The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-11-05
BAY STREET GOSSIP.

Hubbard, Price q Co.'s weekly circular
comments as follows upon the indications
as to the size OF the cotton crop:
Attention continues conferred upon the
movement OF the crop, and es the volume
or receipts has exceeded most estimates and
predictions, the tendency has naturally
been toward increased crop estimates. Al
Endorsement Of sucl increase is thought by
some TO have been furnished in
rumor that prominent au-
thority in New Orleans had
advau ced his ideas TO s,000,o00 bales: but,
as yet, direct confirmation Of this has been
lacking, and the appa emit effect upon prices
small. On the other hand. faith of decd
and action has not been wanting among
those whose belief in a small crop IS undis-
turbed by movement which it IL insisted
is large now only to be phenomenally light
later on. This class includes by
far the largest portion and most
conservative of southern merchants
and planters, and it is imposst-
BILE to conceive that their expressed opin-
ions are Misrepresentation, or that their
purchases of contracts are made except as
a result OF sincere conviction. The slow
progress made toward a lower level of
prices is largely due to the buying of this
class, and we think it may safely be pre-
dicted that, with any falling off in receipts,
the speculative force now latent in this ele-
ment would develop upon the basis of a
broader and more general interest than has
for years existed.
The New York Commercial Bulletin
says:
Richard Cough & Co. are in receipt of advices
as follows: The upward movement in the price
or rice IN Lower Burmah continues. At the end
OF May NRatsein rice was worth In Rangoon $40
rupees per 100 baskets OF 20 pounds each. The
present RanRoOn quotation r the same quality
or rice Is $50 rupees. Cable advices received
| from India this week say that serious damage
is apprehended to the crop of white Bengal
! tPatna) rice. now in its most precarous stage,
owing TO the absence of rain. and report a brisk
! inquiry for old crop gOctober-N ovember snip.
| ment.
10 is interesting to note the opinions of the
English papers as to the size of the cotton
| crop and the opinions prevalent upon the
subject upon the other side. II seems that
the foreign consumers are inclined to looA
rather doubtfully upon tile report of a short
| crop as long as the present heavy movement
to the ports continues. The Liverpool Post
says:
The market closes in a very ner-
VOWS fdgety condition. The reports Of
killing frost have huttered the camps
| OF both bulls aud bears. and even excited the
| curiosity of the incrsdulous spinner. There Is
| no genuine belief that any serious damage has
| bson done TO the crop, otherwise neither CON
I ouiAeIn nor SkeCulaLOrS WOuld dcL tnS part oil
mere tookers-on. The reason OF the prevailing
ScePticism is the conflicting character of the
kilograms received since the frost news was
| first published. Meanwhile, the dscredit
| which the las. crop threw upon the entire
body of crop tipsters has imhusd them with
| such an extraordinary amount OF caution
and modesty that they have not yet
had the courage to come out with their usual
prediction. Operators have, therefore, nothing
TO go upon exec pit the curre3C movements at tbs
ports and interior towns and as these are on
gigantic scale they have decided 70 do as little
as possible until something occurs 10 reduce tbs
| present wide difference of opinion as to tbs
probable size Of the crop.
TIE Manchester Guar dian says:
Among the perp3exities caused by thsse various
opinions, statements ana gables, one point Is
| reasonably clear. After the last phenomenal
crop In 1882 e8 the succeeding crop fell back
october 70 October, 20 points By bureau report
and the result was I1IS per cent. below the
1889 .'S3 crop. No news has reached the market
to lead 1t to believe that any such disaster as
occurred in 1ss3-'54 has occurEed this time. Sc
far from losing % points by bureau, this croI
OCTOBER. There has been no disastrous
drought in 1883. Unless there
fore, the nature Of the cotton plant has de-
Perforated this year, as some would wish us 10
suppose, there seems but little reason to be
lieve that any damage of disastrous kind has
occurred, except perhaps, In some Isolated dis
tFictS. The plant has had, perhaps, rathel
more than a usual share OF bad weather over
the whole season and some frost about the time
frosts usually come In the meantime, unless
there should be far more old cotton in the couu
try than has been supposed, Il is plain that the
weather must az least nave been very advanta
geous for picking CT late, or it would not have
beea possible for the movement to have at
! famed its present notable size. Crop sstim ate
In America Ars reported 10 be rising toward