The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-09-06

word f.iug scarce,y 10000 bales which
was naterially Tess than usual a. The sea-
s-u. Moreover. While there had been crop
Inns les current OF over 1000 Hg bales,
the trade did nor consider any such esti-
male as warranted up TO date, crop news
uot having been YET very brilliant Most
pcopa thought 9elJH0y 10 9,5uy.l.0 bales
far t-lmate. But the extent OF nc crop
was uncertain, trade was not good, and
there We're dark clouds rising above the
political horizon.
Prices were fairly wen sustained unul
toward the middle Of September. when tAe
market began 10 weaken ID was very
evident that the crop was being daily aug
Ineute5 boy the superb weather. The de-
c.Ie became more rapid. and by the first
few days OF October middlins IN Sayan-
nah had fa4en 10 SAC, in New York 10
&c, in Liverpool to 5 l5-lsd- october fu-
tlrcs "a 6-2ic-
y small rally followed, due chiefly 10
The bureau reporting no Improvement in
the crop cOndi lions, conditions contrary 70
the unanimous opinion of every
body else. Soon, however, prices
turned downward again; il was i'm
possible fer any except few
caronic buils TO fail to recognize The fact
that the fields were producing much more
cotton man had been deemed possible Two
months before. on Ger. ., January futures
fell below Sc. and the decline continued
until the end Of October, when January
was &c, middIng in Savannah was 5ssc,
and IN Liverpool 32sd Early in November
prices kept on declining on the heavy crop
movement and the Increasing readiness to
admit the justice Of the big crop estl-
mates. on Nov. .. in the very hight of the
movement Of recei pts, what may be called
the low point of the spot season was
reached. Middling in Savannah was 51sc,
and January futures, 5.G0c- A rally 81
about &c now followed but was not long
sustained and on Dec. 81. Savannah was
slice, and January futures. 5.18c.
BY The middle of January, futures had
fallen back 10 the previous low figures,
while spot cotton showed little change
About this time the market began TO re-
ceive some support from two independent
sources. The first was the general talk Of
a big reduction in the acreage of the next
crop, and the other was the growing proba-
bity Of an outbreak Of hostilities over the
Cuban difficulty. The result was a squirt
OF nearly &c IN New YORK futures, May
rising TO 615c by Feb Il. Savannah was
55sc, and Liverpool, 37sd. This little firm
spoI held out through February, but the
market was soft again in March, toward
the end Of which month May had fallen
to SIC, while the spot markets were rath-
er better held, Savannah, 9-16c.
Not much of interest followed until the
actual appearance of war, when Europe
commerce rushed to buy for future needs.
BY April o. May had risen TO 6.34c, Sa-
vannah TO SIC, and Liverpool to 2l-32d.
Some reaction followed up to the end Of
April, and the first part of May, the de-
cline In futures reaching some 80 to 80
points, with only small effect on spots.
During May, however, the market ruled
quite firm; and by the latter part, had
advanced fully 40 points, August going to
about 6. G0c, and Savannah spot, to SC:
when. however, there was very little left
TO sell
These prices were fairly well kept up I'M
till toward the middle of June, when fine
crop prospects started a decline, a decline
which. with only slight and unImportant
occasional fluctuations, continued to the
end of the season On Aug. 26, Savannah
reached sac August futures fell below
SIC, and October reached. Isle.
This last decline was attributable to the
PRONUNCIATION by a prominent statistician
of an estimate that the new crop would
certainly amount to $500 900 bales and
would probably be much more, possibly as
much as 10000 bales This estimate,
which appeared toward the middle of Au
gust had a decidedly depressing influence,
although the trade well knows that no
estimates of the cotton crop made so ear
ly are of any value.
The decline at the close of the year
would perhaps have been even more
severe but for change for the worse in
crop accounts, throughout the eastern
states, due 10 excessive rains. As it is,
the year ends with prices at practically
the lowest SIC in Savannah, 5-16d in
Liverpool, and October futures 5.53c.