The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-12-11

a maximum crop of $50, 900 bales, but the
leading German bear construed It differ
emily. and he and his following hammer
ed the market numerically. 1t was not
long before the lowest prices previously
touched were reached and passed Stop
orders on large lines of cotton were caught
and the ring became a seething mass of
excited brokers, wildly anxious TO sell cot
ton at any price they could get for il.
down. went prices with rush. until jan
uary had sold at Csc. Then, at last
large buying orders were encountered and
the market steadied. y quick reaction of
L or IL points took place, when more sell
ing orders came in, and the market closed
about 20 points below yesterdays closing
price, but steady at the decline. March
opened at Tic, declined to 7.16c, and closed
at f24Q125c. 1t may be that prices will
so temporarily lower, but we believe that
cotton is cheap at these prices and must
soon advance sharply
New York, Dec. 10.-The Sun says of cot
ton: Spot cotton here declined l-16c,
with sales of 20 bales for spinning. Mid
ding uplands 74sc, against 8l2c last year.
Inc cotton market to-day was an extreme
~ sensitive one. The fluctuations in
prices were frequent and at times violent
In fact, at one time it looked as though
the bottom might drop out of the mar
ket. AT the opening the tone was easier,
owing to the disappointing Liverpool ad-
vices and sales to realize on yesterdays
advance. The loss was recovered, how
ever, and prices advanced. The bureau
report gave the general average condition
Of the crop as 1852 per cent, and the total
yield for 1895 as Z, 16l, O94 bales. The report
led to general buying, causing an advance,
but the report had been wrongly inter-
preted. The department had adopted
new method of estima ting the crop, and,
instead OF indicating yield of 7161OCO
bales, the report pointed to a yield of $780,
$50 bales. This result is secured by adding
1872 per cent. to last years yield of 1851
OBS bales. The early buyers tumbled over
one another in their anxiety to sell and
prices broke sharply. Stop orders were
reached on the way down, contributing to
the weakness. There was a slight rally
before the close on covering of shorts, to-
gether with some new buying, but the last
prices showed a material loss for the day"
New York, Dec. 10.-What Silsby & Co.
say of cotton Liverpool spot cotton
opened at a fair demand this morning and
futures opened quiet a a gain of points
over yesterdays closing prices, and closed
barely steady at a decline of to points
on the day. Our market opened about two
points under yesterdays close and declin-
ed gradually, with very little doing during
the first half of the session. The govern
ment crop estimate, which was issued at
IL o clock, shows a condition of 115.2,
against last year. or an increase of 1872.
This increase added to last years crop
would indicate crop of about S,227 600 for
this year. The bear element seem to
consider this an under estimate owing
to the large receipts, and acting upon their
belief, proceeded to hammer the market,
in which they were Joined by both Liver
pool and New Orleans and a decline of q
points was scored in the January option
between the noon hour and l p. m, that
option selling down to $3.50, the lowest for
the season. Buying at this point imme-
diately set in, and an advance of II points
quickly followed, when the traders be-
Gained themselves and allowed the mar
ket to remain steady during the rest of
the session, and the close was steady to
firm at a net decline of II to IS points for
the day. Now that the January option
has reached &c, the greediest bears, who
were firm in their convictions that this
point would be reached, seemed to be sat
isfied and rushed to cover their holdings.
Although we consider the government es-
innate smaller than the port receipts
would justify, yet the present prices are
unquestionably low for even a nine-mil
lion crop, and we expect to see the con-
sumptive demand come to the front with
enough force to cause a sharp advance
from the present prices"