The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-09-04

10 overcome the tax; and IT'S feared tnat Lney
will be enabled to bring about this, il financial
conditions are no better than they have been,
and last years Injurious stringency should be
repeated 1t is not altogether certain that We
shah act be exposed this fall to like expe-
rience even in the face of a big grain crop. The
receipts at Savannah, it is believed, should be
fully as large, If not larger, than they were the
past season. even should there be a short crop,
as there are as many railroads in operation;
and with the addition of the South Bound along
with the strong combination of railroads
in the control OF the Richmond
Terminal Company and its large
western connections a great deal of cotton
should be diverted TO this port for an outlet in
stead OF to the Gulf or northern ports. At the
closeof the cotton year on Monday, Aug. 81.
the following were the spot closing quotations of
the Cotton Exchange
Mlddhng Fair OBSERVATION-DISCLOSURES. So
dood Mlddling. ..............,.....-. ...... S1s
~" ''....--..----.. .--..'...- 20
GOOD ordinary ......-... ......-.. ......... 636
VI diuotJ- o]4
PRosRscTs.-The acreage is undoubtedly
sniallef than last year and the Condition of the
plant is not near so favorable The spring sea
son was unfavorable for planting, owing to its
lateness ana the frequency Of the cold spells
which caused the crop TO be spotted. The
drought prevented the bulk OF the crop from
terminating after it was plan ed Of course
the very early planting which was not destroyed
by frost made some ea-ly cotton. But the best
part Of it is very late. The bulk of the cotton
lay in the ground until June before it came up,
The usual time is May. 50 the crop is largely
about a month later in consequence.
But this has been partially overcome
hxr 90,
July and August. But from the present stand
point it is still two weeks late. The present es-
innate of the production, based on the acreage
planted with an ordinary season and a dry fall.
should the plant stop growing in October, will
approximate 7.750,00l bales. But should an
early killing frost intervene it will cut this esti-
mate off cousderably-some think a million
bales. IL is thought, however, that prices will
not go much below what they are now. But
the south has been very conservative the past
year. owing to the prevailing stringency aud the
previous low valuation Of cotton, and has bought
very sparingly and sold in ameasure moderately
as compared with former years, The farmers
have also made their crops cheaper than ever
before from necessity, AT present prices it will
take at least 20 per cent less money to handle
the crop. This will prevent the great pressure
that prevailed year ago.
SEA IsLANDs.-f last years production of
upland cotton was a revelation to the cotton
world (which it was, though it was generally
considered impos5ibility to raise 5000 900
bales few years back, what then must be the
effect on the fine trade of the s.upendous crop
of sea island cotton Just marketed The total
crop was the largest ever known In its history
1t is strange. too, that 80 much of the crop
should have been raised in Georgia. About the
same conditions governed the production
| as I'm the upland crop, and both suffered
almost identically the same setbacks, in
this state and Florida. In the latter state the
bolfworm struck the plant very heavily and in
| some sections almost the entire crop was de-
| stroyed on a plantation The same was the
case in the lower tier of counties of Georgia.
| But in the counties adjoining this port the de-
crease was amply Offset by the increased
| production The percentage of increase was
] phenomenal. mot alone in this section but in
/ the entire sea island belt. But of course
| Georgia shows the saeatest ineSease. The entire
crop reached 68.059 bags of which Sa-
vannah received as, $50 bags about f1veeighths
of the crop, and more than all other ports
combined Indeed Savannah's receipts have
more than equaled the entire crop of re
cent years. The grade, as In uplands
also suffered But the percentage OF
injury was not as great as Ia the latter Yet
the greatest drawback of all was the fearful
drop in values. The season opened at about
23c. for fine and closed at about Ice. per pound,
ashrlnkage in the valuation of fully 1925 OO030 90
per bag. 1t Is just here that the shoe pinched
and caused this market no little inconvenience
owing to the heavy decline, as great many in
the wholesale iobbng trade here are dependent
more or less upon the sea island crop conditions
| it-,,
brought to the support Of the market investors
who regarded the opportunity for profitable
investment as one seldom witnessed, and they
purchased very freely. both for foreign
} and domestic account. Its cheapness also
} induced spinners to increase their holdings OF
this Glass of cotton to be used in future manu-
featuring of more diversified lines of goods
which, under ordinary circumstances would
have employed a cheaper class of cotton, such
as Egyptians, etc. AS regards those engaged
in the trade non, can speak enthusiastic ally, SO
far as to results. The planters did not make
any money during the season. as the bulk of
the crop was disposed of al figures at about
and in many instances below, the cost
of production. Owing to the
rapid depreciation the middle men
lost money. Factors are about the best off
particularly those who did strictly o legitimate
. commission business. They, of course, made
proportionately less commission. At the same
time. they we're compelled to handle a great
| deal more cotton, entailing more work and ex
pense. Factors reported also that collection.
, were very poor in some sections, and they have
been Obliged to carry a number of middemeu
and planters over to this season. OF course,
: this condition was not general, but mostly
local. where planters made. failures, or partia
failures, Of their crop. This was especially the
, case in some sections OF Florida. Savan
, nah is particularly interested In this
crop, as it is strictly local trade. Pretty much
the entire receipts count as local receipts, anC
the bulk of the crop is controlled by the
merchants of this port and handled with theil
| capital They are TO be Congratulated, how
ever, on marketing such an enormous crop, il
for nothing else. $3.50
| SEPrENBsR-There was the usual sparring fol
an opening in prices. and the most of the early
| purchasing was for types. The receipts were
| pretty liberal as the month advanced, and were
| mostly of the fine grades. The opening business,
was at PC for medium fine, at which figure the
market was very steady. buyers were less dis
posed to advance bids as the month progressed
until at leugth it CLOSED quiet at PC tor medium
fine, with good demand api little Offering
The receipts for the month We're Gal bags and
the sales 400 bags.
OCroBER-The receipts during this month were
G. 937 bags while the sales were only 1913 bags.
1t opened steady. with good demand at 226
22Ac for medium fine the outside figures being
the highest price of the season paid. Early in
the month it became very quiet and the inquiry
moderately turning to an easier feeling, owing 10
the desire of holders TO realize. caused iOh Mt