The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-03-29

Presidents message TO Congress. on the
nrst call the market ruled fairly steady
with prices '03 points lower. under a few
scattered selling orders and failure Of the
Liverpool market 60 respond as expected
to our steadiness of Saturday. Prices inn
proved point by point, during the forenoon
on rumors that the present situation was
believed in Washington to he less threaten
ing
Az noon a net gain of 2d3 points was APP
parent with the market at that time, how
ever dun and feature less. Shortly after
the pit was filed with excited traders as
the result OF a report from Washington
thdt spain had practically agreed to ac-
cept the proposition of the administration
that there should he an armistlce between
the Cubans aud Spaniards until October:
that meantime the United States should
feed the reconcentradoes and that the
Maine report should be held in the com
mittee indefinitely, This sudden change Of
Tront IN the Spanish American trouble
gave shorts a bad scare and in the scrnm-
Bile TO cover which followed prices ad-
vanCed to net gain of l26l5 points from
the lowest before a breathing spell was
taken. During the balance of the after
noon the market was very nervous with
the trading spasmoiic. Sensational ru-
mors were In circulation among which was
report that the Senate would never con-
sent to support the Presidents views. and
this caused lively selling under which
prices gave way sharply. AT the close the
market was steady at a net gain of to 10
points.
New York, March %, noon.-Cotton flu
lures opened steady at the declines; sales
2,l0O bales. March $500; April. 5.79c; May.
5.S2c June, 5A; July. $50; August, $50;
September $500; October. 5.SSc. Novem-
] haf qf
New York, March IS 4 p. m.-Futures
closed steady; sales, 1890 bales; March,
59lc; April. 5.9lc; May. 5.95c; June, 5.97c;
July, $3.50; August. 6.02c; September,
$3.50; October $3.50; November, $685. De-
cember 5000; January, 6.02c.
New Orleans March 28.-Cotton futures
steady; sales S6, 400 bales, March, nominal
| April, 5.52c bid; May. 5.5S@5.59c; June,
| 5GO@5.6lc; July. 5.65q566c; August, 5.Gid
5.65c; September, 566d567c; October,
5.66a5.67c; November 5.66Q567c; Deem
! Der, 5.69G5.7Oc; January, sic bid.
| New York. March 2S.-Riordan & Co.
/ say of cotton to-day: '"To-day's trading
/ in cotton was in the nature of scare
! among the shorts and prices had a sharp
! bulge The news from Washington very
| Unexpectedly was of the most favorable
! tenor. The transmission of Maine report
! to Congress passed off without disturb
| ing features and a compromise agreement
| between Spain and this country looking 10
a postponement of trouble for the pres
! ent and indicating a peaceful solution of
| the problem, said to have been made. A
| small panic among the bears in the stock
market gave the bulls in cotton great en-
| couragement. The shorts covered eagerly.
! There was nothing in the early trading to
| indicate any advance. Liverpool was UNI
| changed and the opening here was 2 ia
points lower, August selling on the first
/ call al $500. Simultaneous with the boom
! in stocks, prices began to stiffen and
when the compromise was reported they
bounded upward. August advanced rapid
| ly to 6.05c. then eased on realizing sales
to &c and closed at 6.02c to 6.O3c, with the
tone of The market steady. Should the po-
| litical troubles really prove settled, short
| covering may cause a further advance
but we see little in the general situation
TO warrant buying"