The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-09-05
KING COTTON.

Inc year Just closed has been one of the
most eventful that the cotton trade has
known for long time. While fluctuations
in prices were many and violent, stin the
average values received were eminently
satisfactory considering what had been
previously expected. We may say that the
bulk of the crop was sold at eight cents or
more, while not more than five or six cents
had been counted on. Herein our great
southern staple demopstrates its suprem-
acy over all the other great products of the
country; it continues. to command profit
able price while wheat, corn, oats, hog
products and other commodities do not
bring in enough to pay for making them.
In measure. of course, this is dues to
the excessive production of some at least
of these less fortunate staples but this is
true only to limited extent for not all
were uniformly in such superintendent
supply. We must seek elsewhere for the
chief cause, Tnd 1t is easily found. The
world completes against us in the produc-
ton of food stuffs. Europe can draw to
meet her deficit In wheat and meat from
various other, sources than the United
States. Butwhen It comes 20 cotton, there
we recognize no competition-they have to
send for it to our shores, with their ships
and their gold, and also pay our prices if
we have no more than the world needs.
Truly cotton is king.
The crop has proved to be about 70OOs-
900 bales; the slight excess over that
amount as shown in the official reports of
the commercial crop is attributable to the
unprecedented earliness of the maturity
and marketing of the new crop.
Elsewhere will be found full tables of
statistics showing In detail Savannah re-
ceipts, exports, etc, but we may remark
here that we received nearly 800, 900 bales
or over 10000 less than last year.
This decrease in quantity received how
ever, has been more than compensated for
by the very much higher prices, ruling;
hence business generally has been more
satisfactory along with better and promp-
ter collections.
One of the most striking features of the
past years statistics is the marked in
crease in the amount of the crop consum-
ed south in the face of such universal de-
preston of general business throughout
! the country. Southern mills took over 900,-
600 bales, or about 10 per cent. of the total
| crop, against only about $4,000 bales-less
than per cent. of the total crop the pre-
vious year. And1 Especially is il to be re-
/ marked In this connection that since the
extension of mills has been principally in
| this part of the south, the increased mill
takings necessarily drew largely from ter
ritory contributing to adjacent ports, thus
! tending to that extent to reduce the re-
| ceipts at Savannah and also at Charleston
Under the circumstances, therefore, we
can Justly claim to have fully held our
own with rival ports.
Review of the Year.
As remarked above, the fluctuations in
| ha
/ wide.
The season opened with middling quot
| ed at ~ cents in Savannah, 3-l6 cents
| In New York and 1920 I'm Liverpool. AT
| that time the general opinionsof the trade
! was that the crop was 100000 to $780,
/ COO bales. Toward the latter part of Sep
| TENDER reduced estimates Of the yield be-
/ came prevalent; n was claimed the crop
/ was only 1000 900 bales, the first estimate
| OF that amount originating in Savannah
! In the course of a few weeks the trade
/ mostly adopted that view, and there was
! a scramble to buy both spot cotton and
! futures. BY the end of September the
| Savannah price had risen l cent to S1s
cents, and by oct l6, when the advance
| eliminated, Savannah was 1i-16 cents
Liverpool 4 l5-l6d and March futures In
New York above $50 cents.
In five days March futures had fallen
over 10 points TO $40 cents, and middling
/ AlVit W % NNAN'' ~ N'''''tNe VI NV " W
| York exchange was enormous, the report
ed sales on oct. q exceeding 500. 900 bales,
| being the largest on record.
This great break was brought about
somewhat as follows All along, and VIC
may remark for a considerable time lat
er, New York people were bearish. and
doggedly fought any advancing tendency.
| They insisted that the crop was under
| stated, and was really nearly 100000. The
! Commercial and Financial Chronicle was
| IN line and stated that It had been at
| great pains TO ascertain the truth. that
\ 1t could say with confidence the crop
/ could not possibly fan below 100000, and
was probably considerably more. II was
| stated that the banks would stop max
| ing cotton loans, and would call In ex.
/ listing ones. Various alarming reports
were circulated just as a savage onslaught