The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-03-23
weekly Market review.

Cotton.-Early in the week the market
was strong and higher on covering by
snorts, the most appreciation being i'm
May contracts, which gained nearly 80
points. During the latter part of the
week Nee mos, most OF the advance was lost, and
the close was only trife above that of
the preceding Saturday. The agricultural
department reported the crop as slightly
below 6,SO0.O00 bales. afterwards correct
though regarded as very bullish, appeared
TO have no weight. The early strength
was attributed to the influence of Mr.. In
man OF New YORK, and the subsequent
decline TO a withdrawal of his support.
Ihe movement has been small enough to
almost Justify the governments low crop
hgures, receipts from plantations being
only 4l,OOO bales or about one-thrd as
much as last year. The amount in sight
result Is pretty well foreshadowed now.
Usually after the end of March the adj
dition to the crop runs from 400 600 to
100000 bales, so that even if we get the
larger amount this year, the crop will
scarcely exceed 6,9O0,000, while If we run
according to the smaller spring and sum-
Die that the total will be less than $780,
600. The most bullish feature of the
movement is the present rapid rate of
decrease in the receipts. The visible SUD-
ply is now decreasing at the rate of over
100000 week, and this decrease will get
larger from now on. The stock of Amer
last year. By August there will not be
very great deal left with which to
fulfill short engagements. The bullish
trade journals talk about the material
advance that has taken place in cotton.
From the extreme low point recently at
tanned. the advance now amounts to %
to 30 points for summer months, and
10 to u points for the new crop months. If
there is anything in the statistical strength
of the article such an advance counts for
almost nothing. The immediate future
of the market seems to depend upon
whether or not the New York bears run up
against a force too strong for them. The
short interest must be so large that the
quantity recently covered would be only
of bad trade, but, If true, this does not
appear to have had any appreciatiVe eff
feet on the actual consumption of cotton;
how much would be used if trade should
improve2
The argument that the prospect for the
next crop will keep prices down is as yet
ground, and there is big difference be-
tween planting and making; and no mat
ter how much is made there will be none
OF It available for delivery on summer
contracts.
Wheat.-The market has been quiet and
mostly easy closing fractionally lower
II has dragged along under a lack of
stimulating influences, the visible supply
still decreases only slowly, and there Were
no serious crop scares. The tone of the
market, however, had become a little
finer at the end of the week.
Provisions were more active, but at a
serious cost to prices. Pork fell 75e, and
ribs 40 points, closing at only a slight re-
action. The decline was caused by lare-
er receipts of hogs inducing freer offer
ings, and persuading some tired hold
ers TO unload. 1t is not improbable that
some of the large packers have lent
hand with a view to bringing about some
movement in the cash articles prepare
tory TO their usual bullish summer cam
paign. Ribs for summer delivery around
&c look like a very inviting investment
and a great many people are apt to think
SO DeIofe long. VIM. L. Williams