The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-09-06
THE MORNING NEWS: FRIDAY, SEPTEMBER 6, 1882


an advance Of 14c. During March there was
good business throughout the month and with
! a comparatively firm unde-tone Buyers oper-
ating freely, the daily receipts were readily alb
sorbed and prices hardened, opening at 9l6c.,
advanced to 9-l6c. q ID closed at 956c. for mid
dlings. April opened at $3.50 and rapidly ad-
| vanced. This owing to the continued
heavy demand and the scarcity of of rings,
which, of course, restricted business. In point
| of fact the Offering stock was lighter than was
ever known before at that part Of the season.
The small stock was held firmly, and extreme
| figures were asked. so that prices steadily
| jumped until at the close of the month mid
| dlings touched 10l6c.. clear advance on the
| months transactions of Xc. May opened
with an advance Of 1sc. and a strong undertone,
| but controlling markets weakened, and spots
fell off. closing at 1915 for middlings In June
| not much interest was manifested, and the
market neld steadily throughout the month at
| lel3c., although the stock of the lower grades
fell off materially, owing TO the steady inquiry.
In July there was only a nominal demand, and
the stock was excessively light, prices opening
at lO9sc. for miidlings an advance of 1sc.,
which was held throughout the month. In
| August values went up to extraordinary figures
or this time OF the year, due m )re particu-
| larly. to the scarcity of a good grade of cotton
| and corner. There was very great demand
for cotton, and the early receipts of the new
crop were eagerly sought. Toe month opened
at lO5Sc., and advanced by Aug. 90 to ll1sc., the
highest figures of the year. Freight room being
scarce, rates were higher, and the receipts in
creasing, prices fell off to 104c., at which
| hgures the year closed.
Probably in no year in the history of the cot
| ton trade was there such demand for and con
sumption of cotton as the last The takings by
| both northern and southern mills increased
largely, while the takings by the European mills
was eXtr, ordinary. For the first half of the
year the imports of raw cotton into Great
Britain were 9,059O00 cwt against :, 24s, 900
cwt., an increase of 81 900 cwt. of which G. 461,
900 cwt came from the United States-an in
crease of $4,000 cwt. over 1888. In fact, the
| trade expansion was beyond all precedent. In
| this country 1t showed an increase of fully 15
per cent. for the first half of tue year. With
exporters, the business, while large, was not
satisfactory, owing to the quality of the cotton
and they met with many and heavy
losses, owing to the severe reclama-
tons from the other side Besides. they
met with serious trouble in filling
their contracts from the scarcity of tonnage
last fall, and the very high rates of freight pre-
| vailing throughout the season. From the pres
ent outlook il is very probable that rates Will be
| as high this season, if not higher, from the
same cause, and it is to be hope that exporters
nave not overlooked this. The planters, all
things considered, Jared very well. They got
| relatively full price for their product, which
vas of poor quality. The middlemen, or coun-
try storekeepers profits were not very satisfac-
tory to them owing to the smallneSs of their
| business AID the small margin on which they
| lid business the poor quality of the cotton
often times cutting off profits their purchases
| but this is always the case with a crop OF
bad quality, and it has taught t EN- 10
| be more cautious. The factors had better
trade than they otherwise wouli by reason OF
the poor quality of the cotton, which cut off
any active buying in the interior They all ex
press themselves satisfied with results. The
cotton of the new crop now coming in is very
| good in preparation and staple, and is bringin
a good price. 1t is therefore advisable to send
it to market before it begins to lose in weight
| There is at present a very great demand for
cotton, aud it is hardly probable that prices cau
| 70 muca lower in view of the light supply in
sight At the close of the cotton year on Aug
81, the following spot quotations were given b,
the Cotton Exchange:
| 81 Tin Fair. 1875
! Good Middling. Observation-Disclosures. lis
| Mddling Observation-Disclosures. ..... 1889
| Low MIAdll * Observation-Disclosures. l0le
PROSPECTS.
The outlook so far is excellent for upland cot
ton. The acr age planted is 20309 4S0 acres,
showing a net increase over 1888 of 2 "a per
cent. The production, it is now believed, vii
equal that of last year Notwithstanding the in
creased acreag', but some allowanc. is made
for poor stands in the ca ly part ofthe planting
| md fhn in p
The crop, however is advancing very rapidly
a the quality of the cotton now coming in is
of fine staple and color, and the outlook alt
gether is more pro missing than in many years.
Still it is not known what the future may triug
forth; an equinoctial gale would do a gre.
deal of harm. There is doubt there will be
a heavy demand for cotton for the
| first quarter of the season, as the
condition of the British manufacturer is said to
be remarkably prosperous. The exports of
goods are large, and the consumption of cotton
is increasing, showing that with increased pro.
duction all over the world, especially in view OF
the fact that the crops of the past two wears
were very large and were both absorbed. the
season begius with small stocks in sight Sc
that it is evident that the world can stand a
much larger production of American cotton.
SEA ISLANDS.
! The sea island crop of the past season was
larger than for several years Immediately pre-
} vious. 1t was, however, a poor crop In
quality, and, of course, was unsatisfactory &c
manufacturers of long staple cotton. In length
of fiber it was all right, bu, it lacked strength
and weak in staple 1t was particularly
t distinguished for the absence of really fine
l cotton, and also for the very large quantity
? of poor cottons, especially of storms ant
? stains as well as cottons of off color In point
l of fact. there never was known to be as poor 8
crop of sea island cotton as the one inst
5 marketed This was caused by the very bac
: weather during its growth. 1t was expected
l that large portion of the crop would Ia
| damaged more or less but it was moi
= expected that the damage would be as
| general as it was In comparisor
with the previous crop it was very much below
it, both in grade and quality, inasmuch as the
) very best quality Of it on equaled the third
best OF the year before and it was estimated tina
only about 10 per cent of the entire cron n
4 $4,000 bags could be counted as good merchant
able cotton. The results to the planters were
r quite satisfactory indeed, and pannei on
heavy. On account of the weather the seed
had rotted and left only the shell; consequently
where, in previous seasons, it had required fouI
and four and quarter pounds to lint a poun,
> after ginning last season, the average only re