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

| of the crop was 100000 bales, Oeing
$50 600 bales more than for the year
| previous, predecated on the increased acre
age on the estimate OF a regular crop The
sea son for growing cotton turned out to be an
extraordinary one, as the plants continued
growing clear up to Christmas, and IN some
sections OF the cotton bAlt after that time.
Some planters were compelled to plow up the
cotton In order to prepare the land for the next
crop in preference 10 picking that remaining in
the fields the price ruling did not pay for
the cost and trouble OF gathering it. The
reason ascribed for such a IoUg season of cot
ton growing was the continuous rains through
out the fall months, causing both top and bot
tom crops to grow and mature until
killed by frost, and killing frost did not occur
until after the holidays. The wet fall
caused the grade to be very in
ferior. and this of itself caused an in
crease of quantity, owing to the amount
of sand and trash. At ali events the spinning
quality Of the cotton was undoubtedly very poor,
owing TO the above cause and to the maturing
of the top crop, the staple of which is always
inferior. 1t is estimated that the spinning
quality of the crop was reduced fully per
cent. less than that of former years, or in other
words, 500 pounds OF lint turned out per cent.
less in its manufacture than the same number
of pounds ordinarily does A striking feature
of cotton growing is that the south stands
alone in the matter of increased production,
and while cotton is cultivated in several coun-
tries, none of them have shown any appreciable
| increase. This country produces larger crop
every year. and while the consumption of cot
ton is steadily growing, the south is the only
| country to respond and supply the increased
| demand. 1t would seem from last
| years crop that it has brought the production
up to and beyond the world needs. Another
feature OF last years crop that the greatest
increase was in territory different from that of
the previous year, or, in other words, the in
crease was on the Atlantic coast instead Of the
Gulf. Georgia had the greatest increase. This
last fact accounts in a large measure for Sa-
vannah's great receipts. In point of fact, the
receipts at Norfolk West Point Newport
News, Wilmington, Charleston, Brunswick,
and. last but not least this port show a
greater increased percentage than the
Gulf ports. Our receipts were !, 139 eos
bales 62,646 bales greater than the combined
Virginia ports, and 10000 bales larger even
than Galveston's great receipts. The com ari-
son is all the more gratifying and pleasant to
Savannah In that it shows that her great strides
in cotton receipts and exposition as the second
cotton port of America are not earned at the
| expense OF her neighbors, they all did well.
AS previously stated, the crop as a whole was
very bad, and caused the difference in prices of
grades to be greater than for years past. being a
full 16c between the relative value of each
grade, and the crop as a whole hardly averaged
low middling in quality.
| In December Europe encountered serious
financial arrangements, growing out of the col
lapse of the Barings, which spread quickly TO
this country and caused money squeeze in
this market, from which it has not entirely re-
cial market had a very bad effect
on the cotton market, and caused
factors to refuse to receive shipments of cotton
TO this point for local account. owing to the
difficulty in obtaining money which no doubt
under ordinary circumstances otherwise would
have swelled our receipts to a still greater
aggregate. This state of affairs, however
was not of long duration, as the panic was
almost exclusively financial and found general
, business in a healthy condition, as our factors
I had fortified themselves and while they were
forced to turn down men who were spectators,
they managed to take care of merchant Gus
toners who were forced to have money TO buy
cotton. 1t Is all the more remarkable that our
factors should have passed through such a
crisis without some one of them falling by the
wayside. But such was the experience of
Savannah factors, which was quite the
contrary in almost every other south
ern market At this time il was
the experience of the strongest firms
having foreign connections to meet with diff
ficulty in executing exchange ON account of the
disturbance of confidence and the Gripping of
credit, such being the condition of affairs in
Liverpool Though remarkably low prices now
prevail and have for some months cotton held
up fairly we'll during these months in which
the larger part of the late crop was shipped
and out of the farmers hands, and this was the
case even after the holidays so that the sum
realized by them on the whole was fair 1t was
also peculiar feature of last season that
while the Georgia production as a whole,
, showed a very large increase South Georgia.
along the line of the Savannah Florida
and Western Railway did not make 65
per cent. of the average crop and
the planters in that section lost
heavily, although it is a strange fact but true,
that the South Georgia country very seldom
makes big crop or a small one. AS a rule
it always makes a fair average crop The
causes. however, are explained in this way: The
very heavy rains in this territory caused the
weed TO be very rank, and produced poll worms
and rotting of bolls. and some planters lost
their entire crops. The business as a whole was
quite satisfactory to the factors. They received
: more cotton for local account than they did the
fair except in the South Georgia and upper
Florida sections, which, of course. is accounted
for by the poor stand. The free storage system
offered by the Central railroad was practically
of no benefit to the factors, as they we're all com
PEELED to go outside of the rail
roads facilities for storage, the
| latter being unable to accommodate
i them The free delivery. however. was GER
tainlv of advantage to both factors and ex
porters, but the whole has been abolished by
the railroad for the coming season 1t is b.
- heved that exporters cannot say as much for
} the years business as others concerned and
with most of them it was rather a bad season,
and it is the opinion that a majority of them
lost money, especially as it is the custom with
% them in their contracts to sell gool grades
ahead and hedge on futures; but owing TO the
scarcity of good grades and while the decline in
: spots OF the good grades was slight, the decline
~ in futures was heavy, which forced them to pay
higher for spot cotton and to lose heavily or
= futures. The heavy losses on the good grades
of cotton took away large amount of their
profits Still, it was gratifying to note that
with ali the depression there was but one single
failure recorded in this market
There was nothing erratc in the course of
prices during the year, for they deviated
in but few instances from their do inward
course throughout, while the opening of the
season saw the highest prices of the year
| September opened at Toe for rnid5linu only 80