The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-03-19
Hubbard Bros. &Co.'s Cotton Report.

New York March dS.-Hubbard Bros. 81
Co., in their weekly review of the mar
kcts, say of cotton: ''While the European
markets appear to be receiving tone and
confidence as the Cretan question APP
proaches a peaceful solution our home
markets respond slowly to the favorable
foreign advices and the Improvement in
trade in this country. Our own spinners
have taken more cotton SO far this season
than last and will continue to purchase on
a larger scale as they gradually feel the
influence of this Improvement. It should
be remembered that, from this time on
last season, they scurtailed their eofisump-
ton until they practically closed before
the end of this season. It is the absence
OF any speculative spirit which prevents
a sharp response to the conditions which
are changing in favor of cotton upon both
this and the next crop. This indisposition
to anticipate an improvement In price is
based upon the encouragement which the
market has received through exaggerated
crop estimates, famine pestilence and war
until "Bulr' has become an object of
curiosity and possibly of pity and yet cot
ton has practically maintained Itself on
basis Of about cents for March since the
middle of December, with the exception of
one decline when holders became temper
arily discouraged That the market should
so we'll sustain itself without speculation
for any advance is an evidence of the
strength of the situation, but does not
change the pessimistic tone of the trade
which seems to regard the possibility of
an advance as utterly unworthy of con-
sideration and acts accordingly.
"Our weather bureau predicts high wa
ter and an overflow of the Mississippi riv
er from the water at present coming from
the eastern rivers, but the trade believes
that such an overflow is entirely too early
to be of serious injury though admitting
that 1t will delay planting operations
throughout a large portion Of the valley.
The river is higher than any record of
the signal service, and destructive over
flows in Arkansas and Northern Louisiana
are forecasted as a result Throughout
the northwest there is very large amount
of snow yet to pass out through this same
channel. In Texas local showers have re-
lieved the situation. but not compensated
for lack of the heavy winter rains which
have so often proved the basis of large
yield. In short we see no reason 70 change
our opinion. The crop prospects are be-
hind those of last season while a food
crop must be raised in the south this
year. However, the trade believes a
large crop will be planted and at this ear
ly date Is arguing that coming crop pros
poets will offset any period of scarcity in
the immediate supply. although there is
no staple to take the place of cotton, as
corn has this season come TO the relief of
the wheat situation.
Many of our readers win be interested In
reading the following quotation from the
circular of Messrs Neil Bros. & Co.. Of
Feb. g. as printed In Cotton" of Man
chester England OF Feb. 49,
Mr.. Henry Neil, however, does not
make any formal change IN his early fig
ures, although he now admits that they
may prove rather too large, but not TO so
considerable an extent as to materially
affect the situation, or TO necessitate his
making-an new estimate at this late date,
and he fairly claims that his liberal esti-
mates have at least had the good effect OF
acting as an antidote TO the absurdly
small forecasts which we're so universally
sent from the south In October and No
vomber. and Of thus holding the market in
check. Had he confirmed the current esti-
mates of about 100000 bales, there would
have been a great advance in price, and
Europe would probably have been loaded
up with the bulk of the crop at between
% and Cd per pound, now worth Ss4d 10
al. Thus millions have been saved to the
trade for which we think he deserves
more credit than he has yet received"