The Savannah morning news., 1904-02-08
WEEKLY MARKET REVIEW.
By VIM. T. Williams.

ny Will. L. w llildIllS.
On Monday the terminal fireworks"
alluded to here a week ago, caused a.
further excited rise in the cotton mar
ket of go to 50 points, July closing in
New York at 17.50c, and in New Or
leans over 1Sc On Tuesday, however,
the announcement that the chief bull
leader was about to take a vacation"
caused a sharp drop of about 14O points
From this time on the market was in
a demoralized condition; for several
days there were sharp rallies at fire.
quent intervals, but toward the end of
the week these became fewer and
smaller, prices dropping with bewilder-
ing rapidity. The panic was most pro-
nounced on Saturday, and the close
was at about the lowest. Final figures
show a loss from Mondays close of
about &c in New York and over &C in
New Orleans. The latter dropped 50
points more after New Yorks Close
and the latter declined CORRESPONDENCE
on the curb. The spot markets and
Liverpool have also been in a state of
complete decentralization, many spot
markets emitting quotations alto
gether.
The bulls show a great deal of cour-
age, and insist that prices will yet go
higher than ever before; but there can
be no doubt that public confidence has
been badly shaken, if not quite de-
stroyed.
During all this amazing speculation
the bulls have made it a point to in
sist that the advance was due to the
natural influences of supply and de-
mand; that the advance was in fact
not speculative at all, and that futures
i W.
| futility of this claim is at once ap-
parent when the mere idea that one
of the bull leaders had come out suf-
| fees to throw the market into such a
| violent panic.
Undoubtedly the pyramid builders
| and most of the outside public have
| been wiped out, so that the market is
| now mainly confined to the big profess
SIGNALS. 1t is a question, however,
whether the commission houses have
| all yet been able to get rid of the cot
| ton which their clients were unable to
| margin furtherR Unless there is much
| so left to be unloaded so as TO threaten
| the dislodgnent of the big fellows
| themselves, the bulls by plucky con-
certed action may manage to stem the
| tide. If they are to do so at all,
however they need to do so at once,
because there is a limit to the staying
powers of even the strongest.
The imminence of war in the East,
and the failure of the crop movement
to sustain the predictions and conten-
lions of the short crop people also
| served to intensity the feeling of dis
couragement, The ginners' report, II
| decidedly bullish, may help matters
| some on Tuesday.
There was a good deal doing in the
other markets, although the wild ex-
citement in cotton overshadowed every
thing else. Coffee made break OF
over &c a pound rather unexpectedly
to the general trade. Grain markets
were strong and materially higher, be-
ing stimulated by war talk and rather
more bullish statistics Realizing sales
caused a reaction on Saturday.
Provisions were rather quiet and
without any very important change.
Here is the place for the prudent in
weston to put little money on the
easy spots. Once or twice during Ahe
week they appeared disposed to make
a good start, but permanent support
was not given. Ribs look to be a good
purchase on any reaction of 10 to 20
points.