The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-08-19
COTTON OPENED HIGHER.
But Weakness Developed in English
Market and Prices Declined.


New York, Aug 1S-The cotton market
opened with prices higher by 5d7 points
and strong early cables and continued bad
crop accounts. Covering was feature
of the early session, but later cables show
ed pronounced weakness in the English cot
ton market and prices declined about 10
points under active selling pressure from
all sources, led however, by one or two
leading bear houses. The course of the
market was exceptionally uneven, although
the general scope of the fluctuations was
not so great as heretofore Again the
market took a generally upward tendency
on renewed covering, and some buying for
investment account following a telegram
from Texas saying that only showers had
visited some sections of that state with the
rainfall four-hundredtns of an inch. The
final phases of the market reflected a very
nervous sentiment with the market a the
clease steady at a net gain of points.
New York Aug. IS, noon.-Cotton futures
opened steady at the advance. August,
5.50c; September, 5 .59c; October, 5.7Sc; No
Vember, 5.84c December 5.soc; January,
592c; March, 5000; May, 6.07c.
p. m.-Cotton futures closed steady;
August 5 55c; September, 5.56c; October,
3 .76c; November, $50; December, J85c;
January, $500; February, 5.94c; March,
597c; April, 6.O0c; May, 6.04c; June, 6.0Sc.
New Orleans. Aug 1S-Cotton futures
closed quiet and steady; August, 5.49c;
bid; September, 545054 Acc; October, 5.4ST
5 49c; November 5.52a553c; December, So
@5.5Sc January 5.6265,63c; February, sec
G15.6Sc; March, 57O05.72c; April, 5.74d5.76c;
May, 5.7Sd5S0c.
New York Aug 1S.-Hubbard Bros. &
Co say of cotton: "A reaction from the
depression in Liverpool came this morn
ing based on large buying by Paris
operator who has been Unidentified with
the short side. Scattered showers are re-
ported from Texas, but no general rain
has fallen TO relieve the drought Many
cables are at hand stating the sptnners
have such implicit faith in Mr.. Neills
estimate that they will not enter the mar
ket unless more serious damage is indicat-
ed TO the crop. Meanwhile the market re-
lapsed into dullness owing TO the with
drawal of buyers who feel it useless to
hold cotton if Mr.. NeilPs estimate is cor
rect. The local trade, however, will not
be short until they become convinced of
a heavy rainfall in Texas. Trade is so
good that they feel it will require large
crop to meet it's spinning requirements.
New York, Aug. 1S.-Murphy & Co. say
of cotton to-day: Cotton has been cratic.
Under early encouragement from Liver
pool 1872 advance on spots 3-64 points on
futures we opened to points above last
night. but as later Liverpool lost one-half
of her advance, our prices weakened g
points from the early high point. Our ca
bles tells us that Liverpools afternoon ac-
zion was due to their considering the crop
as doing we'll On this point, however, if
the average opinion is to be credited, rains
in the Southwest have been more of the ma
ture of showers, and insufficient TO proper
" revive the plant; and accounts continue
10 be received reporting damage from
drought This condition seems universal
just now