The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-11-11
1WENTY-sK YEARS OLD.
ANNUAL MEETING OF THE sAVAN-
NAH COTTON EXCHANGE.

Reports Submitted by President
williams and supt. Merrihew-Ex-
changes Finances in Good Condi-
tion-The Annual Election to he
Held MOnday-Present Officers and
Directors May Be Reelected.
The Savannah Cotton Exchange held its
twenty-sixth annual meeting yesterday
afternoon. AS usual, the only
business transacted was the reading of the
annual reports of the president and super
intendent and of the various committees
Of the exchange.
In opening his report President
Henry T. Williams, mentioned as the
greatest cause for congratulation" the
freedom from sickness during the sum-
mer, when troops and ships were passing
to and from Cuba, and our neighbors on
the Gulf were suffering from yellow fever
in a mild FORM
The enterprise of our community has
increased from year TO year." said Pres
ident Williams, land, while the large fleet
of vessels that line our wharves has en-
abled US to compete successfully with
other ports, the erecting of commodious
wharves by the Central of Georgia Rail-
way Company and by the Savannah, Flor
ida and Western Railway has given us
distinct advantages over our competitors,
not only in the handling of cotton, but
also of all other merchandise finding its
way through this port.
Every effort has been made for the
better care of cotton, and on this ac-
count Savannah now deserves to have dis
elimination in her favor.
During the past season the receipts
of Savannah have been larger than ever
before-1, 1926 bales-and this increase
has been due partly to the large crop, but
more especially TO the determined effort of
our railways to cooperate with our mer-
chants in bringing business to this port.
Rates of ocean freight since September
have been high. but the rates out of Sa-
vannah have compared favorably with
rates current at other ports during the
entire year. Under these conditions it is
especially gratifying that We have reason
TO be confident that Savannah will in the
future do even larger business"
The President expressed the thanks due
by himself and the Exchange to the board
of directors for their persistent efforts 10
reduce the expense of the Exchange. while
increasing its facilities for business, and
mention was made of the gratifying fact
that there win be surplus of about $500
at the end of the year, although two of
the best offices in the Exchange have been
vacant since Sept l.
The annual report of Superintendent ].
P. Merrihew is of considerable interest,
containing as it does the figures of the
cotton movement at Savannah for the
year ending Aug. 81 1893. The gross re-
cepts at this port during the last season.
1192057 bales, were larger than those of
the previous year by 345.466 bales or 1880
per cent. The net receipts were 1892 ops
bales, an increase over the previous year
of 1860 bales or 400l per cent, being 106
per cent. of the total crop as against go
per cent. for the year 1867 and 1898 per
cent. for the year 1866.
The net receipts for the year include a
smaller proportion of actual spot cotton
than 1869 by 6,272 bales, or 3.25 per cent.
The percentage of local receipts to the to-
tai net receipts is 15.5S per cent, as against
22O per cent. for the year 1861, and
22.N per cent. in 1896. The record of
the years spot sales was equal to the
local receipts
The IF. o. B." sales reported from
Nov. 20, 1897, to June "a, 1898, were 2OO,529
bales No record of T. o. b. sales has
as yet been kept this season, owing to
the refusal of some brokers to report.
The proportion of coastwise. foreign and
local receipts to the total gross receipts
at the port for the year were as follows:
Coastwise, 1894; foreign, Il .0s; local, 1888.
The average value per bale of upland
for the year was $29 n, and of sea island
$5917, as against $50. 10 for upland. and
$50 76 for sea island for the previous year.
The cotton crop of 1898 was II, 180, $50
bales, as against S,714,0l1 bales for 1896
81, showing an increase of 2,466949 bales.
The highest price of middiing at Savan-
nah during the year was cents, as
against 1915 cents for the previous year,
and the lowest price SIS cents, as against
7-16 cents.
The total crop of sea island cotton for
the year was 1919 bags, as against 1O3,
Bis bags the previous year, and 93,1S7 bags
In 1885, OF the entire crop Georgia rails
ed 4l,440 bags, as against 64,9O6 bags last
year. OF the sea island crop Savannah
received 9,2S5 bags, or T.S2 per cent of
the entire crop, making her still rank
first as a sea island market OF Savan-
nah's receipts, Georgia furnished 6.lS per
cent, Florida 1916, and South Carolina
.O6 per cent
The bank clearances for the year were
the largest ever recorded, showing an ag
gregate of $131 1923, 494 against $125, 137, 81
during 1867
BY resolution the reports of the presi-
dent, superintendent and the committees
We're ordered published in pamphlet form
as wen as furnished to the newspapers for
publication.
The annual election for president, vice
president and board of directors of the
Exchange for the ensuing year
VIII take place at the Exchange Monday
II is likely that there will be a departure
from the usual rule, this year, and that
the old board of officers and directors will
De reelected. The usual custom has been
10 promote the vice president to succeed
the retiring president at each annual cleo
uon. Owing to the fact, however, that the
trends of Mr.. John II. Hunter, vice
president, are aware Of his dissemination
TO accept the presidency Mr. Hunter hav-
ing stated privately to friends that he
would decline the honor if offered him, it
mas been suggested that the old board be
reelected entire and it is very likely that