The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-10-22
COTTON TAKES ANOTHER DROP
SOME LOCAL STIR CAUSED BY THE
BIG FURRY IN THE MARKET.

The biggest Days Dealings Ever Re
corded at the New York Cotton Ex-
change-That and Heavy Liquida-
lions Mostly Responsible for the
Experimentation Interfere With
the business in spot COttOn-HOw
the Local Spectators Took Ii.
There was a kind of a furry in cotton
yesterday, and it was noticeable around
the Savannah Cotton Exchange. 1t was
not monetary either. but with those who
We're interested more like the man with
his summer clothes on who sees the Their
mometer go down to freezing by jumps.
The heavy fluctuations in the market al
mostproduced a stagnation of cotton bust
ness here as well as in other places. There
was very little buying or selling of spot
cotton and the future market while it
was closely watched by everyone, and
especially by those who were in it, was
very eagerly avoided. The spot market
dropped Ac.
The decline appears to have been start
ed by a decided fall in Liverpool when
the market opened. The market in New
York and New Orleans, and everywhere
was in the rapids, and it seems to have
went down with velocity that nothing
could stop. The fall in prices amounted
at one time to 81 points, making a total
drop of ia points from the highest fig
ures attained in the bull campaign. This
fall of ia points has taken place prac-
tically. since the opening of the market
Saturday morning, and means total
drop of about $50 a bale. 1t can easily
be seen, therefore, how such a decline
could affect the small purchasers who
put up a margin for 100 bales, as this
would put them in the hole for $50 If
they stuck to the market at each sue
cessive decline.
The net decline in the market yesterday
was SO to % points. New Orleans has been
exhibiting decided bullish tendencies, and
has been pushing up the market for all
it is worth. Several parties there are re-
ported to have maze many thou
sands, and some of them large
fortunes. New York seems re-
Gently to have taken the opposite tack
and the sales in that city yesterday were
$1,000 bales, the largest day by far that
has ever been recorded at the. New York
Cotton Exchange
There were reports that leading New
Orleans firms would maintain prices, but
they had little, if any effect. These ire
mendous sales of futures together with
the streams of liquidation that kept pour
ing in, kept the market going down and
down. All sorts of predictions are being
made with regard to what sort of a turn
the market will take, some being to the
effect that the decline is only temporary,
and others, that while ii is nearly over,
the market VIII nave uull period from
now on. The most prominent opinion is
that il will react and higher prices will
prevail
Locally the movement was watched with
great deal of interest. The
dealing in futures has not been very
heavy in Savannah of late. Savannah
spectators are almost always on the bull
side of the market, and when cotton
reached the high notch that it did, a good
many very cautiously pulled out fearing
that the next thing would be a tumble.
In fact, many of them were out before it
went up to the highest point. There are
some, however, who started in the sum
mer and had some very nice little sums
to their credit. They were still holding on,
however, believing that If decline came
1t would be only temporary, and while
some of them do not lose all on this de-
cline that they piled up on the rise, the
drop cuts pretty big slice out of it,
The Savannah Spectator, as a rule,
buys something like 100 or 200 bales, put
ting up a margin of 81 a bale. Quite a
number have bought recently al that rate,
and those who have kept with the various
declines, have of course, lost quite a
bit, but the usual policy when the big
jumps come is to get out as easily as
possible, unless there is a decided feeling
as to which way the next turn is going to
be-