The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-10-21
NeckIy Mnrket Revieyv.

Cotton: The past week has been one of
extreme activity and great excitement in
the speculative cotton markets. The prev
ious week January delivery in New York
closed at 902c; by Wednesday the price
had risen to SAC, and on Saturday it had
fallen to SS6c. The decline on Saturday
amounted to % points In New Orleans
the fall was much heavier, reaching
one time 60 points for Saturday alone.
During the preceding advance LiverpOo;
kept pace with our markets, sometimes
even led them. Sales of spot cotton there
for consumption have been really enor-
nous. There was no Improvement in
crop reports or increase in crop estimates;
on the contrary, all previous accounts
of shortage have been more than con-
frmed and the reasonable prospect is
probably for a smaller crop than at any
time this season. Yet the decline was TO
ton, perhaps, exaggerated, from proceed
ing feverish strength. A certain class OF
commission houses in New York, who
probably have little or no influence at
home, seem to control a very large and
easily influenced clientele. This trade
seems to flourish on circulation of all
opinions, They buy ON the most
unreasonable expectations, and then
quickly take fright when these
are not fully realized. For instance, wit
ness the break in the market on Oct. TO-
These sensation houses had preached up
a faith that the bureau report would be
as low as 60 and probably lower. Such a
prediction was preposterous, for the fig
ure was 65 and the report was about as
bullish as it could well be. Yet these
wild cat" spectators having been led to
expect almost the impossible were dis
appointed and their selling out caused a
sharp break, merely temporary, how
ever.
In a measure at least the present de-
preston appears due to causes analogous
if not identical.
To be sure cotton has advanced about &c
during the year, If We take extreme
points, but a mere statement to this et-
feet does not present the case fairly. For
Ia CT 0pnrpGGpl
by commercial, financial and political in
references, besides utter absence of
speculation probably it declined nearly
2 cents below what it would have done
under normal conditions. with equal crop.
But, however this may be-, tie entire
cotton trade of America and Europe, in
July say, would doubtless have united, in
predicting an advance to from 9 to IL
cents on the supposition that the. crop
And this from legitimate causes
alone, without reference to specula-
tive manipulation. In view of
these considerations it seems not I'M
likely that cotton may advance to a point
higher than that yet reached.
Grain and Provisions-Some early show
of firmnesS in wheat was not sustained,
December closing at 6Oc in Chicago. The
heavy movement to a few leading CEN
tiers in the spring wheat region continues,
and the visible supply has commenced to
increase at more rapid rate. But, recol-
lecting the enormous quantity OF farmers
reserves fed to stock last year, the con-
clusion seems inevitable that the deficien-
cy in the crop as a whole viii make it.
self apparent before the year is out; for
unless no reliance whatever can be placed
in any official statements, we have very
little wheat to export. and none to give
away, as we are now practically doing.
The wheat growers are bad off financially
and necessarily rush their grain to mar
ket to meet obligations.
The crops of corn and oats are encr-
nous, but the prices now, &c and 20e,
respectively, are so low to really ren-
der 1t scarcely worth while to market
them at all. while al present there are
no prospects of high prices for them dur
ing the next six or eight months, at least,
yet we may look for material advances
from time to time, of which the producer
can avail to dispose of his holdings TO
somewhat better advantage.
Provisions continue lifeless; January
short ribs at S4.67ia are at low point FOR
the season, and for a considerable time
proved spot demand; and spot buyers are