The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-11-20
Hubbard Bros. a Co.'s Review of
Chiffon.

New York, Nov. 19.-Hubbard Bros. &
Co., In their weekly cotton circular, say:
1t appears that we underestimate the
amount of cotton held back pending the
election, and which accounts for the in
creased movement at the ports and inte-
rior towns this week. This movement,
foreshadowed last Friday in the interior
movement, has been the cause Of the liqui-
dation and consequent decline during the
past few days. bringing the market back
to the comparatively low prices touched
during the first week of September or
over cent pound from the high prices
touched upon the 10th of that month We
have therefore to consider whether this
increase in the movement justiies an In
crease in crop estimates above that which
we have so long held. If the estimates of
those who devote their energies entirely to
travels and observations for the purpose
of reaching an estimate OF the Yield. are
to be considered as worthy of respect, our
estimate is too high, not too low But we
can hardly expect those of the trade. who
last season were willing to give credence
to an estimate of 100000 or 9,0O0, 900 bales
and 100000 bales maximum estimate in
February, to take any other position than
to give credence to an estimate Of $3.50 900
bales as the yield of this season We can
recall but one crop in many years that
ever withstood the effects of a freeze in
4NONcmDtFs anu lEltbL crop was IullX 0eVGl-
oped previous to the cold weather during
1880 and 1881. In other seasons the crop
has depended upon an open winter for its
development. Believing as we did in Sep
TENDER that the rains would increase the
Yield; we saw no reason at that time for
crediting the low estimates Of 7,4O0. 900 or
7,750,0O0 bales, holding that the CROP was
entitled to an improvement during the ati-
tumn which would increase the yield to
$4,000 bales, and we now believe CDR esti-
mate will closely approximate the crop of
1861.
However the question of price this sea-
son, does not depend entirely upon the
yield, as we will have presented In con-
nection with II the question of trade and
the distribution of a crop not expected to
reach the full requirements of consump-
ton. The first impulse Of the cotton trade
and OF other lines of business after the
election, was to recOnvert their capital
from investment In staples and produce
into cash, to be ready to engage in such
new enterprises as they might after such
a period Of inactivity, decide TO enter into.
From this action we see reactions in
values I'm almost every article, but every
one realizes that these mark but the tenn
porary hesitation so often apparent in the
great swing in the pendulum OF business.
ut Is many years since the cotton trade
has seen the business of the entire world
prospecting at one time. Certainly such
condition has not existed since 1880, and
while they fear the effect of the partial
famine in India, that feature is thought
TO be Offset by the decrease in yield OF the
Indian cotton crop. With the mills OF the
world running on fun time TO supply the
actual demand for goods the consumption
Of American cotton this season or next
may be expected to be greater than ever
before known In this country, the mer-
chants who supply 100000 ian Increase OF
40 per cent. since 1879 are holding the
smallest stock Of goods OF any character
and with men returning 10 work by the
coming 70 the front. the prospects OF trade
are certainly encouraging. Speculation Is
not yet apparent in any Of the markets
and Il Is better that It Is not, as prosperity
based upon steady improvement is better