The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-09-11

French deputies would hold a meeting
at the same time that the English cabi-
net would hold their meeting. 20 consider
an alleged diplomatic crisis growing out
of the Madagascar question. A change
for the better occurred at the closing Of
the week. influenced by large sales Of spot
cotton al Liverpool. Middling sold at SIC
for day or two. but the boom was eXpiod-
ed by cable from Russia announcing the
death Of the car. The controlling mar
kets weakened and the southern markets
followed in sympathy. The local market
continued TO decline, and by the middle
OF the month the best bids that could be
obtained for middling was 5Ssc. The re-
ceipts continued In heavy volume, and
as there was no Investment demand either
from Spectators OF from spinners, there
was no support given 10 the market; con-
scquently the daily offerings were taken
by the exporters at their own prices
About the 10Th middling was again selling
at 7-16c, the price being maintained on
account Of a rumor that there had been
frost IN some sections Of the cotton belt
but when IL was found that no damage
had been done the market began TO weak
en- again, and factors found ii difficult to
realize quotations. The price quickly
dropped to 3-i6c for middling. During
the last week OF the month there were
daily reports from Liverpool and New
YORK showing a lower market, and eX-
porters felt that by waiting they could
get cotton cheaper, and the factors were
compelled 10 make concessions In order
TO sell. 1t became very evident that the
reason for the low prices was due, in
great measure, to the rapid marketing Of
the crop. Spinners were indifferent about
buying. so long as they had more cotton
offered them than they could spin, and
interior buyers, by their eagerness to make
sales. forced the market lower by accept
ing offers from day to day. For the first
time in the history Of the trade, Liverpool,
on Oct 81, sent out prices below Sd. Octo-
Der and November contracts were selling
at 63-6id. The local market was fairly
well maintained, Notwithstanding the de-
preston OF the controlling centers, and
factors were able to get fun prices at the
close OF the month, 3-l6c being the basis
for middling.
part of November was remarkably steady
in the face of many adverse circumstances.
OF course, this steadiness could not last,
and about the 9TH a weaker tone pre-
vailed, and the factors who were com
PEELED to sell had again to accept the
lower bids made by exporters. There was
steady decline, and by the 18th middling
was quoted at 13-l6c The influence at
work were, first, the fact of the large
movement OF the crop upon prices, follow
ed by the reported estimate of NELL Bros.
that the final outcome of the
crop would be 10.300,OO0 bales.
The fire on board of eight steamers at
this port on the 9Th. had a local effect,
which caused the market. for a day or
two, to be absolutely without any buy
ing 1t all. Exporters We're unwilling to
continue their business until they saw ex-
however, surveys were held on the ships,
and the business resumed its even tenor.
on the 18th a better feeling prevailed in
al markets, on account OF an ADVANCE OF
6-6id at Liverpool and &c at New York.
Middling cotton sold in Savannah at sc
on that day, and every one hoped that the
advance would be permanent one, but
they were doomed TO disappointment.
There was a decline of sc the next day.
After that the market again began TO
show strength and middling rose 10 DC,
with an upward tendency, followed by
steady advance reaching sac about the
sd, and continuing steady at SAC TO 5ssc
until the end of the month. There was an
enormous demand at the current prices.
December-The markets during the first
week in December were uncertain ana
nervous, and the undertone was bearlsh,
Liverpool market was weak, and New
York was very irregular There was
very slight demand In the local market
and when factors became willing to ac-
cept the views Of exporters the price de-
clined to 51sc for middling. The business
was regulated entirely by the orders in
the hands of exporters. When they had
TO buy cotton, their limits would generally
admit of their paying quotations for scant
grades. As soon as their orders were
filled, they were unwilling 20 stock up at
the ruling figures, but were willing to buy
at concessions About this time there
was sufficient news of favorable and
unfavorable character TO Offset each other,
and cause the market to appear as II 1t
was a waiting one. An unfaVorable re-
port was the question OF the imposition
of a per cent import tax, upon imports
Of cotton goods from Manchester to India.
Another was that one of the largest cor
porations in America had given notice
that il would offer q goo cases OF goods at
auction in order TO clear away Its surplus
stock. The receipts kept up on large
scale, and the amount of cotton in sight
was much larger than II mad ever been.
The Russian government was also re-
ported as having contemplated Issuing
an order increasing the duties on imports
of American cotton into Russia, as the
low price of American cotton had severe
~ competed with the products OF Asiatic
Russia To counteract these unfaVorable
reports ii was given out that the falling
mercial fertilizers during the approach
ing season, would be enormous; that IL
cotton would fall off about 40 per cent,
and that the reduction in acreage would
be large. About the middle of the month
there was a general investment demand
on every decline, and surplus cotton was
quietly absorbed at the low prices. Fac
tors stubbornly resisted any decline, and
although some sales were made below a
basis of sac for middling, the official quo
tations remained nomlnally unchanged
until about the 10Th, when the price de-
clined to 1-l6c for middling. About this
time the holiday dullness began to make
itself felt, and there was scarcely any
demand in the local market. A few ex-
porters were wandering around the mar
ket trying to pick up bargains, but the
factors, generally, refused to sell below
quotations During the last week of the
month, the demand continued for all
grades, particularly the lower grades,
where factors were willing to meet the
market at the ruling rates. A great deal
of low grade cotton made its appearance
about this time, and the prices paid ranged
| from 434c down to &c. The month closed
| with the price of middling at 51-l6c.
January-A great many persons thought
! that after the Christmas holidays the mar
| ket would be better and, consequently,
were unwilling to allow their cotton to be
sold. The indications, however, of a large
| movement continuing for several days
after the holidays frightened some of the
! factors and they met the market freely
| at the ruling quotations, which were at
a decline of 1-l6c since about the 4th of
| the month The proportion of cotton
| grading low middling and below, in the
! current receipts, was greatly increased
about this time. and to make sales, factors
had to accept prices ranging between &c
| and 4l6c. On the 10th of the month, the
| market became more buoyant. being in
! fiuenced by the report of large spot sales
at Liverpool. The local market advanced
| 1s16c in all grades, middling selling at
| 55sc. The balance of the month was quiet,
| there being but little change in the situa-
ton. The future markets fiuctuated with
| in a narrow range, and the local spot
market declined 1-l6c. The month closed
| with middling quoted at Lice, the tone
| being quiet.
February-The month started out with
| Iaclfua IN 70 for f,af5dIinD NTH 60 -