The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-11-21
UP ANOTHER SIXTEENTH.
COTTON FACTORS PUTTING ON
SMILES AGAIN.

A Belief That the Downward Ten
dency of the Market Has Ceased
and That Prices Will Begin to Climb
Upward Soon - Estimates of the
Crop Raised From 100000 to a
Higher Fisure-Farmers Who Held
on the Market Now.
Cotton went up one-sixteenth of
cent again yesterday. and the cot
ton factors wore smiling faces and looked
more confident than they have looked
in week. They now hope that the
downward tendency which has prevailed
for several weeks previously without break
almost, has ceased. and that the price will
begin to climb upward. They do not ex-
pect the advance will be anything but slow,
but they will be satisfied If it is only steady.
The buyers are rather inclined to dis
count the advance, however, as nothing
more than a reaction against the continued
downward tendency. They say that the
receipts are still heavy and there is nothing
to justify any considerable advance.
A PRoBLEMArIoAL MARKET.
The cotton market may now be described
as In q problematical state and the question
that every cotton man would give small
fortune to solve is whether the price has
reached bottom, and il not, how much
lower 1t will go, The buyers a few days ago
were predicting that the crop would pass
the 100000 bale mark, and that cotton
would become drug Ia the market at 61S
cents.
They are a little more conservative now,
and there seems to be a general belief that
the heavy receipts have about had their
run, and that receipts will shortly begin to
drop off as compared with last year.
The factors have raised their estimates Of
from 1000, 600 to 1850, 900, and now admit
that the crop will be something above the
latter figure.
THE BULLS POSITION.
The bulls have a strong position In tho
| fact that the season has been one OF the
best for maturing and harvesting the cotton
| ever known, much better than last year, as
shown by the staple, which is exceptionally
| fine, while last year the reverse was the
case and quantities of storm cotton were
| thrown upon the market. And further the
evidence is undoubted that the farmers
necessities have compelled them
to market the cotton as
| fast as it was harvested. The farmers
lost heavily last year by holding back their
cotton and this year they had no alternative
| but to sell.
|
tits a crying shame, said young cotton
man from the interior who was in town
this week, ITO see this splendid staple going
at such q price, II the farmers could just
hold it they could demand their own price
| for it next year. The manufacturers
have recognized its superiority and are
taking it right along at those low
prices II the farmers had only sold last
| years poor staple when they could have
got OK for it, and held this years
fine STAPLE for what it Is worth, they would
have made fortunes by it.
"a farmer showed me the other day q
large lot of last years cotton which he had
held over. and for which he had refused an
| offer of o5k cents. He wanted me to make
do so. It was vastly inferior and
cheaper than l could buy it right here. /
had no orders for the cotton, however, and
l suppose it went somewhere else.
THE LOW GRADES IN DEMAND.
The fact is the low grades of cotton are in
demand and the buyers report orders for
these grades hard to fill The fine staple ex-
ceeds the demand. Whether the whole crop
is short or not it is going to be short in the
southeastern section. Receipts are already
beginning to fall off at the South
throughout the interior uniformly
| state that the crop is all in and the greater
part marketed. The crop is estimated at
many points 70 be from 20 to so per cent.
short.
The crop in the Mississippi valley and
Texas lie known to be heavy, but the ques-
ton is how heavy. The setting in of cold
weather may have some effect upon it, for
unless stopped by the bad weather the
planters in the heavy river bottoms will go
right on picking until Christmas.
81 can tell you something new In the cot
ton trade of Savannah" said cotton buyer
yesterday to MoBNING NEWS reporter.
az was offered l ,000-bale lot of Texas
cotton this week, laid down here, as cheap
or little such that they could afford to
lay Texas cotton down here Is well as at
Galveston or New Orleans We may see
Texas coston going through Savannah be-
fore long"
With cotton from Texas and from Mem
phis Savannah would have no trouble in
holding her own as the second cotton port
} of the country and might worry New Or~
leans considerably. With twenty-six feet
of water the question would be practically
settled.
} A northern gentleman who is a large
holder Of Florida lands and who is interest
ed in sugar planting In Florida, stopped at
the De Soto on his way south this week. In
talking with several business men OF Savan-
nah he said it was his intention to try the
experiment of making rum from the mo-
lasses Of the Florida cane. He had investi-
gated the subject, he said, and he was salts
fed that high grade of rum could be
manufactured from the Florida cane, and
!, that it would be very profitable BUSINESS.
! II rum that can compete with the West
Indian brands can be manufactured in
Florida there is big money in the business
for the manufacturers.
1t is probable that the cultivation OF
tobacco will be much more general in Geor-
gia next year than ever before. The utter
> failure of the cotton crop financially will
induce hundreds of farmers to try tue ex
pertinent of tobacco raising. Many of the
commission men will eudeavor to induce
7 thni- l,,Iatnrnnra % rAlant tnhnccn