The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-09-11

D
J proved TO be Of the greatest advantage in
many respects. II relieved the stringency IN
/ every department Of business. apd placed the
/ south at once IN a better financial condition
/ than any other part OF the country. It also
I assisted In great measure in relieving the
/ depression throughout the entire country.
/ The repeal Of the Sherman silver law, at
/ this time, aided in the renewal Of confidence
/ in business circles. and speculation was in
/ spired with new life and energy.
| The pr.css paid during the early Tart OF the
| season were the highest OF the year. Com
| mencing with 16c paid for mid ling on
! Sept !, the demand. together with the light
/ movement and tie general belief that the
/ crop would be short. caused prices TO grad
| Tally advance to s. on a basis for middung
al which point it came to a halt near the end
OF October. From that me until the end Of
the season, values steadily declined under
the pressure OF the unexpectedly heavy re-
ceipts and a disposition on the part OF Europe
to bear the market.
There were frequent rallies during the bal
ance Of the season, but at every turn the in
fuence OF the Hatch anti-option bill which
boboed up repeatedly in congress, caused
check In the speculative markets and de-
pressed the value Of spot cotton. Later. the
influence Of the uncertainty Of the passage Of
the tariff bills had its effect upon the market
and was a lea ling ia tor in the depression OF
the business up to the very end OF the sea-
son.
notwithstanding the many influences
brought to bear upon the market 70 re-
duce values, the cotton planters were in
letter condition, financially. than
they had been for many years Their crops
were planted, cultured and harvested with the
most rigid economy, on account Of necessity,
and the yield was far above the average; con
sequently they were enabled to pay up their
creditors promptly, and have enough left to
start another season in good shape. The
prices of food products we're relatively lower
than cotton, which was another feature in
favor Of the planters
The total crop was in excess OF the esti-
mates made at the beginning OF the season.
and the calculations OF many OF the auJhori-
ties we're far out OF the way. The crop for the
season of 1884 ending on Sept. 1, was 7,549,-
SO bales, an increase OF $40 ASP bales over last
season. and decrease OF /, AS 82s bales in COM
parison with the crop Of the season before
last.
Savannah received 971, 4O5 bales against 1893.
sos bales for the season OF 1928, showing an
increase of III, 507 Uales in favor OF the season
just ended. Her receipts exceeded Charles
tons by 563,562 bales, after allowing the lat
ter port the benefit OF about IS 900 bales
which had already been counted as net re-
ceipts here, and transported to Charleston to
find room in ocean steamers for Europe The
combined receipts Of Norfolk, Newport News
and West Point did not reach those of Saw
annah by l7s7 $50 bales.
This was in the face OF the fact that the
dinerential freights, which had previously
existed, were taken of, and the Virginia ports
given the advantage of the situation Under
the disadvantages. OF the discriminating
rates against Savannah and the increased
crops in Texas and Louisiana. the llf ports
New Orleans ana Galveston, respectively
held the first and second places in the list Of
receipts. Savannah, however, showed up
prominently as the third largest cotton mar
ket in the country, and her rece pts far ex.
ceeded those Of any other Atlantic port
With the proper adjustment of railroad and
ocean freight rates Savannah can greatly
increase her receipts Her advantages are so
great that It would he a din1cult matter to
divert her trade from her.
In the local market thelarge receipts kept
up until the middle of June and moved off
| rapidly during the entire season. There was
no glut. There was hardly day that the
factors did not find their tables pretty well
cleared up, and the sales we're at all times on
an average, at fair prices, considering the
conditions which depressed the general bus
mess OF the country.
The demand from European spinners kept
up wonderfully well, and taking into consid-
GRAFTON the fact that the stocks at Liverpool
! and the continental markets were larger
than they had been for a number of years at
the beginning Of the cotton season, 1t was an
agreeable surprise that they took 1 COD OJ0
bales more than they did the season before.
thus absorbing the difference in the amount
Of the two crops.
| The domestic splnners were almost en-
tirely out OF the market, and the business re.
ceived from them was of a very unsatisfac-
| tory character. The disturbances of the
| tariff and the general depression throughout
the country caused them to act cautiously,
and only buy supplies for their immediate
needs.
ceived at Savannah during the season
vas exceptionally fine. The weather, after
the first days Of September cont.n ed favor
able for harvesting, and assisted in luxuri
ant growth of the second crop. These con
ditions existed up to the first of January
when the entire crop had been gathered.
The local factors did a very satisfactory
business, as a whole their receipts lie d III
well and were on an average with the r ex
pectations and desires. Advances made to The
planters we're somewhat less than had BET 7
the CO Sc in former sea- ons, owing to the eau
tious policy adhered to in all departments o.
trade, but the liquidation of what account.
were out was, as rule, very satisfactory
| Collections were conn 'atively good and few
losses were sustained.
The price of cotton has steadily declined
until it has reached a minimum far below tn,
average price for many years; but as tn,
economy dis. "a ed In the mana cement OF the
business in every detail, from the time tn,
seed is put in the ground until the staple i,
delivered to the spinner, there is s, m e hop,
Of getting a profit out of the crop In tn,
face Of the estima ed large crop Of the comins
season, there is little reason TO expect an i'm
mediate change for the better in point O
values, but with the satisfactory coalition,
which now Isl among the planters, and nj
more fear OF legislation to interfere with tn,
trade for some time to come, il is conddentI,
believed that this season will be a prosperou,
one.
The situation Of the Savannah market
during the season Of 1884, is given in tho
following summary, by months, from tn,
opening Of the season on Sept. l. 1898. to tn,
ending OF 1t on Aug. 81, 1894.
Septem ber-Under the inlunce OF light re