The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-11-08
cOTTON'S REMARKABLE YEAR.
PRESIDENT GORDON's REPORT To
THE COTTON EXCHANGE.

Interests-The Need for "a sub
Treasury-Better Quarantine Fa-
ciIIties and "a Deeper Anchorage
Needed-The Industrial Outlook.
The cotton exchange held its annual
meeting last night The reading of the
presidents report was the principal mat
ter before Il. The attendance was un-
usually large and the floor of the ex-
change was crowded.
President Beirne Gordon, IN submitting
his report dealt at length with the vari-
Gus interests of the exchange He re-
viewed carefully the years business ana
touched upon the future prospects Of the
cotton industry.
The purpose Of the cotton exchange is
TO foster the commercial interests of
Savannah and Capt Gordon did not con-
fine himself wholly to cotton, but referred
TO the various enterprises which are like
~ to advance the interests of the port
His report was closely listened to, and
its recommendations were warmly COM
mended.
After briefly abiding to the member
ship of the exchange and the work Of
its committees, President Gordon said:
The tabulated statement prepared by
at this port during the past season were
smaller In the gross than those of the
previous year by 25,l33 bales, or 25S per
cent The net receipts have been smaller
than those of the previous year by 25.O20
bales, or 2.5S per cent, and constitute 9.55
per cent. of the total crop, as against u. IS
per cent. Tor the year lSS3-94. This de-
crease is accounted for. however, by the
fact that during the season 1S93-94 67OS8
bales We're received and counted here and
afterward shipped to Charleston, where
uu not
the past season all cotton arriving here for
Charleston and Port Royal amounting to
io,zlO bales, was counted at those ports
ana not counted in our receipts. In max
ing a comparison Of the two seasons bus
mess We should either add to the past
years receipts 1920 bales or deduct from
the receipts of 1894. 67,0SS bales for cot
ton reshlpped &c Charleston and Port
Royal Following the latter method the
receipts for the past season would show
an increase of Al g55 bales in the gross
and 4206o bales in the net, as compared
with 1854, instead of a decrease of
29,lS3 bales in the gross and 25,020 bales in
the net.
1t may not be amiss Just here to call
attention to the foregoing and ask if there
are not Determinations in the shape Of
rebates whereby this port suffers and 9TH
er ports get business that really belongs
to Savannah. If this be so, does Il not
behoove all those interested in the cot
ton business TO endeaVor with the aid of
the Bureau of Freight and Transportation
energy and enterprise of our merchants
cannot be questioned, and it should be
only necessary to draw attention to the
above facts to have the matter taken in
hand and rectihed so that when cotton
reaches Savannah III will be exported
thence and be counted in Savannah's re-
celpts and exports, instead of passing
through to other ports.
The value Of cotton per bale was consid-
erably less than in previous years-hence
the shrinkage of several million dollars
in the figures of Savannah's cotton busi-
ness. For the year 1S94-95 the average
value of upland cotton was $27,71 and of
sea island cotton $66.55; in 1884 IL was
1896 for uplands and $76.02 for sea islands,
the difference, as will be seen, being about
$40 per bale.
The past year has been one of the most
remarkable on record. There was an over
whelming crop and a drop in prices to
5 9-l6c, the lowest price touched in New
York for middling, and 47sc for middling
in New Orleans. These are the lowest
prices on record since 1915, when
the lowest price touched for
middling was Sd in Liverpool,
DC in New York, and 4Ssc in New Orleans.
The causes which induced this extreme
depression are well known to us now viz
the unsettling influence of the tariff de-
bate, the enormous port receipts foresha-
downing the largest crop in the history of
the world, danger of over production, and
later, the Japan-China war.
Although every interest and everybody
has been through a trying experience, yet
II has proved to be a blessing in disguise
to our farmers, and through them, in a
measure, benefit to us in Savannah and
the whole south. Farmers have made their
crops this year more economically than
ever before. They have made plenty
of provisions are selling their cotton at
an average of SIC per bale higher than
| they expected Hence, although the cot
ton crop is smaller, the farmers are finan-
cially in better condition than they have
| been for several years, and their pros
| perity means prosperity to the cities in
| which they trade.
The total crop of sea island cotton for
the year was 1858 bales, the largest ever
! grown, exceeding that of 1S93-4 by 13 =
| 575 bales, that of 1929, 29 $50 bales and
| the largest previous crop, Chat of 189O-9l,
| when the total was 6S,l26 bales, by
| 6,50l bales OF the above Georgia raised
! SO, 703 bales.
From the above it will be seen that Sa-
/ vannah still holds her own as the third
| upland cotton market in the country, and
| Georgia ranks first as sea island cotton
| growing state.
In reference to the railroad situation.
| President Gordon says: THE past year
! has shown great changes in the history of
| railroads all over the country. 1t is graft
| Tying to know that in the past three
months there has been a decrease in the
| number and magnitude of companies in
! the hands of receivers. Only four roads
! have been turned over to receivers since
July last. Reorganization up to that date
! seemed to be the order of the day, and
| Savannah was no exception We have seen
| the sad spectacle during the past month
! OF the sale OF the grand old Central Rail
| road and Banking Company of Georgia
| which had been for many years the pride
and, in a. measure the mainstay of the
/ prosperity of this city. It's ownership and
| control has passed forever from Savan-
nah and the people of Georgia. The South
| ern Railway Company, as successors OF
| the Richmond Terminal, are now the own
ers of the road. and its policy, favorable
| or otherwise to Savannah. remains to be
| seen.
Attention is called to the purchase of
| the Savannah, Americas and Montgomery
railroad by a new corporation, which has
| changed the name to the Georgia and
| Alabama railroad. AS this road is to be
run as an Independent line, it will afford
| competition at some important points The
| recent settlement in Worth ands Wilcox
| counties of a colony of 10000 families from
! the west, may be a precursor of still more
| desirable emigration TO our state, and il
! will certainly add TO the local traffic OF
the railroads, and our merchants should
| secure this business for Savannah"
| Abiding to the sub-treaSury matter
! President Gordon says: THE effort to
| secure the sub-treasury at this point
should be fostered. The following state
| ment of bank clearances certainly shows
! that Savannah is the only reserve city. -
| the national distributing point and the
| chief financial city of this Section
THE clearing house returns show an
| aggregate for the year of SllS.1S3, l66, as
| compared with Sl02, 0S7, lis for 1Ss3-9s
| which conditions are {tfST the rnvPrsa ~