The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-11-05
THE COTTON MARKET.
Hubbard, Price & Co.'S. Review of the
Situation.

GAbuGL1Ous
The movement Of the crop to market
continues upon phenomenal scale, and
at present it is estimated that the amount
Of cotton which will come into sight this
week will equal if not exceed $4,000 bales,
the largest that has ever been received in
any single week Of all the many years
that cotton has been raised in this coun-
Try. Under a knowledge of this fact,
ana the pressure of cotton from the south
me market in Liverpool broke through
Oh without any increase in the demand
from investors or attracting outside spec
ulaton. There has been on each of The
occasions when the market has passed
through this point slight reaction but
as yet there is no life to the market either
at nome or abroad, and cotton remains
IN the same position which we have so
often pointed out to our friends, namely
that without any buffer between the con-
sumner and the producer, the consumer
mas the advantage and naturally avails
HlilselI OF his power and buys cotton as
cheap as he is able. To change this con-
ultlon OF affairs is of course necessary TO
secure the production of another crop of
cotton which must be materially reduced
IN size If the south wishes again to return
staple.
{
ing that even with a large production of
corn, the south would reap a far greater
return for their crop if a million bales
of it could be destroyed or ruined than
II will if it is brought to market The
month of October has been a fine one
for the gathering of the cotton crop, the
predicted frOsts having extended only
limited area, while the weather has
been everything that could be asked, as
the storms which have appeared on the
Atlantic Ocean have extended but a short
distance inland, and, therefore, a large
portion of the cotton belt has not been
troubled with disastrous weather condi-
tons. If the market remains at present
prices 1t is believed that a portion of the
crop, that is from to 10 per cent, will
be left in the fields ungathered on account
of the low price which the staple COM
mands. 1t is this feature of the market
which has brought to it an investment
demand during the past few days, which
has absorbed enough of the offerings here
and in Liverpool to check the decline, but
not to bring about anything more than a
temporary reaction at each days close
of the market.
Whether or not this cotton will again
be thrown on the market is of course a
question which will be decided later on
by the volume of receipts, but at the
present time it's appearance has been a
comes necessary that this market should
receive large quantity of cotton to
break the market below the level at
which ii is now selling. OF course a large
movement in the south and weak south
ern markets are among the possibilities
in November, but the market at the pres
ent time requires fresh sellers to cause
a further break in prices. When Liver
pool touched 39sd. in 1874, cotton sold at
sc in New York. This year when Liver
pool broke 3D. cotton in New York is sell
ing at SEC, difference of 1ac
a pound between the American price
now and the American price then, which
those of our friends who have advocated
the anti-option bill are endearoving to
explain away by calling to account the
difference in freight. The truth is that
the exchanges have the effect of bringing
to the support of the cotton market a
large number of buyers who in previous
years under other conditions would be
unable to buy cotton. 1t is to this ele-
ment that the market must look for a
change in the conditions now ruling.