The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-02-18

unsettles the speculative market. The
feeling here is friendly to cotton, but we
see little on which to base the hope of tiny
permanent advance just now"
Hubbard Bros. & Co.'s Circular.
New York, Feb 17.-Hubbard Bros. &
Co. in their weekly market review, say of
cotton:
This reaction or advance appears to
have eliminated on Friday last, through
the effect of the enormous movement
upon the continental spinners VINO refus-
ed to follow the rise I'm values when the
receipts at the ports and interior towns
were published A slow decline has fol-
lowed but the recovery in about four days
of the decline of four months eliminated
the short interest and none are willing
after the experience of last week TO antic-
ipate another decline. AS a rule the trade
regards the advance as having put stop
to the success of all efforts to reduce the
acreage for the coming year and there
fore regard the rally as in the nature of
a disaster rather than a benefit to the
cotton interests of the country. Several
of our correspondents in the Mississippi
Valley and Texas have informed us that
there is little probability now of any re-
duction in acreage in their sections for
the coming season. In the Mississippi
Valley plantations are reported as rented
and sold at better prices than for many
years. because the large yield per acre
last season more than compensated for
the low price received for the staple
I'm Texas they hold that the new land
devoted to cotton will offset the increas-
ed acreage of wheat and corn. We are
10th to believe that the South will pre-
pare for another large crop of cotton; as
the result of another large yield is as
plain to the observer as the handwriting
on the wall" The buyers of this season,
if confronted with another large acreage
and crop. will fall back upon the reserve
supplies accumulated from this crop. 1t
cannot be denied that the surplus governs
the price for the entire yield and as a
large surplus must be carried over this
season by some one. the probability of
another large acreage will not attract new
buyers. Whether the best interests of the
South are served by the sale of a large
crop at a low price or of a moderate crop
at good prices, is an economic question
which has many times been discussed
without decision, For ourselves, we doubt
the ACCESSIBILITY of anyone producing
either in manufacture or agriculture any
product at a loss, for the benefit of Others.
"Of course if the Southern merchants
and planters are determined to raise ais
large crop as possible, the manufacture
ers and consumers will act on the theory
OF an excessive supply which they will
be able to buy at low prices. Any other
course would be suicidal and not apt to
be followed by them on the other hand
II this advance does not stop the move
ment to reduce the acreage and yield
they will follow different policy and be
prepared to pay good price for mod
crate crop. We expect a dun inactive
market until this problem is more clear
to the trade. The outside interests which
now hold the surplus, believe in a reduc-
ton in the acreage, and they will not
part with their holdings until convinced
TO the contrary"