The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-10-20


I decided breaks viii afford a good chance
for profit. but II is useless TO shut our
! eyes TO the fact that rise of cents a
/ pound discounts great deal that can be
said in favor of cotton. While we hope for
a higher market and believe that there
Is fair chance that we shall have one,
We mink that II Is time that bull ven
| lures should be tempered with caution and
conservatism. We warn our friends
against pinning their faith to the views
| OF those VINO would convince them by
elaborate hgures that there is but one safe
| side 10 the market. and that l0-cent cotton
Is toregOne conclusion"
New York, Oct ls.-The SUM- in its re-
| view of to-day's cotton market, says:
cotton declined IS TO 60 points in New
! Orleans and "A to p points in New York
e closing weak eil 40 in New York, with
/ in New York sales of January
are said to have been made as low as
5000, which, if true, would make the total
decline in New York for the day IS points.
Liverpool declined s points for future de-
| livery and 3-S2d on the spot, with sales of
/ 1900 bales. Spot cotton here was gtiet at
| lsc decline, with sales of l45 for spinning.
Middling upands. 9isc. The New Orleans
receipts on Monday are estimated at 49,
~ ~ 10 -5 10 bales, against l6O22 last Mon
1 day 3l,25O on the same day last year and
I 1890 in 1893. The southern spot markets
/ were generally lower. Galveston declined
! 7-l6c; Norfolk Lc. and Mobile Baltimore
savannah Augusta and Wilmington lac.
/ IL Is denied that Ellison a. Co. have issued
a crop estimate of 7jO0,Ol0 bales. To-day
J
/ New Orleans was enormous and prices
/ broke badly in both markets, particularly
/ in New Orleans, where there was a break
I of 90 points, due largely to a flood Of sell
ing orders from the country, producing a
/ semi-panic for the time being. Liverpool
| was decidedly lower. and the sensational
| reports circulated of late in regard to the
/ New Orleans speculation have had much
/ to do with the decided fan i'm prices. The
/ bears maintain that they are likely to go
/ considerably lower. Bulls affirm, on the
| other hand, that while there may be a
/ further recession. IL will merely bring
prices TO a basis at which exporters will
buy even more freely than they have of
/ late. and thus pave the way for another
/ upward movement; that great deal of
/ weak long cotton has been eliminated and
! that sooner or later the beneficial effects
/ of this elimination will be apparent even
] to the most radical bear. To-day there
was heavy selling here for New York,
| New Orleans, Liverpool and continental
/ account, and there was also very heavy
/ buying on the decline, both for long and
/ short account The Chronicle states that
/ last Saturday there We're lS5,0O bales OF
cotton on shipboard not cleared, and
/ valued at 49, coo, on the basis of mid
/ ding uplands, at New York on that day
whereas although there were 6l 900 bales
on shipboard on the same day last year.
/ this larger quantity, by reason OF the
| cheaper price then ruling, was valued at
+ only IS, 600 900; that yesterday the quantity
on shipboard was 100000 bales against
1 $4,000 bales at the same date last year,
and that the value this year, on oct Is,
| date last year, showing a deficit this year
of only $4,000. II is well known that the
clearances Of cotton have latterly been
| tanned that on the basis of supply and de-
mand, prices must ultimately go still high
err. that the facts in regard to the crop
/ have not been changed by the selling
movement within the last few days.
New York, Oct. 19.-Atwood, Violet &
| co. say of cotton to-day: THE very Sc
we're decline to-day was brought about
] nv "a q a long interest.
| ingly of large proportions, and, perhaps
| even greater than had been expected, and
! like movements frequently, up or down, u
proved to have been not only unexpected
| but entirely abnormal stop orders being
| reached. as well as positive orders being
/ given, all within short session or Two
| hours, made the decline, perhaps, greater
] than il would have been had the session
been of the usual length Of other days
! of the week, but being concentrated with
in so short a time, made the conditions
1 weaker, perhaps, for that reason. That
the situation is an abnormal one, IS ey-
| idenced, particularly at New orleans
| where January contracts were S.Oc ana
middling 906c We learn that a strong
combination has been made at New Or
| leans to sustain the market where SIjc
or q points over January, was bid this
| afternoon for 10000 October. What th's
! market may do on Monday Will be an
unknown quantity until quotations OF Liv-
erpool market on Monday have been re-
! ceiyed."
Daniel O'Den e. Co.'S review of the cot
| Johnson broker, Provident building:
New York, Oct. 19.-The bear could
hardly have wished for more pleasant
news than the cables furnished him with
/ this morning, and II exceeded his expecta-
tiOns. There was decline IN Liverpool
futures of from 7-64d to S-64d and about the
1 same in spot cotton, amounting in each
I case to about Nc of our money. spot sales
/ were 1000 bales. A bearish market on the
| other side was, of course, natural in con-
/ sequence of yesterdays happenings on
| this side. Not the least interesting or
| which was the behavior of New Orleans
/ after our close, when she fell 10 points
/ and recovered 10 of them, all within an
/ half hour. AS the star feature of this
/ years cotton speculation, New Orleans
/ 9uf-did herself She was also credited
| with being to some extent the cause or
/ the weakness in Liverpool this morning.
! Through heavy selling there for her ac-
| count, all sorts Of rumors were afoat
I concerning the leading bulls and bears
/ interested in the recent manipulation.
/ The opening this morning, which was at
/ a loss of q to p points in this market
/ and nearly 30 in New Orleans, would In
dictate that some of the New Orleans long
cotton had been liquidated and IL has hap
/ pened in a way we feared IL would, to
/ which fears we gave expression in our
| letters only the day before the prelim-
/ mary drop occurred. The Financial Chron-
| icle advices show that the weather during
| the past week has been favorable for pick
| ing and marketing the crop. They reir-
| crate that there will be almost no top
| crop. Receipts are not heavy, and while
| we look upon the statistical position or
/ cotton strong at present prices, we
/ cannot feel bullish until the speculative
| atmosphere has been cleared. After the
unusual fall of more than 20 points at the
opening there was a recovery of 8 points
| but every attempt at a rally brought
| plenty of willing sellers, showing THAI
| liquidation was not over. New Orleans
was selling on a level of 10 to 10 points
| below our quotations, which is an evidence
| Of a healthy tone. Toward the close
| prices dropped below opening figures, and
| the net loss of the day is 25 points, g. SEC
being the closing bid for jan
uary. AS we writing this
[ letter news comes over the wires
that New Orleans has dropped nearly 90
points since our market closed. and jana
1 airy option in that market is selling at
S52c, a decline of nearly 1c since oct. 10
I We think It is probably too late now for
1 short sales.
NAVAL STORES.
Spirits Turpentine-The demand was
good and the sales were more than the