Savannah morning news. [volume] (Savannah) 1868-1887, 1882-11-10
SAVANNAH cor : ON EXCHANGE.
Annual MeetIng-The Report Of the
PFeafdent.

the Exchange to be In very satisfactory
condition. The election Of of1cere for the
ensuing year will take place on Monday
next. The annual report of the President
was read, aud as 1t contains matters Of in
terest we present it in full as follows:
ANNUAL REPORT OF THE PRESIDENT.
SAVANNAH. GA November 9. 1882
To the Members Of the G,dn1lGh Cotton En-
change:
GEsTLEMEN-Your Board of Directors
herewith submit their tenth annual report.
We fell justified in congratulating the mem
bers of the Exchange upon year OF satisfac-
tory progress, which will be amply verified by
reference to the facts and figures which fol-
low herein. During the year just brought
TO a close nothing OF extraordinary imp Dr.
lance has occurred to which 1t Is necessary
to direct your especial attention.
The reports of the several committees,
which have been read to you, show highly
satisfactory condition Of your affairs in all
the departments OF the Exchange, and the
thanks of your board in behalf Of the mem
bership, are hereby rendered to the gentle
men posing those committees for the
well and faithful performance OF the duties
assigned them, which have been discharged
in so highly satisfactory manner.
The permanent fund, the present market
value Of which is $50, 900, remains the same
as at last report, except that the funds then
shown to be deposited In the savings depart
ments of the Savannah Bank aud Trust
Company and Southern Bank Of the State
of Georgia have been changed to invest
ment in city of Savannah five per cent.
bonds. A detailed statement Of the securi-
ties composing the permanent fund accom-
panies the report of the Finance Committee,
and upon the basis Of the market value Of
the securities to-day, makes the intrinsic
value of your stock $20S per share, its par
value being $500. The finances of the Ex-
change have been administered with care
and economy, having a due regard for eff
cheney and Improvement in all matters which
affect your interests. The current years
dues, as recommended-viZ: $40-are far
below the average dues OF other cotton eX-
changes, and is an exceedingly light tax
when compared With the benefits derived.
Although there has been a considerable
number of changes as regards the member
ships we are able to report that the places
of those members who have died and who
have withdrawn have, to q great extent,
been filed by new members. AT the last
annual meeting the roll OF the Exchange
numbered one hundred and ninety members
and eight attorneys. During the year the
loss by death was three-R o. Barnwell, G.
F. Stubs and VIM. NJ. Wadley. By with
drawal, twenty-four members and six attor-
neys, while seventeen members and five
attorneys were admitted, leaving on the roll
at the commencement of the fiscal year one
hundred and eighty members and seven at
torneys. OF the members the names of
fourteen appear on the roll of those absent
from the city.
The receipts of cotton at this port during
the season of 1SSl-S2 amounted to 1887
bales gross, which, compared with the gross
receipts for the season of 1S80-Sl, shows a
falling off of 153, 304 bales, or II per cent.
This decline in receipts was mainly due to q
poor crop in the State of Georgia and short
crop throughout the entire cotton growing
section, and not from any decline in the cot
| ton business OF Savannah. 1t will be seen
| by the comparisons given In the following
table that the loss suffered by Savannah is
| Just equal to the loss on the whole crop,
while most OF the other Southern cotton
ports have experienced much heavier losses
than we have. The receipts Of cotton for
| 1SS1-S2, compared with 1SS0-Sl, on the total
crop. show a loss Of II per cent; on the total
| port receipts, show loss OF 20 per cent; at
| Galveston. show a loss Of 81 per cent. at
New Orleans, show loss of 25 per cent.
at Mobile, show q loss Of 35 per cent,
at Charleston, show loss Of 20 per cent.
at Savannah, show a loss of IL per cent;
at Norfolk, show loss of IA per cent the
averages being equalized by the overland
movement and Southern consumption, the
| former being very nearly equal to, and the
latter somewhat in excess Of the previous
| season.
The sales of spot cotton in this market,
from the first Of September to the first of
| November of the present season, in proper
tion to the receipts, show an inc ease Of 3
per cent. when compared with the CORE
spending periods OF last year and the year
before.
So far as we are aware the marketing of
the past crop has given general satisfaction
which has been brought to our official notice
was one from the American Chamber of Com
merce, Liverpool, in reference to the preva-
lence of large amount Of sand In American
cotton. 1t will be remembered that for a
protrscted term during the fall OF 1880 there
was incessant rain, and that during the
fall of last year high winds prevailed after
an unusual and severe drought, the former
having the effect OF producing an unusual
amount of what is known as storm cotton
and the latter Gin consequence Of the
dwarfed condition Of the plantl produced q
larger amount than usual OF sandy cotton.
AS large stock of the poorer grades of the
crop Of 1880 81 was carried over into last
season, 1t rendered the percentage of that
class of cotton larger than usual, the causes,
as shown above, which produced this effect,
being entirely beyond the control of the
plan ters, and the claim set up abroad OF the
practice of fraud in the preparation Of the
crop is therefore shown to be entirely with
out foundation. Again, cotton containing
sand is always sold as such upon
its own merits, and, granting that
the cotton complained of was pur-
chased with a full knowledge OF its
imperfections, we cannot see wherein
our friends on the other side of the Atlantic
have any just cause Of complaint, and are
constrained to believe that their grievances
were very much magnif1ed. From general
report Of those Of cur merchants who are
exporters OF cotton, we conclude that but
a small proportion of the complaints re-
ferred to were received at this port.
We direct attention to the additional IA
cilities afforded during the past season for
the better protection of cotton from damage
by rain. At the property OF the Ocean
Steamship Company several large and well
arranged warehouses have been constructed,
into which cotton is delivered direct from
cars by the Central Railroad; and, at the
eastern end OF the city, we are informed,
the Press warehouses, which are on the
southern side Of the continuation of Bay
street, are utilized by the Savannah, Florida
and Western Railway for delivery of cotton
direct from the cars. The combined capac-
ity OF the several warehouses named is many
thousands of bales. 1t will thus be seen
that a large amount OF cotton, hitherto
necessarily exposed in the open air, and
liable 70 be wet from rain at any time, is
now securely housed and amply protected
during transfer. This movement Is espe-
ciallY gratifying, and is sure to result in
great good to this city as q cotton port.
And we sincerely hope that our successors
will, in the near future, be able to report
facilities so ample that there will be no
necessity of placing a single bale Of cotton
on the ground, or leaving bale exposed in
the open air. In addition to the advantages
thus gained, the new warehouses lately
erected, and those that are In cOntempla-
ton, are and will be provided with the most
improved and complete facilities for de-
creasing the fire risk.
In view Of the heavy traffic with the
Ocean Steamship Company and Central
Railroad, whose wharf property lies west Of
the Ogeechee canal, and with the Savs nah,
Florida and Western Railway, whose wharf
property lies east of Bilbo canal, your board
is impressed with the growing want of
greater facilities for reaching those points,
and recommend that the Exchange take
measures to urge upon the city government
the importance and necessity of opening
additional streets without delay to the
property of the Ocean Steamship Company,
and of improving the street leading from
Randolph street to the wharves of the ga
vannah, Florida and Western Railway Com
pany. The magnitude of the bushes trans
acted between these points demand prompt
and energetic action.
1t has been the custom Of our predeces-
sors in office to give, in their annual ad-
dresses to the members of this Exchange. a
general review of the commerce of the CITY.
We think the custom has been a wise one,