The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-04-23
Hubbard nros. & CO.'S Cotton Review

New York, April 22-Hubbard Bros. &
Co., in their weekly market review, say
of cotton: Under the enormous pressure
of the water which passed over the va
zoo delta, the Louisiana levees have given
way and the largest cotton producing
counties of that state will probably suffer
terribly from the results of this overflow,
as has the fertile land of the Mississippi
valley above Vicksburg. From these
breaks the river is slowly falling, as the
water spreads over the land, but the gauge
at Cairo still shows full forty -eight feet,
and until the crevasses can be closed
there can be no decided relief to the flood
ed districts.
Opinions in the trade differ sharply as
to the extent of the damage resulting from
this enormous expanse of country under
water, and it's ultimate bearing upon the
crop, but 1t is safe to assume that this
disaster seriously curtails any prospect OF
a mammoth crop. Throughout the south
the season is backward, excepting in sec
tons of Texas, and from that state we
are receiving complaints of damage 10 the
young plant from cold nights. The pros
poets for late crop are better at the
moment than the prospects OF a bumper
yield for next season. and the realization
of that fact has caused the distant deliv-
cries to show comparative strength in a
time of dormant speculation and general
depression.
"The outbreak Of war between Greece
and Turkey has brought the eastern oues-
ton nearer to a solution, only to bring in
another factor to adversely affect the mar
kets, which, under renewed demand
from continental spinners, were showing
the effect of increased buying upon small
supplies. Here the trade regards the out
break as sufficient to deter speculation
for an advance from entering the market
during the balance OF the season, regard
less Of supply, and it was this belief
which precipitated the sharp decline OF
yesterday. on the decline IL was found
that continental spinners were ready 10
buy upon any concession. and their pur-
chases steadied the market, the decline
being checked by the more favorable fnan-
cial advices to-day.
AT the moment the view held BY most
OF the trade Is rs above stated, that the
outbreak of hostilitles has stopped all epec-
ulation for an advance, and that unless
unfavorable adYices are received from the
growing crop, holders win part with their
cotton TO spinners without ATTEMPTING to
advance prices. This view Is not new. but
Is the idea which has been presented with
more or less force since the decline of De
cember, and Is naturally the popular one
when no aggressive operations for an adj
vance are In evidence. On the other hand
tho demand for the balance OF the season
must now be expected 10 extend through
out the early months OF next year. and II
is not prudent 20 believe that because
a bull market Is not apparent that there
has been an accumulation OF cotton FOR
the express purpose Of meeting a demand
which has reduced our visible supply be-
low last season and which promises 10
reduce the stocks 10 a point lower than
the trade has known In many years. our
American spinners continue 20 buy dnily
ana 10 the surprise Of the trade, a mill
which has recently failed through bad
management was found 20 be under con
tract for seven months. n condition not
anticipated % siew Of the reported dun
condition OF the goods market but which
bears out our opinion is 20 the probable
continued demand from our apnners. The
trade may, therefore. be- said 10 he bear
lah on the dormant speculation rather than
on the question Of demand and supply"