The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-08-28

opening AZ TIC and selling up TO 7s2c
declined TO T-sic, but the demand A. ~.
uecllne soon hited prices. and Januar,
closed al 4-4aGLl5c, with the tone stea5,-
The feeling after the close was b-,1risb
ana t-t6c was freely bid for January Tbs
decline was precipitatcd by the eager ~
IerlEss OF spot cotton from many points
souln, together with the forced E1uida
tion OF some enormous Wall street hold
ngs- The room traders. who are aIv-s,-s
reeay 10 Join in any decided movement
OF the market, in either direction rurre1
Iree sellers, and the pressure became
more than the bulls could withstand NM
the liquidation IS about over. Those ~
the German bears who did not cover their
shorts yesterday did so to-day. The
causes Nhicn produced the sharp advance
OF last week are still in a large measure
operative, and everybody seems 10 ex-
pect ana 10 favor a better market. II
the south would only be a little less bast,-
in forcing the crop 10 market the loss
OF the last four days might speedily be
more than recovered.
New York. Aug. 27-Tbs s,,, .,- 80
cotton: Cotton closed steady az - ~.
decline Of to points. with sales of 90 sn0
bales. '''''
To-day's features: Liverpool started
the decline to-day by sending lower "a
ples- The liquidation of long stun was
renewed and stop orders reached. which
(
falIy al one time, in which the loss was
recovered and a small advance est,b-
hsned, but later on prices reacted again
and declined. New Orleans sold all dav
tnouSh some buying orders were receiV-
ed from that market toward the close
Mohr, Hanemann & Co were large sell
ers. The crop reports are conflicting and
estimates now range anywhere from 1000. -
600 TO 100000 bales. though conservatfv.
people agree that the first figures of the
yleid Will be 100000 The receipts for the
week, though liberal, will not be as large
as was expected early in the week. The
total Tor the week is now estimated ar
ABOUT o9OOO' against previous estimates
OF lUU,JO bales. 1t was reported that
Neil Bros will issue a bearish circu-
lar, Dut whatever effect this report hao
IN Liverpool, II did not cut much of a
inquire in the speculation here"
New York, Aug. 27-Hubbard & Co. say
or cotton: ION Saturday and Sunday the
drought IN Texas was broken by a well
come rain which appears to have fallen
IN nearly every portion of the state af-
tordlng relief TO the crop which had pass
ed into critical state through the absence
OF moisture for many weeks. This rainfall
following upon the relief of Arkansas and
Mississippi earlier in the week. ends the
drought which, together with the heat
had proved so disastrous to the cotton
with the drought broken, the question
now to be carefully considered by traders
is the extent of the damage and the pos
sibilty OF an Improvement in crop con-
ditions as a result of this change in the
weather. Unfortunately it is almost i'm
possible TO measure the extent of injury
to the crop as it is now admitted that the
early estimates Of yield were exaggerated
and therefore we are without a basis for
our estimates, but assuming the prospect
to have been for a crop to exceed the larg-
est yield on record, ii seems safe to assume
that the decrease in crop prospects exceeds
20 if it does not reach 25 per cent. In other
words the prospect is now for a crop to
exceed $500, 900 to SSOO,OOO bales, to be in
creased or decreased as the weather con-
ditions from now until frost sets in. are
favorable or unfavorable. Many estimates
of a smaller yield are current but re-
membering the increase is the use of fer
tilizers and of land devoted to cotton, we
do not yet look for a smaller crop than
we have mentioned.
Regarding the possible improvement in
the plant, it is, of course, a question
whether we shall have from
now on weather conditions SINH
lar to 1SSS-S9. In the meantime
we will be confronted with a bad bureau
report on the 10th proximo, and a larger
crop movement than we have ever before
witnessed. The trade appears TO beliVe
that the first named factor has been dis
counted and does not expect the last named
to have much, if any, effect upon prices
They, therefore, look for a market with
minor fluctuations around cents until
the extent of the damage is more fully
known Those who look for a decline, and
they are few in number, doubt whether in
view of the condition of trade in this
country present prices can be sustained
under the heavy movement. On the other
hand our friends generally hold that the
yield has been cut off below our estimates,
and that as soon as the world appreciates
the extent of the damage we will see ma
terially higher prices"