The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-09-04
Hubbard Bros. & Co.'s Cotton Re-
view

New York Sept. AIN their weekly mar
ket circular, Hubbard Bros. & Co. say of
cotton: THE Improvement in the condition
of the crop has been upon such scale
during the past week as to bring about the
decline in prices anticipated in our last
circular, and it is evident that we are now
approaching a point upon which engage
ments for the future can be made upon
the basis of an injury to the crop which
reduces the yield certainly within the fig
ures which we have heretofore mentioned.
THE general sentiment of our market at
the present time regarding the future
course of prices is based upon crop de-
cidedly less than the figures which we
have advanced but we are not yet pre-
pared to reduce our estimate to those gem
orally current although the tenor OF our
crop advices is so bad that we do not care
to reproduce their views for fear that
our friends might consider them eXaSger-
ated. We do not think that such is the
case but prefer to remain on the conseTva-
tive side for the present. anticipating the
largest possible yield and Its effect upon
prices. Notwithstanding the large amount
of cotton which has appeared and will be
counted in last years crop II is evident
that the consumption of American has
reached such proportions that one mod
crate crop following a failure will not be
sufficient to replenish the exhausted sup
plies of the world and therefore a moder-
ate crop this year viii undoubtedly bring
a higher price than short crop did last
season.
In addition to the question of supply,
there is becoming apparent a disposition
to regard the political snd financial situa-
ton in this country as having reached It's
greatest depression during the past thir-
ty days, and If this conviction becomes
prevalent among the large number of
merchants, who are at the present time
waiting to supply themselves with goods
upon the present low range of prices, 1t
might result in a revival of business sec
ond only to that which was witnessed in
1879 upon the resumption of specie pay
ments.
Undoubtedly the recent rainfall in
Northern Texas, and in some portions OF
the bottom lands of Mississippi will bene-
fit the plant giving 1t new vitality ana
possibly increasing the yield, but we
doubt If 1t produces such an increase in the
crop as had been anticipated at the time 1t
occurred. The consensus of opinion APP
pears to be that in many sections of the
vast territory embraced by the Mississippi
valley and Texas the plant was in such
condition that no amount Of rain would
bring about a revival in vitality unless II
was continuous in its character and we'll
distributed and followed by propitious con-
dtions so as to virtually give the plant
second
rain came too late to materially beneht the
plant and that the output will not be in
creased to any marked extent. Under these
conditions we expect that the market Will
settle down upon the basis OF present
prices with comparatively minor huctua-
tfons unfit the World becomes convinced
of the great reduction in the yield OF this
crop as compared with the estimates cur
rent during the latter part of July. IL the
Questions which have been disturbing our
country are settled or give evidence of APP
preaching settlement 1t Is certain that the
demand for cotton from American spin
ners will Immediately revive and In add
ton to that the American Spectator who
usually at this season of the year holds
inward of 100000 bales of cotton will be
tempted to enter the market upon the
question of supply and demand and thus
these factors will relieve the pressure OF
the present heavy receipts. Under these
conditions we feel that 1t is not we'll to an
ticipate any further material decline"