The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-10-29

udry, o.9oc, L eDruary, OS0c, Mdrcn, oOcf
April 6O5c; May, 60Sc; June 6.1Sc; July,
6.16c; October, $3.50; November, 5.92c; De-
cernber, $3.50. 49,
New York, Oct. g. 4 p. m.-Cotton flu
lures closed steady; sales 10000 bales;
January, $500; February, 6OOc; March,
6.Oic; April 6.OSc; May 612c; June, Size;
July, 6.19c; August. 6.2Sc; October. 5s4c;
November, 592c; December, 5.S4c.
New Orleans. La, Oct. %.-Cotton fu-
lures steady; sales, Al 800 bales October,
nominal; November, $3.50; December,
3. 60Q5 Gle; January. 5.64Q5. 65c; February,
$685.. zoe; March, 5.74Q5. 75c; April, $50
$500; May, 5.S445. SIC.
New York Oct. 2S.-Riordan & Co say
of cotton: Cotton was lower to-day. The
surprise Liverpool gave the bears yester-
day was more than offset by the shock il
furnished the bulls to-day. That market,
after opening at an advance, lost this ana
two and a half-siXty-fourths additional.
In sympathy with these cables, our mar
ket opened from to points lower. LiV-
erpool sold freely here in the early trad
ing, and the local bears did what they
could to help prices down. The demand,
however, was fairly good all day, and in
spite of free receipts and lower southern
markets, the best part of the loss was re-
covered. There was no frost in the south
last night, but fresh predictions for to-
night helped to steady the market. jan
uary opened at $3.50, declined to 591c ad
vanced to 5. Sc and closed at $3.50 to 5.97c,
with the tone of the market steady. Sen"
timent here continues against the market,
but cotton is not entirely without friends.
The most discouraging feature is the poor
condition of the textile trade
Hubbard Bros. & Co.'s Cotton Review
New York, Oct. 2S.-Hubbard Bros. &
Co., in their weekly circular, say of cot
tom "a feature of the week has been the
disposition to increase crop estimates not
ably i'm the Mississippi valley where crops
on the bottoms are reported as turning out
better than anticipated. This improve
ment is due to the warm, open autumn
which has given the crop on these lands
excellent conditions for Maturity. The
weather, however has facilitated the
spread of the yellow fever, which has nm
ally reached Montgomery, Selma and
Memphis. creating great alarm and inter-
fering with the movement of the crop and
iniuring business. Probably more atten-
ton is now being paid to the interference
with the receipts and not enough to the
check which the trade of the country must
receive from the spread of this epidemic
A cold wave In the northwest leads us to
hope that killing frost may pass over
the afflicted district before the next week
More attention is being attracted to cotton
by it's long, gradual decline and invest
ment buying by interests not connected by
the trade, but attracted by the price, Is
daily more apparent.
"Many of these buyers ere merchants
who followed a similar policy in 1894 with
success, and who argue that the present
low range of prices will check the produc-
ton next season. In short, they make
these purchases, not on the outlook Tor
the yield this season, but because the
southern planter will realize the control
of the price OF cotton is entirely In his
own hands, and he, having demonstrated
by his actions in the spring of 1895, that he
can reduce his crop and advance the value
of his staple, that he Is not such fool as
to throw away his opportunity.
THE trade, however, is not as yet dis
posed to regard the market as at bottom,
and while they will not anticipate further
decline by being short, they are not yet
ready to buy heavily with the prospect of
a long wait for a substantial profit. 1t
is however, a usual feature of trade con-
ditons that those Immediately in the trade
do not benefit by waiting. The outsider
usually reaps the benefit of his judgment
and patience which the insider does
not possess With the cotton merchant,
the question continually is, at what price
will production be checked, for while con-
sumption increases at an average rate of
100000 bales per annum, the producer
seems able under present conditions to
produce crops in excess of the demand
whenever he wishes, and the consumer or
spinners has adopted the belief that, no
matter how small the supply, by wait
ing he can obtain his requirements at an
average price. He therefore remains
short, saying, there is more than enough
this season, and as for next season, that
is too far off to be considered at the pres
ent time. Other conditions may arise
which will enable me to do relatively as
well then as now.
1.-The Cuban rebellion at our doors, with
it's possible complications and the APP
proach of the meeting of congress, has
checked the buoyant feeling in financial
circles, and while the railroad earnings
are very large, present prices, in view of
this uncertainty, are not regarded as at
tractive. Therefore, many are looking at
the cotton situation"