The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-04-26


Cotton There was a little life in the
marketlat the commencement and at the
END of the week. The Oriental war cloud.
which burst during the Easter holidays,
caused decline on Monday of about IA
points. when Liverpool opened on We'd
nesday, however, the war news and con
sequent depressing effect on New York
were utterly ignored. prices of the previ-
Gus week being well sustained there.
Hence, we had to go up again. and on
saturday there was a little squirt of ac-
UVlty and strength, the market closing
hrm at net gain for the week of about
. points for old crop and about 10 points
Tor new crop months. That cotton, usually
SO sensitive TO speculative influences,
should remain so comparatively listless
IN the face of so many existing factors
VIM might naturally cause upward or
downward movements, or both alternate
ly, is matter of no little surprise 1t is
not probable that the market will remain
much longer in such a condition and
from the present aspect it does not seem
likely that the change will take the shape
OF an active bullish move. Against this
we have improving conditions in the
south, and the imminent danger of more
extended war complications A slight
change for the worse could, and most like
ly would start a disposition not to buy,
which might result in a serious decline
Liverpool, however, acts stubbornly firm;
IN fact, there are reports of expected ma
nipulation there. Should the war be con-
1ned to the countries now involved, the
bulls may disregard our new crop pros
poets, al least as far as old crop deliveries
are concerned. But considering every
thing, it looks like an exceedingly unpro-
pltlous time to work up bull campaign
in cotton.
Grain and Provisions-The wheat mar
ket has been in a state of violent agitation
all the week. The sudden burst of strength
with which last week closed. eliminated
Monday morning in a sensational jump
OF over 4c. Large realizing sales caused a
reaction, and by the middle of the week
prices had dropped back about &C. On
Friday and Saturday the bullish fever re-
turned and prices rose over 4c, the close
being al little over &c net advance for
the week, May, 767sc, and July 1910. While
the war news has been the leading factor
in the rise, it has by no means been the
only one. Crop reports are bad; the con-
dition of winter wheat is poor. and the
prospects for the spring wheat crop are
not bright. Seeding, already late, is still
further delayed by the unfavorable wea tn
er, and it is said much will now
not be planted at all. A reduction in the
acreage seems almost certain. 1t is,
therefore, apparent that the market pos
sesses extraordinary foundations of
strength, and fancy prices on this crop
are by no means impossible. An expansion
of the eastern war would certainly create
fury of buying excitement and bounding
prices. For some time we may expect
wide and rapid fluctuations, occasionally
unaccountable and totally unexpected
ones. So that weak or timid operators
would do well to exercise the utmost eau
ton. Yet it is upon opportunities such as
the wheat market now offers that quick
fortunes are made. Corn and oats were
firm, and advanced about lie each, May
corn, 251sc; oats, 1880. Western people
are generally bearish in their views on
corn, and prophesy lower prices, but it
seems foolhardy at such a juncture to sell
short at prices which have only slightly
reacted from the lowest on record Pro-
visions were quiet, with only moderate
changes little decline in lard while pork
and ribs hold up. It is near time for
prices to take another upturn, unless the
market is waiting to have the May liqui-
dations completed first.
VIM. T.. Williams.