The morning news., 1888-09-06


shown as great percentage Of increase
as this Indeed our receipts are within
about 10 0Oo bales of the combined Virginia
ports All the Atlantic ports show quite
an increase, while the gulf ports show the
greatest loss and New Orleans, the heaviest re
ceiver, barely holds her own. her increase being
very slight, considering the size OF the crop
This state of affairs is attributed mainly to the
railroads. as with the change OF gauge, Shippers
= and BUYERS in interior towns prefer to ship over
land to the more northerly ports, in cases where
the difference between the railroad rates and the
sea route rates is not greatly in favor of the
latter. OF course pooling is still in exist
ence. but the Central railroad system
Savannah's s main feeder has had some advan-
tages during the past season which it did not
enjoy in previous years. in the way OF add
ttonal railroad branches and consequently in
covering more territory, besides being able at
all competing points to make rates by the ocean
route as low as by the all rail route to Northern
mills The fact is demonstrated every year
that cotton will as rule. seek the nearest out
let and the most rapid transit. An enormous
| amount Of cotton was carried last year by the
| Ocean Steamship Company with such dispatch
! that by the Christmas holidays the
| heavy cotton business was practically
| over The factOrage business is also
pushed forward more rapidly each year, and
| the cotton season is steadily growing shorter
| for the bulk of the business. 1t rather
| strange coincidence that while for the first five
| months of the year the general business trans
| acted throughout the country was from to 10
| per cent. less than during the corresponding
period for any of the last four years, the cotton
trade was not affected, but on the contrary it
| was prosperous, and planters derived material
benefits from its prosperity as they enjoyed
| better average price for a considerably
| heavier crop, without any additional
cost in its production and shipment to
market. This condition of affairs existed
although number of steel and iron and other
manufacturing establishments were closed
leaving thousands of needy workmen idle. Be
sides there were numerous railroad strikes in the
country.
Now as to prices The season opened with
depleted stocks throughout the world, and the
heavy receipts in September had the effect Of
weakening values, the month opening at 8 1516c.
for middlngs and touching &C., only to fall off
again, closing at ll-16c.-a full decline of kc.
October opened with further decline of 1sc.,
but prices 500 became somewhat ire yular and
unsettled, owing to complaints of a lack of
freight room. After this difficulty was
come, they rallied, and the month
closed at full advance of 7-16c.
November opened up firm, with more freight
room Offering prices held up at Sc, for mid
ding when the reports of the Cotton World
and of the agricultural bureau were published,
and values became excited and advanced rap
Idly holders became firm on easing freight
market, when buyers were rather Indifferent,
and factors turned free sellers, so that prices
fell off SC, closing the month at 99sc. for mid
dlings December opened up at a slight ad-
vance, holders being very firm, and stocks were
well in hand, but later on, as stocks began
to bank up, owing to some scarcity of orders
while the receipts kept up enor-
mously and while there was considera-
bic doubt and uncertainty as to the size of the
CROP the better grades held firm, but the com
mon grades were increasing and easier, as
stocks kept accumulating in factors hands.
The close of the month found exporters without
| orders, and although the lea1ing markets were
firm and higher factors at this point were Of
fering freely. and the month closed at 0asc. for
middling January opened steady at unchanged
pric,s, but on free offerings fell off 1-1Sc with
quiet market, but later on became very firm,
and prices rallied again to 91sc. closing with
clear advance of Ac.; and although quiet it
found buyers and sellers more closely to-
gether in their views February
opened with very small buying and
stocks again began to accumulate but not to a
burdenSome extent, owing to a very easy money
market. TIE month closed duh at decline of
1-16c. March opened with holders very free
sellers and prices steadily declined but on re-
| duced holdings buyers and sellers became some
| what apart. At this juncture the blizzard oc-
| CURED in New York, shutting out that market
| from communication for several days, and ex-
| porters stopped buying but the month closed
| at q full decline of 51Gc. April opened dull ct
| 91fc, for middlings, with holders making con-
cessions prices fell off 3-16c.. but at the close
had recovered fully 1sc May opened at an ad.
vance, and middlngs touched 8 9-16c,
| but at the close of the month
| stocks were found to be larger than usual and
orlers very scarce, so that prices fell back to
9llc. June opened dull hut after the first week
| began to improve with holders firm and
asking full figures, and although re-
ceIpts were heavy. the desirable grades were
scarce, and the close of the month saw a
| full 4c. advance, the month opening at 9l6c
for mddlings, and closing at 934c. In July there
was only nominal business doing, the demand
being light, and Offering stock small, but prices
| advanced steadily until, at the close l0c. ruled
for middling. The effect OF the pool was felt in
| futures for August. In August there was
quite a firm market, and the squeeze
| forced prices up to 10ssc. for middlings,
| the highest prizes OF the year, but on the 18th,
| the pool being broken, prices again sagged off
| and reached their normal level the year closing
| with middings at 0ssc. The reasons given for
| prices holding up so well were the underesti-
mates of the crop held until late in the spring.
| The crop very clean and graded well, so
| that exporters were enabled to do business
without fears of reclamations. The overland
movement was very large, aud the season s
| business shows that the northern, as well as
southern mills are becoming heavy pur-
| chasers, the combined American mills
taking fully third of the crop
| Factors complained that the early part of the
season the Savannah Florida and Western
| Railway Company rather hurt their business in
some points in Florida, by giving buyers in the
interior the advantage of free COMPRISING
This enabled the exporter to buy the cotton IN
the interior, offering comparatively better
figure than ruling in this market as the
ship gave rebate of 65c. a bale for all such
cotton, and the only remuneration the railroad
got was 15c bale for the care of the cotton;
| but later on iu the season this was remeded.
| How the planters Jared is not known, as the
| business of cotton handling is becoming more
| circumscribed every year. so that the factor
has less to do with the planter directly
and more with the country storekaeper. OF