The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-01-14

New York, Jan. 13.-Hubbard Bros. &
Co say of cotton:
while the movement of the crop has
exceeded the estimates of all interested in
cotton there has as yet been no weakness
shown in any of the markets, 1t would
seem that the receipts are the result of
sales previously made for export or to the
American spinners and are not due to the
desire of the planters to force the re-
mainder of the crop upon a market al
ready depressed by the large crop esti-
mates current.
Whether this demand for export will
continue on the present basis of prices is
apparently the keynote to the situation.
Continental spinners have bought so free
ly that Manchester has pursued the policy
of inaction under the belief that when
the continent had secured her supply
there would be enough cotton left to ena-
bic her Spnners to secure their require
ments on a lower basis Adherence to this
policy has caused the stocks of cotton
in and afloat for Liverpool to fall some
100000 bales below last season and up-
wards of 10000 bales below 1895 Never
theless Liverpool remains the lowest mar
ket of the world, awaiting that time
when the selling by discouraged holders,
brought about by the increase in estimates
of the crop from 10,JO0O00 to H. 900
bales, will enable them to secure their
cotton.
Our American spinners, in face of the
lowest prices for cotton goods on record,
have taken upward of 34S,O0O bales in ex-
cess of last season, so that they can not
be expected to buy more freely than they
did last season from now on, unless there
is a distinct revival in cotton manufac-
ture at home. That industry has reached
the point which has long since been pass
ed by the iron and steel industries; when
haA tI,o
sumption in the United States, and be-
came competitors in other markets, with
the manufacturers of Europe
The cotton manufacturing industry
will be obliged to pursue the same policy
sooner or later, and it is apparent that the
time is much closer at hand than gener-
ally believed. Cotton goods will have to
be made to suit the demands of foreign
trade and packed in a manner to attract
foreign buyers. We doubt if we are pre-
mature in holding this to be the last sea-
son when our manufacturers will be con-
tent with the home market.
"A moderate demand for investment
based on the price and the probable re-
duction in acreage sustains the market.
but while the present price is below the
cost of production, in many sections,
varying from a half cent to a cent a
pound depending on the character of the
soil, etc. we cannot as yet state that
there is the same intention to reduce the
acreage as was shown during the winter
of 1S94-95. The advance which followed
that reduction, together with the poor
crop, owing to bad weather conditions,
has not been forgotten by planters but
judging from the tone of the press, the
advance is the chief recollection of that
movement, not that the advance was
mainly due to the reduction in acreage.
They regretted they did not have more
cotton to sell on the advance not remem-
bering that there would have been no adj
vance had they not reduced the produce
ton.
1--WE believe that before planting time
the merchants ard planters of the South
will again realize that they can control
the price of cotton whenever they will,
and that We shall see a sharp reduction
in acreage; but in recording passing events
we cannot as yet state with confidence
that there will be any great reduction in
acreage Upon their action will depend
the future of the market, as there will
be large surplus to be carried over into
a new season"