The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-09-11


estimate that the Memphis district would be
. 7rer cent. below the previous years yield,
rumors that a hurricane was moving to the
T northwest from the West Indies, and predic-
f tons OF frost in certain portions Of Texas
J The second week was one Of great excite
ment. expectancy and uncertainty. Fluctua-
tioHs we're sharp during the early part Of the
week, and middling was hammered down &c,
b but recovered and closed about the same as
/ at Il beginning. The agricul .ural bureau
report was the disturbing element at this
time, and, although New York merchants
I were intlned TO Giscredit its average Of 70I
/ per cent, the Liverpool merchants strength
I ened the market Uy constituting it as very
unfavorable for a large outturn of the sea-
/ sons crop. The following week was a great
[ disappointment 50 far as the spot demand was
concerned, for after all the unfavorable ru-
mors current about the crop, holders had ex-
pected an active, If not higher, market. Ru-
moTs Of killing frosts over most Of the cotton
belt at the beginning Of the week caused an
advance Of l-I6c, and some sales were made
on basis Of Sc for middling, but this proved
10 be the highest quotation Of the week. Each
day from after the 10th TO the 2lst the price
was marked down 1-16c, being loss of &c
during the week. The continued heavy re-
! ceipts, the non-action of the Senate on the
silver question, together with the publication
OF Neill large crop estimate Of 1900, 900 bales
minimum, we're the causes which led to the
decline in prices. The demand for spot cot
ton was positively distressing during the last
week OF the month. and factors found it i'm.
possible to elicit bids unless they offered con
cessions OF y TO SC per pound below the ON
cial quotations. BY the 18th the price OF mid.
ding had declined to 79sc. During the closing
days OF the month, however, there was
slight advance, on encouraging news from
Liverpool showing an advance of lid
There was quite good demand in the local
market and the quotations at the close of the
month we're 7-l6c for middling. The re-.
celpts for the month we're 252, 46s bales.
November opened with a slight gain in
prices over the closing of the previous month
at nc, yet the demand for spot cotton con-
tinued on the same dull scale as prevailed
then. Factors found difnculty in getting full
quotations, although warranted in asking
higher prices by the firmness OF the con.
trolling markets. The situation seemed to
depend upon the receipts versus the repeal Of
the Sherman law. The heavy receipts had
the greater influence in the market and kept
prices from advancing materially. The second
week of the month was dull and discour-
aging in the spot market The receipts at the
ports were enormous. and each day showed
an increase over the same day Of the previous
year. These facts acted as q damper upon
the hopes OF the most enthusiastic bulls, yet
they found some encouragement in other ar.
gumentS which favored their side The
! monthly bureau report, and the estimates Of
the acreage we're factors which the bulls
principally relied upon. The market during
the third week of the month continued with
uninterrupted dullness, and factors found it
difficult TO realize quotations. The chief
| dullness arose from the fact that spinners
refused to cover their contracts expecting to
buJ cheaper later in the season. As the
daily receipts were enormous, re-
newed estimates of large crop
were made, which confirmed spinners
IN their policy of keeping out of the market.
There was gradual decline in prices until
about the Goth of the month, when the news
from Liverpool became more favorable and
factors came 1rmer and refused to sell on
the basis Of quotations. The slightly dImin-
ished receipts, ABOUT this time, caused bet
ter feeling to prevail, and prices improved
sc; middling being quoted at 7hc, recovery
Of the loss since the opening at the first of
the month. There was a decline OF l-l6c dur
| ing the last week ami the market continued
! at 7-l6c until the end of the month. The
! business at the close was dull and dragging,
! it being difficult to make sales at quotations,
! The receipts for the month were 1880 bales.
December opened with the most unsatisfac.
! tory business during the first ten days There
was daily decline of 1-16c until cotton
reached basis of &c for middling Neill
| Bros. reiterated their estimate OF the crop at
| 7,750,000 bales maximum, while Shepperson
published his estimate at 6,sO0C00 bales. The
general and most conservative estimates
were made at about 1880, 900 bales at tina.
time, but the actual figures of the movement
were beginning to assume such large proper.
lions that it took many arguments to cause
public opinion to overlook the stubborn facts.
! The conditions which prevailed in the
market during the second week
were the same as those in the early part OF
the month. There was an attempt made to
advance prices, but it was checked by the
enormous receipts. The belief in short
crop was totally abandoned. The Liverpool
market was demoralized. New York was
weak and declining. Although prices were
nominally quoted on a basis Of 71kc for mid.
ding, no cotton would sell any higher than
on basis of &c. just prior to the Christmas
| holidays there was a letter feeling in the
market caused by good news from Liverpool
and the tone Of the market became drmer
AT the opening OF the market after the holi,
days there was another decline with but very
little doing until about the closing Of the
month when, considering the weak tone
which existed everywhere, the demand was
excellent and sales were made on the basis OF
&c for middling. The receipts for the month
were III, 500 bales.
January opened with an agreeable surprise
to holders. During the latter part Of ecsm
Der the receipts were so enormous and the
indications pointed so strongly to a continue
ton of the heavy movement after the Holt
days that q lower market during January
was ANTICIPATED by everyone in the trade
Contrary to expectations however, the re
ceipts began TO show marked falling of the
day following New Year and the interior
movement proved 10 be considerably less
than at the same period Of the previous sea
son. In consequence of these en- ,ouragiug
facts, prices advanced 1910 per pound
above the quotations ruling before and dur
ing the holidays. The market during the sec
ond week continued on its upward course
and by the 18th prices had advanced to a
basis of AZ cents for middlng. The move
ment at the ports continued large, but the in
terror receipts and stocks at the amounted
towns were said to be so small that receipts
at the ports were expected to fall of materi
ally in the near future, The announcement
gained during the first two weeks Of the
botd