The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-11-15

bears insist that this has only begun,
| Liverpool to-day declined less than was
| expected, and our market opened higher
! January selling on the call at 7.S4c, but II
| soon became evident that there was plen-
! ty of cotton for sale at the advance
| Buyers soon got all they wanted and the
| price declined TO 775c, then a rally of q
few points took place. and the close was
! steady, with 7,7Sc bid for January, the
| same as yesterday. After the close the
| market was somewhat easier. The de-
! cline has not shaken our faith in a higher
market later In the season, but the Stua-
ton is just this: An overwhelming ma
jority of the traders in cotton think it
will ultimately go higher These traders
all have a limit beyond which they don t
care to hold cotton The limit of one man
Is 100 bales, of another 500 bales, of a third
1000 bales, and so on. They have all
bought to their limit Nobody dares to be
short All the holders intend and expect
TO keep their cotton until an advance
Give them profit, even them and ninety
nine out of every hundred would refuse
to take a profit, but would hold on in the
hope of o larger profit. The existence of
this enormous long interest makes the
market top-heavy, and constitutes the
chief danger of a further and disastrous
decline, for when margins give out, cot
ton has to be sold no matter at what sac
llIlCG, ana so vast lines OIL weakly HelQ
cotton are liable to topple al any time
like a row of bricks and be precipitated
upon the market, for prices cannot be
supported by hopes and opinions. how
ever strong, and unanimous it requires
buying and plenty of it, and, as we have
said, the buyers have all been filled up
to their limit. Liverpool believes in a
big crop and is constantly selling. VINO
is to buy her offerings in the near fu-
70 &c bor Of
any material advance at present, except
through such a drop in receipts as would
brighten Liverpool. On the other hand
the danger of a further decline seems to
US under all the circumstances very Sc
rious indeed"
New York, Nov 14.-The Sun says of
cotton: THE Chronicle states that in
the south the temperature has been lower
generally the past week, and that killing
frost has occurred in Texas, Alabama
and Arkansas; that the rainfall was light
as a rule and picking, where not already
completed, has progressed well. There
came into sight during the week 1885, $50
bales, against 33l, 40 bales in the same
week last year, making total in sight
3770,9H bales. Northern spinners have
thus taken far this season 543 024 bales.
against $4,000 in the same time last sea-
son. Future prices to-day opened to 4
points higher, lost this and declined to
points, with sales of 124,1OO bales. The
trading to-day was quiet and featureless
and the fluctuations in prices were con-
fined within an extremely narrow range.
The opening prices were slightly higher
on small local demand but the i'm
provement was quickly lost and a small
decline followed in sympathy with a de-
cline in Liverpool, both for futures and
spots and selling by tired longs. Before
the close prices again advanced slightly
on buying by recent sellers. The Chron-
icle's Galveston dispatch said: Remnants
of crop will all soon be picked. Rain Will
destroy ungathered cotton. 1t has rained
on three days of the week, the precipita-
ton reaching eighty-three hundredths of
an inch"