The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-04-20
weekly Market Review.

Cotton-It has been another dull week.
but with some little show of frmness, due
partly to the small movement, and partly
to an appearance of a commencement of
aggressiveness by the bull party. New
I ork adV1ces continue generally bearish:
one much-advertised concern says that the
snort interest in the summer months has
vanished" This feat of self-prestidigi-
tation on the part of the shorts in doing
the great vanishing act, will not avail
them much. If the bull party are long
enough to be in position to control the
market, somebody must hold the other
end; and the present invisible shorts are
liable to make an equally mysterious re-
appearance when the plot thickens The
talk about an immense surplus to be car
ried over into the fall at a big loss is like
wise all nonsense. The present visible sup
ply of American cotton is 2,7OO,0 600 bales; we
may suppose there will further come into
sight about 400, 600 more, making the total
supply of American to Sept. 1, 3100 900
bales. The various speculative markets of
Europe and America will require to carry
a certain amount, not less, say. than Co.,
QUO bales. This leaves, say, $500 900 bales
available for spinners takings. Calling
the average weekly consumption for the
world of American cotton u.s. 600 bales
means the using of over 5000 600 bales be-
tween this and Sept l, and necessitates
To be sure they may have much more but
such stocks, whatever they are, must be
reduced by that amount or more. The ac-
tual and prospective supplies allow only
for takings of about 10000 bales a week
Where, then, is any big surplus to come
from? 1t must be further noted that the
visible American is now over !, 200 900 bales
less than last year, and the deficit will
continue to increase. 1t is impossible to
deny that the statistical position of the
summer months is of great strength, and
affords a substantial basis for an active
and successful bullish speculation between
now and September, and every one in the
trade knows that the public will be more
eager to buy after a cent advance than 1t
is now. The bears also lay too much
stress upon the alleged certainty" of a
monster crop next year. 1t is true that
reports of preparations for increased ac-
reage on large scale are general; about
IS general and to about the same extent as
were the reports of reduction last year
Roughly speaking, the indications point to
an area about equal to that of two years
ago, when the almost faultless season pro-
duced a yield of 100000 bales. However
there is a possibility that the actual ac-
reage may considerably exceed that of
1894, stupendous monument to the colos-
sal collective foolishness of those who
ought to be easily the most independent
and prosperous agricultural interest on
Wheat-The market has been moderate
ly active and mostly inclined to firmness;
prices advanced as much as 21z cents, but
later lost half of it. Crop reports have
been gloomy, but their effect was lessened
by the favorable weather of the time be-
ing. 1t is calculated that the government
report indicates only 25 O0O, 900 bushels more
winter wheat than last year, when the
crop was failure. The Cincinnati Price
current says liiS prospects, dIe LOT no more
than last year. 1t is well known that all
that saved the country from an almost
calamitous shortage last year was the
enormous yield of the few spring wheat
states. which exceeded all estimates, and
made up almost for the winter wheat de-
felt. 1t is hardly logical to expect such
another yield this year. for the spring
wheat is also a more or less precarious
crop; and present reserves, visible and in
visible, are very much less than last year
Expectations of yield IN other countries do
mot have much influence on our prices I'M
less we have a considerable exportable
surplus: In fact, the extent Of our export
able surplus is the leading factor in fixing
the price for the world. Altogether, wheat
seems an inviting investment at the very
low prices still prevailing.
Provisions were quiet and easy. Pork,
however. was relatively frmer and at
times strong II Is said 10 be largely over
sold. July ribs closed i7iA points lower, at
$3.50. Hogs were not In excessive supply,
and the cash demand was fair, as shown
by the shipments. The market is expected
70 do better after the May liquidation Is
over, II not sooner VIM. T. Williams.