The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-09-13

| erpool caused a further severe break here
| There was a heavy liquidation of long
| cotton. the decline being accelerated by
stop orders and exhausted margins. Jam
uary opened at S.26c, declined to S18c re-
acted to S.36c, but again broke in the last
fifteen minutes, closing easy. with Janu-
airy at S.25c. The final slump was caused
by reports of Turko-British war. After
the close prices we're somewhat easier.
The adverse influences which have caused
the severe reaction on prices are: First,
the heavy movement of new shippers,
which shakes the faith OF spinners in the
serious character of the crop; second, the
damages and the grave uncertainty of
the political and trade outlook third, the
financial trouble in New Orleans, which
many fear will grow more serious; fourth
the extent of the weakly margined long
interest, which had lately become top
heavy and which was a constant menace
to the market; fifth, the chance that Eng
land may become involved in war over
the Turkish question. This last may be
needless scarce, but If 1t should prove
TO have any foundation, 1t would doubt
less seriously depress the price OF cotton.
This array of influences against an adj
vance is a very formidable one. But 10
offset these we have the small visible
supply and a crop shortage which we be-
lieve will reduce the yield below 100000
bales. These are powerful factors, and
unless we underestimate the crop. are
likely to give us in the near future higher
prices.
New York, Sept 12.-The Sun says Of
cotton to-day: Cotton declined Is to q
points recovered 10 to IT points OF the
loss, but later reacted, and closed easy
at net decline of 10 to Is points, with
sales of $4,000 bales. Cotton causerie
The Liverpool news to-day was decidedly
bearish and prices here declined in sym
nnfhV IT that Nafn h..
ers would Issue large crop estimate, and
this report, together with some long SELL
ing against southern purchases, depressed
Liverpool prices. New Orleans sold free
ly, and the unsettled European political
situation contributed to the weakness.
There was a rally at one time. in which
most Of the loss was recovered on
some covering of shorts. an absence of
sellers, and more favorable advices from
New Orleans, regarding the financial sit
uation in that city, but the Improvement
was only temporary.
New York, Sept 12.-Clapp & Co., in
their weekly market letter say Of cotton:
THE average date of closing cotton pick
ing for the crops of 1889 and 1890 was Dec.
II; for 1890 and 1891, Dec. IA; for 1S91-1S92,
Dec. g. for 1S92-1S93. Dec 2; for 1S94-1S95,
Dec. IL. The earliest of any one state was
Florida, Nov IA, 1898. Picking in that
state generally ends about Nov. 20, and in
H.
Texas and Tennessee about the 10th to the
18th OF December. Arkansas about the
10Th. The Carolnss vary from the LIST to
the 2sd of December Many now predict
cotton picking will be over this month in
several states. That Il will generally be
month to six weeks earlier than usual;
that the bolls are light in nearly every
state, and are unusually small. Fields
are generally white with open cotton and
picking is progressing rapidly; that no top
crop can be secured; that quality Is fine
and color excellent; that every boil has
opened that could, and the staple is good;
that II takes about 1900 pounds of lint to
make a 450-pound bale of cotton against
about 100 pounds in former years Many
compare present yield to last years and
say il is less, ignoring the increased acre
age. Merchants are reported as not sell
ing ahead or contracting for export, while
planters seem DESTROYS of holding back
their cotton and using all known methods
to bull the market and lessen the move
ment. This is the exact reverse of sixty
days ago. Private Liverpool cables pre-
dict much higher prices If crop reports
continue coming in bad. The September
movement is now estimated to be about
$4,000 bales less than predicted fourteen
days ago."