The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-11-10
WEEKLY MARK EFT REVIEW.
sharp Break in Cotton-Grain Mar
kets Steady.

Snarp break IN COttOn-Grain Mar
I<ets Steady.
Weakness in the cotton market be-
came more acute, and prices dropped
sharply. Low point was reached on
Friday; and January, which was the
weakest of the active positions, sold
down to s.17c, a'loss of SO points from
the preceding Saturdays close. March
declined "a points to Sole There was
a reaction of some IL points on Satur-
day. but not entirely maintained, jan
uary closing S.25c, March s.1Oc. and
May 8.15c.
The chief motive for the decline
seems to have been a disposition to
look with favor upon larger crop esti-
mates Some consideration even was
given to representation of IL 800, 900
to l2,O0O,000 bales by a well-known ex-
authority, who was supposed to have
permanently retired from the expert
business three years ago, when he
stuck to 100000 bales minimum I'M
til away in December; the crop proved
only little over 100000
On the other hand the bureau gin
ners report announced a yield of
under 10000, 900 bales, actual count so
there you are. The leading New York
bull takes the same side He makes
the crop little under $500, 900 bales
in a most ingenious and convincing
fashion. He allows for a supposed
very disc~ediEble disposition on the
part of his 5000 and odd correspond
ents to understate the yield, by add
ing just II 2-3 per cent; at which fig
ure we may assume that he undertakes
to quote Southern bucolic veracity
Why he does not make the quotation
IFS per cent. indicating about 9,000,-
600 bales, or 28H per cent. indicating
about 10,750,000 bales is not very clear
The only reason he suggests is because
his guess last year, after allowing s
per cent. for bucolic veracity, still
missed the actual figures by nearly Is
per cent.
Probably the real truth is that the
market declined because it was heav-
lily overbought, because frost still held
off, and because receipts were rather
larger. The movement, however, lost
over $4,000 bales from last year. The
speculative position now ought to be
healthier, and it looks as If
the market ought to recover.
Not much can be said of last weeks
grain market; changes were small, and
final quotations show very little diff
erence from last week December
wheat is a small fraction lower at
71R, while May is a little higher at
14c. December corn shade I'D at
507sc, while May is unchanged at 42c.
There was some little disposition to
weakness early, with a firmer feeling
latterly, the Nclose being moderately
strong. Nothing decided either way
in the news, except that the export
demand for wheat was heavy. The
stocks are not increasing so very
rapidly, and the visible supply will
probably not reach large proportions
at all this year, at least unless there
is a decided advance in the price wheat
should be bought on the depressions.
Provisions were quiet, and closed at
unchanged prices, except for lard,
which is about 20 points higher. Stocks |
are exceedingly small especially Of
lard and ribs, and receipts of hogs
are running behind. The short side of
January provisions, therefore, looks |
very dangerous indeed.
VIM T. Williams.
Manchester Cloth Market.
Manchester, Nov. 9.-The general
tone of the cloth market was unaltered