The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-02-12
Hnhhnrd.s cotton Rcriew.

New York. Feb. 11.-Hubbard Bros, &
Co., in their weekly review of the markets.,
have the following to say of cotton: The
publication in the Chronicle, of Leading
letter from Manchester giving a doletul
account of trade, conditions in that cen
ter, started a liquidation on SATURDAY
which has broken the market in the tenth
week of dizziness to the lowest prices cur
rent this season. 1t was with SURPRISE
in view of this letter, that the trade found
the official reports of the British Board
of Trade to Indicate an increase in the
export of cloth during the month of Janu-
airy, not only over last month, but IN eN~
cess Of last year, while yarns feel OH 10
an average business. Still the damage
had been done and our market is more
hopeless of an Improvement in values than
it has been at any time during the sea-
son. The movement of the crop still
points to a yield of 100000 bales but the
trade has had its courage Slapped by the
continued decline and WEAKNESS of the
past six months and refuses to pay any
attention to the probable effect of such
crop upon supply.
MIR. Ellison basing his estimates upon
a crop of $3.50, 900 bales, has estimated the
supply of American cotton on Sept. 30, at
COS, 900 bales, but our own opinion Is that
a crop of S,5OO,000 bales will reduce the
Hde supply Of American cotton to 1O9,,,,
compare with preceding years as follows
Bales. Bales
Sept l. $780,. $4,000 Sept 1, 1894. i, ST., 600
Sept l. 1891 L 191. 900 Sept. l. 1895. 2 O96, coo
Sept l. 1892 p 1856 COO Sent. l. 1896. i, 040 900
Sept l. 1888. i, 74S, 900 Sept l, 1897" 100000
ESTIMATED.
The first of these years is the celebra ted
Steenstand year, when, with consump-
ton estimated at 100000 bales of Ameri-
can cotton, the market advanced to II. sec
per pound. We now believe we shall be
reduced TO a small supply, with a con-
sumption estimated at $4,000 bales; de-
pending upon early receipts in Septem-
Der from the next crop to prevent a natu-
raj squeeze.
I'm America trade is certainly but slow
ly improving, and the purchase of 100000
pieces of print cloths at Fail River at full
prices, to pass Immediately into consump-
ton is indicative of the change in bust
ness conditions and merits attention. At
the present time there are more men en-
ployed and more new enterprises under
way than at any time since election. This
fact is coming to be realized by the COM
mercal agencies, but as yet is not credit
ed by the general public and the tendency
to continue business on the hand to mouth
policy remains as yet unchanged. In all
industries connected with electrical deVel-
OpmentS, this improvement is marked by
the larger factories working overtime and
in some instances, double time. Our eX-
ports of cotton continue on large scale,
and unless we are wrong regarding the
out turn of the crop it is a serious queS-
ton whether we have not oVer-eXported
from this crop with the engagements now
under negotiation.
LAS to the new crop, present prices do
not encourage a large planting when 1t is
remembered that the south must this sea-
son raise food crop, which was not
thought of last year. Many vicissitudes
have yet to be encountered before next
season 5 crop is gathered, and moderate
crop estimates or any delay in the receipts
would come upon markets without reserve
supplies. However, until the policy Of
trading entirely upon a hand to mouth
basis without thought of the future, is
abandoned speculation will not revive
The situation in cotton to-day presents
as many if not more legitimate factors
for an advance than those which have
brought about and sustained the improve
ment in wheat; namely, small supplies and
improving trade conditions"