The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-07-23
THE COTTON CROP.
Hubbard, Price & co.'s Review of the
General Situation.

Hubbard. Price 4 Co. of New York. in
their weekly market report, say Of cotton:
ITO write an intelligent view of the
market which exists simply as a memory
of the trade is an exceedingly difficult
problem, but one that must confront
every one who attempts to review, even
to a limited extent the cotton market
during the past week. First end fore
most, il must be deliberately stated that
there is absolutely no speculation in cot
ton, based upon the idea that the price is
so low that it justifes an invest
ment of capital simply upon the
basis of its value. On the other
hand, il is well to consider that from the
character of the advices received from
Europe, large amount of cotton has been
sold for forward delivery by exporters in
the interior towns and markets which has
not been protected by the purchase of
contracts either in New York or Liver
pool With the prospects Of the crops.
this is an unusual feature of the market
at this season of the year, as the method
of selling cotton is so simple and only in
wolves the outlay Of a cablegram, that it
is temptation for many 20 resist. Amer
lean spinners during the past week have
been encouraged by the better tone TO
business, which is apparent throughout
the country, as a result of the suppression
of the disorders in the west resulting from
the action of the railroad employees. The
fact that the government promptly sup.
pressed what appeared to be on the sur
facea serious condition of affairs, has had
the effect of diverting the minds of people
from the losses which they have incurred
during the past two years and brought
fOrcibly to their attention the fact that
the country was still in existence, and
that IL was possible to conduct business
and earn livelihood under the present
methods of law and order Very fire.
quently such a shock is needed to change
the tone of mankind. and to this extent
the troubles in the west have been benefi-
cial, although their immediate effect was
TO derange all business operations.
Accounts regarding the growing crop,
which are received from the cotton belt.
are Of the most favorable nature, and the
wonder of the trade is that their effect
has not been more marked upon values
than records show. Scarcely complaint
is heard from any portion of the terri
tory, excepting murmurs regarding lack
OF rain in Southwestern Texas, and too
much wet weather in the Atlantic states,
and predictions as to the size of the crop
are freely made on an ascending scale by
those who like 10 indulge in estimation of
the crop on the 10th day of July. At the
same time it is well TO note that the price
OF cotton to-day is practically the same
as it was in May, and 40 points below
what IL was in the month Of February,
after passing through period when ali
the influences have been to depress
values.
1t Is even asserted by many that moth
ing but the hand of providence can pre-
vent the crop from reaching a large yield,
but somehow the experience of the past
years, even including the 1900. 600 bale
crop, has been to show that at some time
between this date and the marketing of
the crop, some accident has happened
which has caused those who based their
calculations on an enormous yield on the
crop prospects existing this week in July,
to regret that they had not waited until
later in the season. Doubtless it is the
conservatism resulting from all this ex-
perlence that mas prevented the good
crop advices from bringing about a sharp
break in the value of cotton.
Therefore, at the moment the situation
as IT presents itself, is, that the prospects
for trade in this country for the coming
year are greatly superior to what they
were this time year ago, and that the
price OF cotton Is about 81 per bale less
thanh l693nwit tn a1ned uotion of the yisi-
be and invisible supply of cotton as re-
| suit OF this years crop. To Offset this
we are confronted with the possibility of
large yield the ensuing year The solu-
tion of this combination will be found
later in the season. II cannot be deter
mined Immediately. rt