The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-03-18

or lhe other, transactions in good part
oelhg Tor the evening up of accounts
1ew selling orders were received from
Liverpool on the decline. The South trad
eu on poth sides of the account. The close
was steady at LA points decline.
New York, March II, noon.-Cotton fu-
lures opened quiet and steady; sales. a
4OO bales; March, $3.50; April $40. Nov
que; June, soc; July, 6 .04c; August 6 07c:
Septemben' soc; October, G.O2c; Novem-
Der, 6.O2c; December, 6.O5c; January. 6 O7e
New York, March II, p. MIXTURES
closed quiet and steady; sales, II 100 bales.
March, oslo; April, $3.50; May, 5.97c; June
o'9ec; July, 5000; August, 604c; Septem
Der cole; October. 6.OOc; November, 60Oc;
December, 6.OSc; January, 6.G5c.
New Orleans, March 17-Cotton futures
steady; sales, l2,100 bales; March, 5.S7c
bid; April, 5.56q5.57c; May, $685.. coo;
June, 5.6Sq5.64c; July, 567@5. CSC; August
5.66q5.67c; September, 5.66d5.6Sc; October,
o.ooQo.6Sc; November, 5.66d56Sc; Decem-
Der, 5.6SQ57Oc; January, 570d5. &c
New YORK, March H-Riordan & Co. saw
or cotton to-day: Cotton prices were a
shade lower to-day The market was
wholly without interesting features and
such business as was done consisted large
~ OF operations by the local scalpers. Liv-
erpool after opening better, lost the gain.
The local market followed suit. The I'M
certainty of the outcome of the Spanish
complications restricts business. August
opened at 6O7c, declined to 602c, rallied to
6.O9c and clossd at 604c to 605c, with the
tone of the market quiet and steady. 1t
is waiting MARKET
Hubbard Bros. & Co.'s Circular.
New York. March Hubbard Bros. &
Co, in their review of the markets. saw
of cotton:
Continued uneasiness under the expen-
diture of the credit given to the President
by Congress for purposes of defense, led
to a liquidation of large lines of cotton
held by interests connected with Wall
street, during the latter part of last week
and sharp decline in prices. reac-
ton from the lowest point is to be ex-
pected and may occur at any moment as.
the short interest is apt to increase under
such conditions; but more important than
a temporary advance is the problem as to
whether or not the investing public
which has for so long been a buyer of
cotton with the intention of holding the
purchases from the markets, will again
become a buyer
Two of the factors which lead 1t to
look in 1898 for a repetition of the condi-
lions of 1895, are believed by the trade
" nave D6tll eliminated Dy the advance
during February, namely the anticipated
reduction in acreage and in the use of
fertilizers. Two of these factors remain
in full force, namely the Improvement in
trade and the comparatively low price. of
the staple. Weather conditions yet TO be
encountered and the uneasiness due to
existing political complications are new
factors which we believe will turn the
scale of values. The growing conditions
of the new crop can not be forecast with
any certainty and as we have always
this contingency to contemplate, it is a
normal factor.
Regarding the political outlook trade
Is more affected by uncertainty than by
the actual event when it occurs. There
fore until the Cuban question appears to
be in fair way of adjustment by diplo-
matte methods, we must expect merchants
and spectators to act in the most con-
sentative manner. This country has not
been engaged in a foreign war for half
century, and not in a conflict with Eu-
ropean power for even longer period
1t is, therefore, impossible for anyone to
have a precedent by which to guide his
business and in our Judgment, the trade
will gradually reduce it's engagements to
the smallest possible limits
1--WE do not believe that the question is
yet beyond the limits of diplomatic nego-
tiations, but it will have to be settled
only by the parties interest. Any threat
ened Intervention by other powers would
fail of its purpose and act as an irritant,
not as a peaceful factor
whether hostilities would lead to an
active demand for cotton from European
spinners to provide against long continued
trouble, or bring about pressure to sell
by American merchants cannot be fore
told.
In the meantime We reterate our opin-
ion that the trade will continue to act
with extreme conservatism"