The Savannah morning news., 1904-01-01
REVIEW OF MARKETS
COTTON HAS PLAYED sEESAw ALL
THE WEEK.
FUTURE IN THE BALANCE.
WAR CLOUDS AND THE GOVERN
MENT'S STATEMENT KEEP
TRADERS IN DARK.

Market Made Material Gnins First
Day of the Week and Then Lost
Ground-Many still Predict That
the High Water Mark Has Not
Been Reached, while Bears In
duIge in REORGANIZATION and Say
That the Break Has Come OF stay.
Morning News Office,
Thursday, Dec. 81.
Father Time in jotting down his memo
randa OF past events will certainly not
fail TO record the past week as one
of the most exciting in the history of
the cotton trade. Not even in the
memory of the oldest trader have such
fluctuations been witnessed.
The week has been fraught with anx-
iety, nervousness, hope and despair.
No one has been, or is able to fore
shadow what the future will bring
forth. Certain it is that it can fur
nish no greater excitement than that
of the past four days.
Cotton, like the King of France,
marched up the hill and then march
ed down again" Bulls and bears
alike have watched his capricious
movements. There were wild hurrahs
from the former at the ascent while
a look of satisfaction was written on
the faces of the bears on the down
ward march of the heecy monarch.
The tickers have been working over
time. and the tape has recorded the
mad scenes around the New York and
Crescent City rings. Sully and Brown
have been the men of the hour, and
their every movement has been
watched with feVerish anticipation. A
mere rumor that these bull leaders were
buying would cause prices to take
an upward turn, while hint that they
would soon begin to "selP' was sutti-
Gent reason for liquidation of the most
marked Thus Pesslmism
and Optimism have been the chlet
actors in the drama in,which Cotton
has been STAINED fer kthe4 past week
Some there are who believe that the
market has seen its best days, ana
that the break of Wednesday was the
inevitable result of too high prices.
Others are equally confident that cot
ton will soar TO 10 cents, whlle the
New Year is yet in its swaddlng
clothes. -,
The latter base their predictions on
a short crop, which prediction they say
will be verified when the governments
report is made public in a few days
Until that time the size OF the crop
must necessarily be one OF specuid'io'i
Effect of the War.
The war clouds that hover over the
Far East have also cast partial
gloom over the sunny cotton nelds OF
Dixie. and the actions of the car ana
the Mikado have played no small part
in the markets trend.
should Japan let loose the dogs OF
war" the supply for cotton would UNI
ouestionably be curtailed, in the
Orient as both nations now engaged
in the struggle for the possession OF
Manchuria are heavy importers OF
cotton.
All of these varying conditions have
had their effect upon the market, and
perhaps will continue to exert their
influence until things take definite
shape.
The beginning of the week, after the
Christmas holidays, saw cotton make
an ascension that riValled Santos Du-
monts airship. With a whoop 1t rose
SO points, and the bulls declared that
Is cent cotton was within easy reach.
The following day in the twinkliug
of an eye it fell off, and great was
the fall. for when the last quotations
We're marked up, it was only to be seen
that the gain of the previous day was
entirely wiped out.
Yesterday was another heartrender-
ing day of hopes and fears, tears and
cheers. The market broke at the open
ing and 20 points off was soon record
ed. Slowly but surely, however, it
took an upward turn, and at the days
end it was a shade better than the
closing quotations of Wednesday. In
the f. o. b. market but little was
done, the word dull conveying this
intelligence of tone. Prices at the
opening on basis of good middling were
posted 1S1kc,.a and at the close 10 to 151sc.
The record Of the days and weeks
trahsac ttors fnliows: a-s.-s."