The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-12-06

and after two hours of nervous fiuctua-
ton, during which january declined to
Lose, the market closed quiet and steady
with January at 1907 35c
March has now taken the place of Ian
uary as the active trading month. 1t
opened at 753c and advanced to 7.57c and
closed at 7.5Oc, and later months are WIDEN
ing. The tendency of holders is to sell
January and buy March or May The re-
eeelpts to-day, as well as yesterday, We're
llShter than of late. a result which the
bears attribute entirely to the bad weather
south. The movement next week Will
nave more than ordinary significance. If
1t be light, prices VIII probably improve;
IT heavy, the prediction of the bears that
January Will sell below cents may he
realzed. 1t is difficult at the moment to
forecast the course of prices in the i'm
mediate future. 1t will probably depend
largely upon the movement Indicating the
probable yield. The bears insist that the
crop Is going to be at least 100000 bales.
while the opinion of conservative traders
seems to be settled down to a maximum
estimate OF $4,000 bales. "A the latter
figure there would seem to be room for
great Improvement in prices. but there
are important considerations which bear
against cotton here, even if the croo
should prove uneX pectedly moderate. The
condition of things in Liverpool is mn
precedented; not only have the usual pre-
miums for the distant months. as com
pared with the current and near months,
altogether disappeared in that market.
hut the later months are actually at a
discount, the nearest being the dearest
As result, the enormous sales of Liver
pool traders to hedge their holdings of
spots, are and must be mado here. exert
ing a constantly depressing influence.
Ihen the speculative situa ton is one-sded
L t..
terest to act as a fucrum in lifting the
market. The bears are wary and sell only
Tor quick turns. Frankly, we cannot adj
wise our friends whether to buy or sell
just now, although we fear that prices
will 90 lower
New York, Dec. 5.--The Sun says Of
cotton: Spot cotton here was unchanged.
with sales of 105 bales for spinning; mid
ding uplands We're Z 9-16c against sac
last year; New Orleans and Gulf, 1916
against 69sc last year, The Liverpool
news to-day was better than had been ex-
pected in view of the sharp declines YES
terday, and prices here rallied Liverpool
recovered most of the early loss. and
business on the spot there continues ac-
tive. Steadiness in Liverpool, it is stated.
was due to cable sent from this side,
saying that the crop might not exceed
S,509,0OO bales. Shorts covered IiverpooI
bought; there was some new buying for
local account: several large commission
houses We're good buyers, and the indica.
tons pointed 10 comparatively small re-
ceipts at the ports for the day. Before
the close part Of the Improvement was
lost on realizing sales, and the absence Of
supporting orders. The receipts at the
ports, according to local operators. this
week, will approximate 100000 bales bur
New Orleans advices estimated the total
at $4,000 to 10000 bales. The worst fea-
ture of the speculation.at the present time
is the absence of an outside demand One.
prominent firm here reduced its crop esti-
mate from $4,000 to 100000 bales.
New York, Dec. 5.-What Silsby & Co.
say of cotton: Liverpool spot cotton open
ed this morning at a decline of 1-32d, with
the tone fair. Futures opened about 3
points under yesterdays close and closed
steady at gain of 1 to points for the
day. Our market opened at an advance of
to points over yesterdays closing prices
on buying orders from Liverpool, and pur-
chasing orders which came from the south
in the early mails. The bear element seem
ed less aggressive this morning, and sew
eral small sales were covered at the open-
ing. Geographic communications with the
south remain very much impaired and or
ders from this source are few. The bust
ness to-day was mainly of a local charac-
ter and the opinion on the floor was some
what divided. The bears claiming large re-
ceipts for next week, which they expect will
further depress the market, while the bulls
claim that this information has been dis
counted and that just as soon as southern
orders begin to come in, the shorts will
cover and a material advance will take
place. While the market continues pan
icky yet, we consider it has reached bot
tom for the present and recommend pur-
chasing the moment communication is re-
stored with the south,as we believe this
support will cause an advance in the mar
ket."