The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-09-29
WHY COTTON TOOK A JUMP.
REDUCED ESTIMATES AND BAD
CROP ACCOUNTS STARTED IN.

The Present Prices Were Not Looked
for Before January-October's Re
ceIpts Liable TO BE Unusually
Large, and May Produce "A Tempo
rary ReactiOn-If the Present Esii-
mates Hold Good 10 Cent Cotton Is
Expected in January-The Sea
island Crop Likely to BE Larger
Than Ever Before.
Cotton has been cutting some curious
capers during the week just ended and
the factors and dealers generally have
been trying TO figure out just where they
stand.
The crop estimates of the early part of
the season kept the prices down about
the figures they were last season, but the
necessary changes Of those estimates from
various causes have changed the tone OF
the market, and there has recently been
a steady rise with now and then an oc-
casional jump.
Last year nearly 100000 bales Of cotton
were marketed. Nell. the mOuthpiece of
the English spinners, in the early part
Of the present season estimated this
years crop at 100000 to $4,000 bales.
This kept prices about where they were
during the summer The hot weather in
August following Immediately upon the
heavy rains, bad crop accounts generally,
and particularly from Texas where it was
ravaged by worms and drought, togeth-
er with the action of the spectators VINO
began to buy up all they could from the
interior, led NELL to change his tactics,
and last week he came out with an esti-
mate Of 100000 to 10000 bales
For a long time" said a well known
cotton man, THE English spinners paid no
attention to the reports tending TO bull the
market, but the reduced estimate from par
ties on whom they depend necessarily
brought about a change. II the weather
does not improve soon the yield may still
be a great deal shorter than Neills last
estimate.
that last week John II. Inman, who took
a prominent part last season In bulling the
market, announced IL as his belief that
the crop would not go over OF 5000 bales,
has had its effect in buoying up the mar
ket The English spinners, VINO have been
fooled so often that they are now very
skeptcal, and have been afraid TO believe
the reports during the entire season, have
now begun buying, and the fact that every
body is buying has made the market go up
three-fourths of a cent within the last
week.
IF there should be an early frost cotton
would probably go up to cents in Sa-
Vannah. If not, however, II is likely that
pected, and the effect would be different.
Along in January, If people see that the
present estimates are going TO be about
correct, II Is more than likely that it VIII
go to 10 cents
The sentiment resultant upon the re-
cent estimates and the situation gener-
ally has resulted in carrying up the prices
too rapidly. Most of the cotton merchants
expected TO see the present prices about
January or February, and never dreamed
that they would come so soon. The New
York people always anticipate the situG-
tlon and this advance is the result of tine
anticipation of all the terrible damage
that could possibly happen to the crop.
The indications are that there will be
a tremendous rush of cotton here and to
all the ports in October. The agricultur-
al report which win be issued on Oct
10, may show a better condition of the
crop T than is believed to ex-
the cotton bolls. the spectators have been
in the country buying up the crop, and
the receipts during October will, no doubt
a tendency to depress prices, and l look
for temporary decline after Oct 10. The
market will, no doubt, readily recover in
case of such temporary decline as soon
as the receipts resume their normal and
natural proportions
THE Georgia crop was looking pretty
decent ana in good condition up to the
early part of September but since that
time the not, sunny weather has burned IL
badly. With the sea island crop the con-
dluonS are just about the reverse of those
with the upland cotton. Last year the
crop of about 1900 bales was the largest
known, and the crop this year will be as
big, If not considerably bigger. Carolina
promises to produce from 5000 to 6OOO
bales more, and there Is an increased acre
age both in Georgia and Florida. especially
on account OF the low price of upland cot
ton last year. 1t has not had however, a
much more favorable season than the
upland, but 1t is in slightly better con-
dition though it has been affected con-
siderably by the recent heavy rains, fol-
lowed by hot weather"
The work of the spectators in buvine
up the cotton in the interior is said to have
interfered with the business of the factors
TO considerable extent. This has in part
been responsible for the small receipts as
well as the lateness of the crop. though
big increase In receipts is looked for next
month.