The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-04-03

al the close The wires report the wealth
er at the south as generally favorable,
ana IN many sections, especially through
2 9nt IeNas, planting has already begun
The crop outlook will be narrowly watch
ed from day TO day. and its varying
phases viii be promptly reflected in the
course OF prices. The market was never
IN more sensitive condition. While the
bears claim that a decline Of at least a
cent a pound is a certainty, the bulls
INSIST that prices are at least a cent a
pound too low already. The bears point
10 the wretched condition of trade. and
to the big crop which the south IS strain
ing every nerve TO make. The bulls pin
their faith TO the strength of the stalls
teal position OF cotton. and TO the chances
OF a whole chapter Of accidents 10 the
new crop, any one of which would cause
scare among the shorts and a rush 10
BUY. There is certainly, a good deal to
pc said on both sides of the cotton ques-
ton, but the flaw in the argument of the
bulls seems to be that they rely mainly
upon frightening the shorts to cause
rise. The truth is, we think that the
magnitude of the short interest is much
exaggerated. and that the shorts who re-
main are now so wary and skittish that
they cover on every advance OF few
points, and leave the bulls TO get rid of
their purchases as best they may. Bar
ring very unfavorable planting weather
during the present month, we expect
prices to go lower"
New York, April 2-Hubbard Bros &
Co., in their weekly letter, say of cotton;
Although there has been no change in
the OUTSIDE cOnQlllOnS surrounding COTTON
there is a very perceptible change in the
temper of our market, regarding the fu-
ture course of prices. This change in
feeling is directly traceable to the quick
ness of the last advance which sharply
called attention to the strong statistical
position and caused many to regard with
caution the question of present values.
on one side il Is apparent to every one
that the condition of trade at home has
not improved, and that there is a severe
loss IN every pound of cotton spun by the
American manufacturers, but on the other
is the fear that some operator might
take advantage of the statistical posi-
ton and endeavor to bring about sharp
advance.
The contemplation of these two views
of the market has caused those who could
not look for a permanent advance to
sitions, while others are inclined to oper-
ate carefully for an advance on the chance
that some such effort to advance prices
might be made.
1.-The action of the different state po-
litical conventions in adopting stronger
currency platforms has given encourage
ment to merchants, who, while admitting
the present severe strain and losses, are
anticipating some improvement in trade
after the presidential election, and while
this sentiment has not yet made itself
actually felt, it exists simply as hope
for the future.
''As each week passes with an increase
in the movement over 1898, the trade is
gradually raising its estimates of the yield
of this seasons crop, and as we shall
probably have 6,45O.0O0 bales in sight next
Friday, it is apparent that all estimates
of 100000 and 6.500,000 if not 6,S00,000 bales
must be put aside as too small. Current
opinion appears to be settling upon 100000
bales as the American crop, with a few
looking for 100000 bales as probable,
with good prospects for the growing crop
later in the season. For the next crop,
all our information points toward a large
increase in the acreage, and while the
season in the cotton belt has been rainy
and cold, excepting for the last ten days.,
the prospects are for a good season as a
result of the winter weather"