The Savannah morning news., 1900-10-17
COTTON LETTERS.

New York. oct. ls-Murphy g. Co say.
A. compared with yesterdays sensational
decline Of nearly s. per bale. the morning
cotton market rvvvai.d considerable :csis-
tau-,a 10 the pressure that continued 20 DC
eNerted from many quarters. whether
due 70 a general cleaning up OF the long
interest. an increased demand from shorts
10 take profits. "A better demand from con
~umers as January approaches cents or
10 lower temperatures IN the Northwest
the early market ruled within points Of
Yesterdays closing level All who had
cotton to sell were able 20 find market
for their holdings. and az times 'here
seemed 20 be considerable anxiety on the
part o. shorts 10 terminate their oDllsa-
tlons There was no change Of sentiment
based upon the general outlook but the
feeling that a reaction might naturally be
expected increased as the market Jailed
10 decline majority have been booking
Tor greater degree Of steadness since
January touched sta cents last week ana
shc further the decline the greater the
disposition 20 expect q rally
with the exception OF some selling by
one or two firms there appeared 20 b
verv little bear hammering during the
early dealings Transactions on call were
large. one broker covering about 500
bales. sold OF the beginning Of the decline.
For an hour January ranged between 9l2
and DISC. but instead Of displaying In
creased weakness az the price declined,
the buving appeared 10 exceed the dispo~
sition to sell Before noon January was
advanced to 2lc and the tone strength
ened. Liverpool bought more than was
sold. while commission houses eXecu'ol
"a liberal quantity Of buying orders PORT
receipts were estimated az 6eevo. against
tffR last year. Houston received 9b.aa6.
against g1.055 last year.
A further material decline IN futures
here s. expected 20 depend upon the ac-
zion of splnners and growers. With print
cloths arm no 3ia cents. the high prices
~ last wear. "a considerable demand for
cotton around "a and cents for January
Is reasonably looked for. on the other
hand there Is a disposition on the part
of the planters 20 look for good prices this
year and many cases OF holding cotton
arr reported The market az the moment
IS believed 20 b. iu "A reactionary. unsettled
condition. following the protrac'ed decline.
Fear Of cold weather in the Southern
states with Indications Of frost IN the Up
per Mississippi valley. assisted the reac-
zion after tho opening this morning. but
considering the deliine Of yesterday the
advance was not material up TO noon.
New York oct is.-Hubbard Bros a
co. say. Liverpool was again the weak
sister but Immediately after the opening
OF our market rallied under buying orders
from America. Arhitrage brokers bought
freely there as our market under a sharp
covering demand showed ability 10 absorb
an offerings Local trades quickly adopt
"a the reaction theory. and aided py
rurores OF a cold wave brought about
rc,ctlon Of fifteen To seventeen points
rom the opening Tho weather map
shows warmer wave coming. following
his cool one. which is not likely TO bring
frost TO the cotton belt our local trade
seel the market Is entitled to reaction
from the sharp decline OF the week and
have bought freely expecting sharp re-
action in Liverpool tomorrow