The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-05-07
Hubbard Bros. d Co.'s Cotton Circu-
lar

New York, May 6-Hubbard Bros. e.
Co., in their weekly review, say of cot
ton: cat the adye1ce the demand from
spinners at home and abroad was checked
by the rapid upward movement not by
any recession i'm trade or increase In the
supply but simply by a feeling among
consumers that the last of the advance
was speculative and would be lost In
this conclusion they were correct as their
partial withdrawal from the markets has
caused a recession In values OF nearly a
dollar a bale. AS the markets have been
without speculation the recession has
come quickly and the bearish feeling so
long prevalent again q inmates the trade.
We find the south also disposed to be
bearish on their belief that the coming
crop will be a large one, following the
failures Of the last two seasons.
"This feeling Is not an unnatural one
when the desire to raise a large crop is
now the prevailing hope throughout the
entire cotton belt, but up to the present
tine the weather conditions as a whole
do not Justify the current belief and all
depends upon the season from now on
Every effort will be made TO raise as
much cotton as possible but we have no
idea that the planters will neglect to raise
a food crop this season. There are as
usual, two opinions held by the trade The
bulls believe the consumption of cotton
will reduce the supplies TO the lowest
point in years and that the demand for
the staple will not only sustain but adj
vance prices. Their premises cannot be
denied by the bears who offer the view
that the prospects for the growing crop
must improve during May and June and
the spinners therefore will be content 20
wait as long as possible for the new crop,
thereby preventing any advance with the
possibility OF lower prices.
I'm the absence OF any active specula-
ton for an advance the movement up-
ward under the daily demand for con-
sumption Is subject 20 Just such sudden
reactions as have occurred this week but
II Is noticeable that the market has slow
~ but surely advanced since the middle
OF December despite the ridicule and oD-
probrium cast upon any one who has held
10 the optimistic view Of the situation.
Every premise put forward by the bulls
has beef sustained by the facts which
have come 10 light and II the spinners ina
themselves without adequate supplies OF
cotton they have simply 10 blame those
trade Journals which have encouraged
them TO believe that the present crop
would finally reach somewhere In the
neighborhood OF 100000 bales.
1T Is the history OF markets that an
advance eliminates when the trade Won
ders who dares 20 sell On anticipation OF
a decline. and that decline stops when
they STAND aghagt AT those who have the
courage to buy. Half way points between
these expressions are usually only reac-
lions from the current tendency
"Mr. Ellison estimates on a basis OF a
crop OF $4,000, and an American con-
sumption Of 2.6jO.Oo0 bales that there will
remain In the European ports $4,000 bales
OF American cotton on the 30th OF Sep
tcmbor The current estimate OF the
American crop u s5ooVUv bales. and the
American consumption On here estimated
At 2,7J0OQo bnies. II these last estimates