The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-12-04
PRICE OF COTTON TOO Low.
That Is the Opinion of Hubbard,
Price & Co.

New York, Dec Another week
Of large receipts at the ports,
says Hubbard, Price & Co, has
caused slight decline in prices, but
brought no change in the character of
the crop advices that have been received
by the commission houses in this city.
Reports of decreased yield, as compared
with last season, are daily received from
Texas and South Carolina, while on all
sides a reduction in the previ Gus estimate
OF the yield are current from Arkansas,
Mississippi and Georgia. Nevertheless,
the movement of the crop has continued
upon such large scale that we tshall
/ probably enter the month of December
with movement $500 bales in excess of
last season. Receipts at the ports, es-
peciauy at Galveston, have been swelled
this year by the diversion of overland
cotton TO the seaports. through desire of
the southern railroads TO obtain the great
est possible amount Of freight traffic
/ Inc Missouri, Kansas and Texas railroad,
which, III previous years, had shipped its
cotton traffic northward by way of Han
! nl0al, No, has this year opened a line
/ into Galveston, with the result of ship
| ping but 227 bales this year against Il 900
| bales nOrthward last year via Hannibal
The introduction of this new line into
| Galveston has led to a sharp competition
IN freight rates throughout Texas, and
the cotton which, in other years, has
gone overland, has appeared al Galveston
and New Orleans.
Although the movement is $50 900 in
excess OF last year on Dec. |, it is also
25O,OOO bales behind the last movement of
1000, 900 bale crop, and the receipts at
the interior towns are upon such a scale
that large crop estimates which are cur
rent from New Orleans appear to be
without substantial confirmation. Nev-
evertheless, it is not to be denied that re-
ceipts at the ports have been heavier than
the market has anticipated, and we close
tonight at small net decline for the
week. All the factors which would have
led this year to a heavy and early move
ment of the crop have been at work.
through the financial interests of the
southern farmers, merchants and bankers.
Last season it was not difficult for
the southern buyer or planter to
obtain advances from his local bank with
which to hold his cotton, but this year it
IS practically impossible, excepting in the
larger towns, for them to secure any ad-
VanCes upon the crop for the purpose of
Withholding it from market The Gus
tOmary reply is that all notes must be
met when due, and undoubtedly larger
proportion of the cotton crop has been
marketed under these conditions than
would obtain in normal years. Trade
throughout the United tates is slowly
but surely improving, especially in
cotton goods, and print cloths in Fail
River have advanced to 3 cents per yard,
at which price there is a handsome profit
| to the manufacturers at the present
prices ruling FOR cotton.
American Spinners under the influence
OF the favorable auction goods sale have
been large buyers of cotton throughout
the south and their purchases have
| swelled the movement of the crop, but
unless all the information which has been
received in this market from persons.
| who in previous years have given correct
| reports of the yield of the crop, the pro
! portion of cotton remaining unpicked and
| not marketed is smaller than for years
a consensus of the opinions regarding the
crop, of l40 members of the New York
! Cotton Exchange, averaged 1884. 900
! bales, and a similar estimate made in
! Memphis averaged : 200 600 bales. These
| views would appear to be approximately
! correct as to the ultimate yield and
| the question of supply should, in our iudg-
| ment, be considered upon this basis
rather than upon the estimates of 1850
! 600 to 5000 900 bales, for which it is diff
| cult to discover any data in the CORES
! pondence of any of the commission houses.
/ a year ago cotton was selling for $40 per
| bale higher than at the present time with
! the prospects of trade in Europe bad and
! good in America, This year we have a
| slightly improved trade in our country
| and good business doing across the
| water Therefore, we see no reason to
! alter our opinion that cotton. with a crop
of 10000 bales, is more valuable than
! present quotations.