Savannah morning news. [volume] (Savannah) 1868-1887, 1886-09-07

Aug 4 sav r n stook.llS 100 1876 1z7
W r Co stock. lis lI5l< I24 125
Atlanta & West Point
stock .........9 9i 05 l0lh l02
Atlanta & West Point
X X per cent de-
Oentures ........... 941x 95 i03M l04x
| Cen per cent de-
bentures .......,.... 81 20 102 l0211
Savannah Gas Light. ie IL 10 20
| Mutual Gas Light. ... 2l % 2S Is
southern Bank State
Bank. 49,. ....... 12s 1872 l5O 1855
Savannah Bank &
4EusC CO............ " 63 10 20
COTTON.
The cotton season of 1856 opened
up brightly. The prospect was that the
crop would be the largest ever grown.
The acreage was the largest ever planted.
| while the condition of the crop could not have
been better. Under this condition of affairs
there seemed to be hardly a possibility that
the cotton trade would in tho short space of a
! few weeks meet with such q combination OF
circumstances as to change the bright antici-
pations into feeling of glo IN. The past
seasons features we're peculiarly its own, and
throughout it bore no resemblance to any
other season in memory. There were great
many influences which, it was thought, would
| so. Probably no other season witnessed
| moro even run in values. Apparently spec
ulation did not disturb prices violently, and
the declines, though small, were gradual until
| the lowest prices ever known were reached,
| and still the season closed with only differ
| of &c. lower than at its opening, and this
| with the largest crop with but one exception
| ever produced. 1t is fact that no such
| prices were ever seen since the war except
on the occasion of the great Glasgow bank
| failure. The condition of the planters, as a
| rule, was not improved any. and a great many
were badly crippled by the low prices ruling
throughout the season, although they seem-
| ingIy pursued an economical policy during
| the year. The damage to the crop occurred
| last October, when almost every section of
| the cotton belt was visited by
| storms which did incalculable in
| jury to the crop. II lessened the value Of il
nearly If not fully One-haIf, and resulted in
the production OF one of the dirtiest crops on
record. This, of course. was the greatest
cause of prices declining, as it hecessltated
carefulness in buying. The grading W as verv
unsatisfactory. While the texture was ap-
| parently not injured the discoloration aud the
| dust and leaves rendered its manufacture
| difficult and expensive. There were several
| other causes which forced prices down. For
instance. the great labor strikes throughout
| the country, which have never been equalled.
| The silver question and the inacton of Con-
| gress in regard thereto, as we'll as the decline
| in price of silver In England, ell tended to de-
| press the market, particularly at controlling
| centres. In November prices underwent a
slight reaction. ana the declines OF the previ-
GUS months were partially recovered. This
was caused by the heavy overland move
ment going on at that time, which was very
large, and which has continually increased
| until at this time the takings by Northern
spinners is without doubt the heaviest known
| within the history of cotton. The knowledge
| OF this fact tended more to hold prices steady
than any other cause. The improvement no
ted by manufacturers at the beginning of the
| season was a fact. and the past seasons work
| by the Northern mills was more than satisfac-
| tory. Very few closed the season without
| substantial dividends. The improvement was
not rapid, but rather gradual. 1t was the
| first in some years, and the profits on their
| productions, though not large, were more
! than anticipated at the beginning of the sea-
son. The Southern mills were not quite SO
fortunate, having been partially crippled by
their takings of the two previous seasons. The
| fight between the Florida railroads, and the
Savannah, Florida, and Western Railway
Company and the Central railroad in the
matter OF freights by way of the
Chattahoochee river rather tended
to interfere with the workings of bueincss at
this port. The pooling system among the
railroads is still in practice whIoh. of course,
does not assist our port any, and continues to
take cotton from territory tributary to Savan-
nah. The East Tennessee, Virginia and Geor-
! gia Railroad Company went out OF the pool
| in the early spring, but it was during period
when little injury could be done to the inter
ests Of this port, as the cotton crop had been
pretty well marketed. That road has since
| returned. Buyers for Norfolk and the East
| Tennessee, Virginia and Georgia railroad in
vaded our legitimate territory. and by q sys-
| tenn of rebates managed to take a great deal
OF cotton from this port, its natural outlet
Notwithstanding its shorter route by the Gem
| tral railroad and the cheapness of its trans
| portation by water hence to Northern ports.
A new and peculiar feature of last years cot
ton business, OF which factors have
| complained, and which was com
mentcd uron very severely. was The
receipt Of considerable quantities OF com
pressed cotton from the interior, which turned
out very unsatlsfactorily. A great de al of 1t
was found to be mixed and water packed. II
was found also to be difficult to eample salts
factorily. Such cotton leaves an open ground
for fraud. This should be remedied. The past
seasons work was not satisfactory, az a
whole, with factors. Some did rem rkably
well, while others were quite unsuccessful.
The most remarkable fact was that the
smaller factors Jared better than the heavier
ones, and several Of the latter complain very
bitterly OF the results of the years business.
Although collections we're very fair during
the year anu the losses we're no more than in
former years, not as much as in some, the diff
ference in the quality Of the co tton, the bulk
OF which was OF very low grade and sold at a
low price, made the result Of the years busf-
ness unsatisfactory. IL 10 certain, however.
thateXportors did Burer business as com pared
with other yoars. Their profits of course wero
light, having bought on very small margins.
bul how they really Jared cannot as yet be
told For some there are reclamatons com
ing in. But there was altogether difference
in the feature or buying compared with the
previous season. Notwithstan ding that the
market was going down the condition OF the
crop was such--it being remarkably bad-that
a margin was left for experts to como in. The
practice OF buying at the plantations was not
As general as formerly on account Of the bad
preparation and the differences and mixed
conditions in the quality OF tho bales. The
a .Io nit.