The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-02-22

- N-Al6 Cdlee4 a EallN OF a point OF Two
rom the lowest and the close was STEADY,
with l.6Sc bid for May. Next Wednes-
cay Will be notice day for March deiiV-
cry, and the immediate future of the mar
ke< may largely depend upon the develop
menls regarding the settlement Of the
noldings OF March cotton, which must
then take place. We hear that many OF
the largest houses will deliver heavy lines
or cotton upon March contracts on the
olher hand, one leading house whose DO
slli9h y very much OF a puzzle 10 the
trade Is known to hold a great many
Marches, which il has shown no DISPOSE
ton as Yet to part with If this house
should take all the cotton rendered. il
would have tendency TO support prices
ana mig Mt cause good rally, but If. on
the other hand. il should show any will
inSness TO let somebody else carry the
cotton that will be delivered, sharp and
perhaps serious break would almost sure
" follow. But whatever the outcome OF
the March settlement we are unchanged
in our opinion that the general tendency
OF the market will be toward lower prices,
and We advise our friends TO take adVan-
tage Of every good rally TO sell cotton"
New York, Feb. zl.-Hubbard Bros
ton belt holders appear to have lost con-
noence IN any permanent Improvement in
values in face of what appears to be u
general disposition on the part Of the
planters of the south to increase the acre
age devoted to cotton, and to curtail the
area last season planted in corn. This
feature must not be taken to mean that
the southern planters intend to return to
the policy OF raising only cotton and OF
West on the contrary, the trade must
understand once and for all that the south
will never again return to such a policy.
| Ihey viii continue to raise each season
sufficient food supplies to make their cot
ton crop a surplus crop, and by this pol
icy they will soon make the south the
| richest portion Of this country
As commercial proposition, an in
| crease In the acreage is justified by the
| the knowledge that the world requires a
| large cotton crop from America next sea-
son is so true as to be apparent TO all.
| Therefore the planters are paying little
| attention to the resolutions of the differ
/ ent conventions, except TO act upon the
/ advice to raise their own food supplies
| at home and are disposed to plant
! large acreage in cotton, to supply an &C.
/ tive demand for the staple which may be
/ expected from the reduction in the visible
/ supply, by reason of the small crops this
| season.
Our market has this year felt the weight
| of the bad trade conditions and large
| crop of last season.. but as far as we can
/ forecast the future, it is extremely i'm
| probable that any combination Of crcum-
! bring about such another season of de-
/ preston as that OF 1S94-1S95. 1t is this feat
ure of the outlook which has caused a
| reaction from the sharp decline of the
! past week, together with the Oversold con-
| dition of the market and the nervousness
/ of traders who have not as yet settled
/ upon any conviction as to the yield OF
! this season and who are quick to cover
| any short sales on the fear of a possible
/
| covering of large short account in
| Liverpool, because of this squeezing pro-
| cess on the nearby deliveries in that mar
| ket.
than a temporary nature must be brought
| about by a revival in speculation as while
! the fear of a corner in Liverpool is con-
| stantly being brought to the notice of the
| trade the deliveries for the period when
! the scarcity must be most felt ara selling
/ a I a discount as compared with the pres
! shows a a
| confidence in the probable success of any
| such operation, as it enables spinncrs to
! contract ahead for their requirements at
| lower prices than those ruling on the spot.
| On the continent and at home spinners
! are feeling a reaction from the active
| business of the season from March to
| November last year, and the stocks of
| cotton goods which are so apparent are
] believed to represent to some degree the
surplus of supplies of cotton carried over
last season, now manufactured into goods.
AS we have stated there is throughout
the south a general disposition to increase
| the acreage; now these two factors,
large stock of manufactured goods and
the belief in the planting for a large
| crop, keep two of the best buyers out of
the market and can only be permanently
! changed by a bad planting season which
would stimulate a demand from spinners
| for the new crop deliveries, as they would
/ be quick to secure at least a portion OF
! their needed requirements for next sea-
| son on the basis of the present values.
! The trade therefore is expecting a reac-
| tion from the recent decline, but it il
| not believer in permanent advance
| without some Improvement in the demand
| for manufactured goods or bad crop re-
! ports'
New York. Feb. 21-Sun's cotton review
| is as follows: Cotton advanced , to 5
/ points on this crop. Later. the whole list
was to IL points lower than yesterday,
closing steady at a net decline of to 8
| points on this crop, and to on the next,
with sales of 2ll,2OO bales,
."ro-day's features: The receipts at the
! ports were large, so were they at the in
terror towns. and as a result they were
| disappointing. Liverpool, after showing
some steadiness early in the day, took
a downward course. Large sales of mules
and fertilizers are reported and every
body looks for big acreage. British con-
soils showed a sharp decline, partly be-
cause of the French legislative crisis. and
fear of possible complications between
| this county and Spain, growing out of the
| Cuba resolutions. Commercial paper is
still dull and the discount rate continues
high. New blood, moreover, is needed
in speculation; it is too much of a purely
| professional affair and the professional
element, as rule, is rather bearish, at
the moment. in its conclusions. Cotton
goods have declined per cent. during the
past week. and per cent since Jan l.
More people seem to believe the crop is
100000 bales or over than formerly. Com
paratively few seem to think that it is
as small as $4,000. The worst feature
of the cotton speculation just now is its
sluggishness. New life and snap is need
ed; new blood fresh outside interest
believed to be imperatively essential to
any sustained or material advance. Weld
&, Co. bought again this afternoon, how
ever and cotton is by no means without
friends. Liverpool sold 1900 bales on the
spot, making 24,0O0 in two days. Manches-
ter was very firm, and the feeling there is
distinctly better owing to the rise in East
Indian exchange. Then the receipts at
Charleston, Mobile and Houston were
small. 1t was zero weather at Atlanta
Ga. If the cold weather is general through
out the south, it will interfere with farm
work for the time being, though this may
not have any important bearing on the
situation. Dry goods however were in
rather better demand to-day and prices
are somewhat stronger than latterly The
estimated receipts at New Orleans and
Houston tomorrow are small; the ex-
ports from the ports were very large, ex-
ceeding even the receipts even on a Fri
day, by about 5000 bales. New Orleans
reported a good spot demand, and prices
were higher at Mobile and Charleston
Still, there was more disposition to sell
than to buy Many who bought yesterday
sold out to-day, fearing possible adverse
developments over the holiday"
WEEKLY COTTON REPORTS.
Movement at the Ports