The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-10-12
The weekly Market Review.

Cotton-Prices suffered a further decline.
at one time the loss exceeded 40 points
and the close is at recovery Of only
10 to II points. The weakening influences
were chiefly the heavy receipts and lio-
ufdatton of a part of the bullish snecu-
laton. Cotton is being pressed for sale
in larger quantities than the market will
at present absorb, and the excess finds
a dumping place in the New York future
market. The most immediate effect was
decided increase in the premium of Jan
uary over October deliveries, reaching as
high as 30 points, with absolutely Moth
ing to base their claims upon except the
unseasonably large movement. the hears
insist that the crop will certainly prove
far in excess of what the south asserts
1t must be admitted that in the face of
the free receipts and the declining mar
ket together, many of the bulls seem to
be losing confidence, and appear disposed
to attach undue weight to the unsup-
ported dictum of ill-informed individuals
as opposed to authoritative and official
statements, the latter being fully borne
out by unanimous local reports. The
bureau report for October was given on
Saturday at 607, and fully confirms the
most extreme short crop estimates yet
seriously made. 1t has been recently
shown that these reports, considered
comparatively, have been astonishingiy
correct; in September the bureau report
indicated crop of about 7,20000 bales,
and now when the cotton is two-thirds
picked, the declaration of shortage is en-
phasized. In the face of these circum-
stances it seems absurd to attach any
Importance to supposed big estimates con-
corning which there have been so many
more or less definite rumors of late. The
south ought not to sell this valuable cot
ton crop at the reduced prices now rul-
ing. Because receipts are largest on rec
ord at this season is no argument what
ever that the yield has been a full one.
Those who sell now without being forced
or obliged TO do so will probably regret
their action in month or two.
Grain and ProVisiohs-The wheat mar
ket has mostly ruled strong, although
at no time did prices reach the high point
of last week, and some days there was
temporary weakness. The net gain for
the week is 112c, with a rather firm under
tone at the close. The strength is still
mostly attributable to the spot demand,
and the more definite knowledge, as far
as such matter can be called a sub
ject of knowledge that our crop is less
than that of last year. with smaller coun-
try holdings to make up. Europe seems
uneasy over prospective deficit there,
and reduced supplies in the surplus coun-
tries. Such being the main features of
the position, it is not unreasonable to
expect a further material advance in
prices Provisions have been much more
active and decidedly strong all the week,
closing with a strong upward tendency.
Pork advanced 721ac and lard and ribs in
proportion. There has been some talk of
hog cholera in the west, but probably
the advance came chiefly from the fact
that the trade found prices too low. The
spot demand continues very good and
prices can now be fairly stated on the
way to a more reasonable level. We must
expect frequent reactions, and some sharp
ones, but it is not likely that we have
as yet seen more than the commencement
of the rise. Prices are still very low.
William T. Williams