The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-11-26

New York, Nov. 24-Hubbard Bros &
Co., in their review of the markets, say of
cotton:
Notwithstanding the enormous move
ment of the crop it is so far without any
visible effect upon prices In fact the
markets have rather rallied than declined,
showing to what an extent the receipts
had been discounted by the recent fall in
prices. Undoubtedly the movement is
sWelled by the release of the cotton which
had been retarded by the quarantine reg
ulations in the Mississippi valley but it
practically represents the extent of the
demand for the staple from the continent
on the basis of present values. Receipts
al the ports in the constant changing con-
ditOns of the trade have come to repre-
sent previous purchases from the interior
Tor shipment, rather than cotton reaching
the seaboard for sale, and therefore show
the amount of cotton sold for shipment
Thus after such long decline they exert
lttle influence upon markets which believe
that they represent simply the realization
of previous estimates of the crop At the
end of the month the movement will prob
ably be some $780, 900 bales ahead of the
100000 bale crop, but the reserve sup
plies We're SO low at the opening of the
season that the markets have paused half
cent a pound above the lowest of that
failing operations.
Two different theories of the future
are coming into view, neither based upon
the yield of this crop, for that is sup
posed to have played its part in causing
the decline from the opening of the sea-
son, and that large surplus must be car
ried over, is universally admitted. One of
4 the theories is, that present prices will so
curtail the sale of fertilizers and reduce
the acreage next season, that, regard
less of the size of this crop, cotton has
reached such price that conservative
purchases must eventually show profits
Inc other is, that as we have heard little
from the south of any intention to reduce
acreage the planter must have learned
how to produce cotton profitably at pres
ent prices, and therefore there will be lit
10 m No ra1 4YaAs T..
these theories 1T is to be seen that the
Planters, if combined, have it within their
power to control prices, and also in the
last is to be found the thought that as
they have tried in the past two seasons to
raise as much cotton as possible regard
less OF this power, they will do so again
III we are to be asked to handle two
crops as large as this one seems likely
to be, in succession, it will be several
years before either the cotton trade itself
or the manufacturers will recover from
the losses which are certain 10 follow
Goods made from 7-cent cotton cannot
compete with goods made from 6-cent
cotton, nor could the latter mean any
thing but distress to the manufacturer
who, like the planter would suffer dread
fully should his goods be forced for sale
in competition with another 105O0 coo or
1IC90 006 hale cron In the peyt rinotY
days these theories will be widely discuss
ed, and upon the decision reached by the
trade as to the probable course the plan
tiers will pursue, will depend the course
OF the market
The planters know perfectly well that
they can obtain more money for an s.
$4,000 bale crop than they can for an
100000 bale crop, but usually merchants
expect, them to plant the largest crop
possible, on the theory that human ma
lure plays greater part in determining
acreage than good resolutions. But twice
in generation have they attempted to
Ieduce the yield and advance prices;
namely, in 1872 and 1895 and in both sea-
sons they were successful. Will they dc
SO again? Merchants are beginning to
doubt if they will, simply from the disap-
Il polntment experienced in 1895 by planters
who, when obtaining $40 TO SIS more q
pale than in 1894, regretted that they had
Fl not more bales to sell
We call attention to the second theo-
II ~, simply because it seems to be gaining
ground even at these low prices, and upon
H us acceptance or rejection by the trade
Il Wlli depend the course of prices. In the
meantime no one dares to be short of cot
ton and the market shows the presence OF
many investment orders on a downward