The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-05-14
Hubbard Bros. & Co.'S Cotton CIrcu-
lar


New York. May 13.-Hubbard Bros. &
Co., In their weekly review Of the mar
kets, say of cotton: ION last Saturday
hessrs. r. G. Dun & Co, in their review
of the mercantile situation, said: Nearly
ell will be astonished to learn that actual
sales in April by leading houses in each
line of business in the principal cities
EAST of the Rocky mountains, average
only about 10 per cent. less than in April,
1892, the year of the largest business
hitherto. This statement has created
great interest among merchants, as it is
an authoritative statement of the gradual
increase in business throughout the coun-
try as the feeling of depression and the
pessimistc view of the future so general
everywhere, has undoubtedly prevented
realization of the volume of business
passing from producer to consumer. We
have for a long time believed that the
feeling of depression was more mental
than otherwise. and are glad to be able to
and our belief sustained by such an
authority.
1.-THE cotton market APPEARS to be hard
sninE around TIC IN the same manner
which ii did about nc, which for so long
marked the elimination of the adVace
1t Is becoming more generally appreciated
that unless the American mills close this
summer, as they did last year. the visible
supply on Sept. / promises to be less than
",
simply from the large consumption Of
American cotton. which seems to have
overtaken the average production of the
cotton states. Were the trade not suffer-
ing from a species Of hypnotism over the
prospect of any revival, such a position
would attract the attention Of operators.
who would not allow such an opportunity
TO pass without making an effort TO oh
tain profit by taking advantage OF the
situation. The losses resulting from the
exaggerated crop estimates OF last fail,
now shown to be incorrect, and the steady
advance in cotton only from the demand
from the spindles, has so discouraged the
trade that they feel that the only way in
which to recoup their losses Is TO sell the
new crop short on the basis Of &c In New
York. This temper OF the trade Is marked
throughout the cotton belt, with the natu-
raj result Of a curtaIlment OF specula-
ton.
This increase In the acreage as given
by the bureau report Is not In excess OF
the expected normal increase, as the south
this year wishes to raise a large crop Of
cotton, while the amount yet 10 be plant
ed shows how backward the season has
been as compared with last year. The re-
sulting decline was simply an expression
OF the prevailing opinion that a decline
must follow bureau report, and was
without Significance In the small volume
OF business. To-day the weekly report Is
thought to more nearly represent the act
uai condition OF the crop and the decline
was quickly rec0Yered. Spinners abroad
have hesitated about following the adj
vance. not because OF their inability 10
dispose OF their product. but because they
felt the market was entitled 10 a reaction.
Thus the situation shows no notable
change Every one Is still afraid 10 be long
OF cotton In face Of a probable scarcity and
a growing crop, which has not had a
good start In the greater portion OF tho
cotton belt"