The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-11-27
THE COTTON CROP.
Opinions of Well-Known Authorities
Regarding the Situation.

~b - 4@A-6 VIC 1AL06bAOAs
In the weekly review, published Fri
day, Hubbard, Price & Co., of New York,
say of cotton: "Under the liquidation of
of the long interest which had become
discouraged at the heavy movement of
cotton in the south, the market declined
sharply, the January cotton touching III
on Monday. This decline, added to the
confidence felt by those who have believed
IN a large crop and many predictions of
lower prices, were advanced. American
splnners, however, absorbed the offerings
OF the weak, long interest, and
a sharp reaction has followed the
decrease in the movement which is
reported from many sections of the south.
whether this decrease represents the
cessation of the free movement which
mas seemed to confirm the large crop eSti-
mates is the vital question now presented
to the trade. If the movement indicates
yield of cotton not exceeding the esti-
mate current in the trade outside of New
Orleans, viz, 100000 bales, the trade
must be prepared for the effect of a re-
ductlon in the visible supply of $50 900 to
oO0,0 900 bales, because the invisible sup
plies OF cotton and cotton goods were re-
duced to small proportions by the crop
failure of 1S92-'93, and the usual iuvisi-
Bile reserves do not exist. A test
of the condition of the cotton goods
market in America was made in New
York yesterday by the agents of the
largest cotton mills, and the results
showed that the stocks of goods in Job
Ders and retailers hands were practically
nothing. When goods are put up at auc-
ton low prices are usually expected. and
when the sale passed off amid great en-
thusiasm and cheers, comment upon the
prices and demand is unnecessary. Prob
ably no event has occurred during the
past six months SO well calculated to re-
store confidence 10 America than the re-
suit of this auction sale of cotton goods
In the cotton market speculation is very
limited, as is the case with the other
markets, while the strongest feature ap-
pears to be the practical unanimity of the
crop accounts received from the south by
all commission houses, which are corrob-
GRATED by the attitude of spinners'
buyers, who, usually bearish, are
this year believers in short crop
OF cotton, are strenuously advising
their mills to secure their supplies. If
cotton advances this season from cents
1t will be brought about by the actual de-
mand for cotton; speculation will not
lead this season, but will follow any sup
port that may be given it by trade. A
short interest has been created ON the
recent decline, and the market on that
oNSCAAb - III q AiCdltu1tE CBuulblOn IMAM
for several weeks, but the trade in Europe
and America are watching the move
ment of the crop intently and on the
slightest indication of a smaller yield
than that estimated by MIR. Neill will be
found in the market as sharp buyers.
From now on the European consumer
will encounter the competition of the
American spinner, as trade in this country
is improving daily"
Clapp & Co., the well known bankers
and brokers, of New York, review the
situation IN their weekly market letter
as follows: American spinners evidently
have not yet concluded or arranged to
consume more than about two-thirds as
much cotton as usual. Their average con-
sumption the past seven years has been
about 2, 100000 bales. Foreign spinners
are reported 20 have bought much more
literally. The resumption of coal mining
and general business seems TO have in
creased their demand for raw cotton in
proportion as ours has decreased. We
think, perhaps, it is safe to say there has
not been more uncertainty about the
quantity of cotton grown this season than
usual but more discussion and more vol
unteerlng by novice crop guessers in CON
sequence Of hard times. 1t still appears
wise to make comparisons with seasons
when the crop was about 1000 900 bales.
Below we give final crop movement
from Sept. l to about this date.