Savannah morning news. [volume] (Savannah) 1868-1887, 1886-11-04
NOT TONNAGE ENOUGH.
LACK OF STEAM VESSELS FOR
THE FOREIGN TRADE.

Big Stocks of Cotton Awaiting Ship
ment - Freight Rates go Per Cent.
Higher Than They Were six Weeks
Ago-A Revival of the Indian and
Black Sea Trade One OF the Causes for
the Advance in Rates and the Lack Of
Vessels Here
1t has been remarked frequently OF late
that the steam tonnage in this port was
not heavy enough to take all the freight
for Liverpool and the continent that
offered. This condition of affairs has
arisen within the past six weeks and
partly explains the large stock Of cotton
on hand here awaiting shipment.
A prominent ship broker marked yes
terday that he believed the present freight
rates from Savannah will continue until
the latter part OF the month. The rates
now are % per cent. higher than they
were in the middle OF September. Vessels
that were offered then at 30s. net
register cannot be had now for less than
30s Cd. and BIS. Last year considerable
money was lost here by parties who char
tered anead. That made them OYer-cau-
tlous, and this year they have lost by not
chartering ahead.
CAUSE OF THE ADVANCE.
A few weeks back grain rates advanced.
from the Black sea and india. snip
owners, OF course, at once made charters
ard sent their vessels TO those parts.
That diminished the tonnage taat would
Lave come TO this side. About the same
time, the cotton market here being low,
| the continent bought largely, When the
buyers We're ready TO snip the vessels
Were not here, and some savannah houses
| had to Ill their orders through Charles
ton. Wilmington and Charleston nap
pened to have chartered ahead and were
able TO carry what was offered, although
rates there were about the same as here.
1t is said that a firm here assured
shippers that the market should not 20
over 9-3ld. per pound for Liverpool direct
during the season. That assurance may
have had its effect in preventing charter
ing ahead, but tor several days l9-64d. has
been offered.
THE BLACK SEA TRADE.
SO long as the rates keep up from the
Black Sea ports and IndIa the freights
here are expected to remain firm The
carrying trade Is very brisk now, and all
the best steamships are said to be busy.
There are numbers OfVessels lying idle on
the other side, but they are the ones that
are too expensive TO run and make
profit. As a broker put 1t, they would eat
buSIL ueduS oll, UT III OLuGT NDIu5 Tue owl
ers make more money by keeping the YES
| sells tied up than by running them, mas
much as what they would charter for
would not pay expenses.
The insurance and premium on vessels
are less from the Black Sea than from
America, and they can carry much larger
cargoes out of the Black Sea. The coal
ing stations in the Black Sea and Mediter-
ranean are close together, aud the coal
| bunkers that would have to be filled with
iuel on this side are filled with cargo on
| the other.
RATES KEEPING UP.
For instance, the Ealing, now in port.
can take $4,000 Quarters OF grain from the
Black Sea, but only LOCO quarters from
Baltimore. The expense OF loading a
cargo in the latter port is $500, against
$500 at port on the Black sea.
Since the treights started upward here
| the ship owners have turned their atten-
tion to Savannah, and yesterday the
| market seemed easier under offers of ves-
sells that can be sent to this port. The
brokers, however, who keep the run of the
vessels and know in what direction the
movement of ships tend at every moment,
say that the market is not likely to drop
more than siXty-fourth for a fortnight or
| three weeks.