The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-12-10

shorts took fright and covered,
establishing fair advance for the day.
Everybody admits that cotton is low
enough even if the crop should be 100000
bales. The only question is how far the
enormous long holdings of January have
been liquidated. Some think that they
nave been reduced TO such aR extent that
they no longer constitute dark cloud
hanging over the market that they have
lately been. We do not say that we have
seen bottom prices yet, but il is certain
that the recent liquidation has greatly les
sened the danger of any further serious
break and made cotton safer to buy. March
opened a. 1850, declined to 1899, then ad-
Vanced to 7,45c, and closed at about the
best Of the day, with the tone steady. On
all recessions in the price, we would rather
buy than sell"
New York. Dec. 9-The Sun says of cot
ton; The speculation to-day was fever
ism and the fluctuations in prices were fire.
quent, and at times sharp The Liverpool
news was better than had been expected
and prices advanced here at the opening
but on local liquidation and some southern
selling the Improvement was lost and a
slight decline followed. The loss was
quickly recovered, however, and prices ad-
Vanced, closing at about the top figures of
the day. There was considerable new buy
ing, shorts covered in anticipation of a
WI
south bought and Liverpool and the con-
tinent were good buyers. The estimates
for New Orleans and Houston tomorrow
were moderate and better reports were
received from the dry goods trade"
New York, Dec. 9,--What Silsby & Co.
say of cotton: prices continued easier in
Liverpool spot market at the opening this
morning, and futures opened at a decline
of points under yesterdays close, and
closed quiet and steady at a further de-
cline of ~ points for the day. Our mar
ket opened l TO points above yesterdays
close and ruled steady to firm throughout
the session, closing at a net gain of to s
points on the day. Realizing was checked
to-day by the small shorts who covered
freely. New Orleans was a moderate
buyer to-day, but the usual run of south
ern orders was noticeably scarce. The
room traders were inclined to buy near
the closing hour, on decreased estimated
receipts for tomorrow. Liverpool also
covered several contracts just before the
close, which would indicate that higher
prices are expected for tomorrow. While
there have been no new developments in
connection with the legitimate situation,
yet the general impression seems to be
that bottom prices have been reached. The
increased purchases of actual cotton dur
ing the past few days certainly indicate
that prices have at last reached the point
at which consumers are willing to enter
the market as free buyers with the view
of replenishing their depleted stocks. This
consumptive demand will doubtless become
one of the most important factors in the
situation in the near future, especially
should further developments indicate that
the relatively lighter receipts are due as
much to exhaustion as to the unfavorable
weather recently prevailing throughout
the cotton belt. We urge the purchase Of
March cotton al 7.4Oc or better as we firm
ly believe a sharp advance is due"