within bounds. The clos
ing week of the month orders for the
month were about covered and the market
became dull with poor inquiry. II closed
with considerable stock in first hands
offering at 75sc. for middlings.
November opened with a decline of
16c. and conditions altogether favor
ing buyers. The market was easy
trading being at continual concessions. 1t
continued duh through the month with
holders offering freely and with tremendous
receipts at the ports. The market cen
tinued weak and declining. Late in the
month, however, the market steadied up
and holders were asking the full current
figures. The receipts at the Atlantic ports
began to show falling on. Prices ad-
vanced slightly which were well main
tanned on a small business. The month
closed dull to easier at slice. for middlinC
December opened up with still furthe
decline, prices being very easy and with
very large stock offering while buyers were
scarce. The demand continued slack and
the heavy receipts a source of considerable
weakness. The receipts being so much
larger than the previous year buyers began
to display great deal of caution, only TAX
ing in small lots Stock continued to &C
cumulate. The market became irregular
and easing up of values so steadily and the
low figures touched encouraged more de-
mand. The continuance, however, of
the enormous receipts at ports seemed
to overshadOw everything else and
contributed to still further weak
ness in controlling markets. Just
before the holidays some improvement
in the demand set in, stimulated by the
easiness of prices, only to fall of again.
Buyers and sellers were apart at the close
of the month, while receipts were very full
and supplies increasing. Middlings closed
at l5-I6c.
January was ushered in with
good demand and steady selling. Export
ers were absorbing stock because Of its
cheapness and acting on the belief that
values had about reached the lowest level,
and that a natural reaction must soon fol-
low, prices having declined to 65sc. Brad
streets just about this time came out with
heavier estimate of the crop, which caused
further weakness, some buyers taking ad-
vantage OF the slump to take cotton freely.
There was considerable caution, however,
exercised, as well as anxiety evinced, owing
10 heavy supplies coming forward and the
accommodating stock at Liverpool. The de
mand was still in good form, however,
owing to the low cost. The receipts at ports
as we'll as the interior movement fell off
sharply, while stocks were held firmly and
nlddlings sold up &c. The receipts being
again small by comparison had the effect Of
stitfening up controlling markets, which
did not last, however, as the small receipts
were discounted by reports of swollen
streams, which had curtailed the move
ment to market, and in the last week of the
month a squirt in receipts had the effect of
weakening and depressing the market. The
month closed with buyers bidding lower
while most factors were asking full quota
tions. Middlings closed at SIC.
February opened with still further de-
| cline, the market being quiet and easy. The
| demand, although steady, was mostly for
middling and below. The receipts con-
tinued in excess of the previous year and
| the outlook was in consequence very poor
| The market was still easy and inclined to
! dizziness, controlling markets about this
period had become very sensitive and weak
! In the local market, however, while it was
I com paratively dull prices were steady and
| stock we'll held, the inquiry continuing for
! low grades. The receipts and interior
| movement was again very heavy, in the
face of which holders were we'll satisfied in
| holding up the spot market as well as they
! succeeded in doing. The last week closed
with pheuomenally heavy movement to
| the ports, and the month closed with mid
! dllngS at b13c
| March began with q slightly better de
mand, although there was no other change
| in the situation, receipts being heavy and
: controlling markets depressed. There was
good demand in the spot market, which
| was freely met, while prices continued to
| decline and there was a good business in
+ progress. At this time, however, the coal
| strikes in England heightened the de-
preston. Added to this were large receipts
| and accommodating stocks, while eX perts also
| increased their estimates Of the crop. The
/ closing of the month witnessed marked
| falling OF in receipts at ports, which, how
l ever, was again discounted by the impRss-
| able condition of the roads in the cotton
| belt. The local receipts were small, which
again stimulated the demand. The month
| closed with middling quoted at $40, the
| lowest price of the year.
April opened up quieter and easier, with
| demand slow and Indifferent and business
was limited. Receipts were again smaller
than the previous year, caused by bad roads
| and swollen rivers in the cotton sections.
| The decline in receipts impaired a firmer
undertone, but prices were slow to advance
| on account OF the heavy stock and slow
, foreign movement, and smaller receipts to-
ward the middle of the month continued,
| causing controlling markets to become
| stronger, although sensitive on the least
show or squirt in receipts. There was a
! steady inquiry, while the offering stock
was light ana full business forced prices
up liJtle The spot market was well sup
| ported, holders feeling confidence in the
| situation The demand continued steady,
| although cautious and guarded. A lock-
out AT this time in the English mills again
| restricted trading in the pri larry markets.
! The stock, however, was well held, aided
| by the easy money Market and April
| closed VITA midullngs at 7c., an advance OF
| Ia