The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-11-22

1t has been a rather embarrassing week
in the cotton market, but there has been
check to the downward trend of prices.
At times the feeling was quite firm, and
prices were occasionally 15ddS points high
er than last weeks close. Toward the end
of the week, however, the tone became
easier, and most of the improvement was
lost, the final quotations showing only
AS points net gain, January, $685. May,
5.Hc. While the Liverpool future market
has at times displayed considerable weak
ness, the spot business there continues
encoura gingly large and this has been
one of the weeks main supporting factors.
The crop movement goes ahead on
heavy scale, but so active is the demand
that Notwithstanding the enormous guam
tity coming into sight, it runs out at the
spigot as fast as 1t comes in at the bung-
hole, and there Is no oppressive accumu-
lation. In fact stocks at all ports are
more than 10000 bales less than they were
a year ago Our own receipts show a ten
dency to diminish, and from some sections
the bulk of the cotton has been already
forwarded There is an increasing dispo-
sition TO concur In estimates of 100000
bales or over, although there is nothing a
yet to give any. reasonable assurance of a
yield of such magnitude. The crop has
moved early, and just now the volume of
the movement is being swelled by reliev-
ing'the certain amount of congestion arts
ing from the late quarantine regula lions.
1t may be instructive to note that the re-
cejpts from plantations for the CORE
spending week last year exceeded those of
the big crop year. The bearish element
in the trade no doubt feel somewhat dis
concerted by the stubborness of the mar
ket in the face of the very large move
ment With the crop being absorbed al
such an unparalleled rate, with the price
already a cent below the cost of produc-
ton, and with the extent of the crop still
uncertain, a healthy advance is liable TO
start at any time; sooner, 10 TACT than
to expect. So general has been the be-
lief in a further decline that the short
interest must beyond question reach enor-
nous proportions. and a moderate little
bear scare" could put up prices fifty
points more easily than persistent ham
mering could depress them ten or fif-
Wheat has been rather inactive. De-
cember closed sc higher at 95lsc. May
gained a small fraction, closing 901s490Ac.
Favorable cables and large export de-
mand have helped TO hold prices up de-
spite the general weakening of the posi-
ton The visible supply IS now growing
rapidly increasing about 100000 bushels
LAST week and the movement continues
heavy Crop news everywhere Is more
favorable, in addition to the little circum-
stance that we appear TO have larger
amounts in the country than we were
given credit for. The bulls position is
growing more and more untenable, being
Chiefly bolstered by manipulation of De-
could be successfully carried through is
mathematician for the promoters would
certainly have TO receive ana pay Tor a
prices, which they could only dispose of
afterwards al an enormous loss. In the
meantime this chicago ileeemDer pusl,
noes Is the bugaboo to the market, and
chi1Is the speculative interest. The OUT
side pubic prefers TO hold aloot until
such time as normal influences prevail
again, or at least until the programme
becomes more apparent. The market acts
tired and seems to require constant sup
mort, VIM. I. Williams.