The Savannah morning news. (Savannah, Ga.) 1900-current, 1900-09-07
Savannah Bank ana Trust
COTTON IN Isoo-I0oO.
The south's Greatest Product
brought nigh Prices.

The south's Greatest Product
Brought high Prices.
The past season has been an unusually
sventful one in the cotton world. and
matters al the end stand in striking con-
trass with those OF year ago.
one year ago stocks OF cotton through
out the world were large. and the best
Informed people In the trade were esti-
mating the coming crop at all the way
up 70 100000 bales and over. The price
was only about 5is Genes. and the farm
ers' outlook was not bright
Discussing the question OF the crop. the
Morning News said IN it's annual review
for September. 1893:
MIR. II. NJ. Nell estimates the yield as
fully up TO last years promise at this
time, or somewhere near 100000 bales.
as he calls IT, The most con-
servatlve element Is persuaded that lg-
uring the decrease In acreage and fertil-
izets. the late start ana aDnormally early
maturity together with deterioration
from drought and other causes, the de-
creased production as compared with last
year can scarcely fail TO exceed 10 per
cent. The total. therefore ought not 40
be much. n any. over 100000 bales, and
may be less"
This conservative estimate was the
earliest expression OF vigorous dissent to
the big crop views then current. and was
then regarded as extremely pessimistic
Yet IL has been abundantly justified by
facts. having been based upon a careful
study OF conditions as was there explain
ed In detail.
Tire total crop turns QUE a little over
400 90 bales, decrease OF over $4,000
bales from that Of the previous year.
In the face OF this heavy decrease the
showing made by Savannah Is a remark
able one. As shown in the subjoined ia
bies, the receipts here are only about 10000
bales short Of last year. As matter
OF face. Savannah's receipts were even
larger than last years, but deficit IN the
stock on hand. discovered In June. IN
VOWED a deduction from receipts. as re-
peated checking could not locate cor
responding error In reporting shipments.
Thus instead OF the usual addition OF
5000 10 1900 bales from what Is called
she "ciiy crop" there had 10 be made a
reduction OF about 1000 bales. making
altogether a loss TO the ports total re-
celpts OF 1900 to 1900 bales. from cot
ton actually reported as brought here by
the railroads. The showing, as made,
however - tffttiNtN uttN NtioAkA " N@tA0~
~ the most optimistic.
In the matter OF comparative stocks,
the contrast Is very great. the worlds
visible supply being only about one-third
OF what Il was year ago.
Best OF all Is the contrast In prices; IN
stead OF starting OF ne sac with pros
pect OF lower. this year the price y &c.
a fgure which insures a nne return 20
the grower. and general prosperity to the
Southern section of the country.
Review Of the Year.
The season opened with middllng in ss-
vsnnah. quoted NJ sac. In Liverpool.
, 1890. in New York S-i6c. october in
New York. 5s2c As September advanc-
ed 70 did prices the trade becoming more
aud more Of the opinion that the big crop
guesses were wrong. some confirmation
OF the reduced yield being derived from
the very low condition reported by the
bureau on Sept TO- BY the end OF Sep
TENDER. the market had gone up nearly
ic. Savannah 6isc. October s-6ic.
on Sept. .. occurred one OF the most
exciting incidents on record IN the history
OF the cotton trade. The New York Ex-
change was closed Cor the celebration, In
honor Of Admiral Dewey. and apparently
some OF the laid on telegraph operators
conceived that Il would be a huge Joke TO
stir up little commotion In the South
ern cotton exchanges Getting control
OF the wire these funmakers sent out mp.
l parently authentic reports OF the most
unheard OF and incredible gymnastics In
| the Liverpool market. From 2i5 10 Z
p. M. these spurious adviccs announced
a rise OF nearly iiad IN Liverpool almoss
s. a pound. Some transactions were made
based upon the false reports. but the trade
was too much bcwildered 10 do n great
deal: IN fact the New Orleans Exchange
suspended trading. Great and general
| indignation was expressed that such IN
| lmpudent hoax was possible. but 50 far
o. known the guilty parties were never
punished. The incident will probably
| cause the year is99-i900 20 be known In
| future. as "the year Of fhe fake.
The upward course continued In Octo-
| Der and az che end OF that month
Savannah was 67sc. Liverpool i-32d. New
York January. 7.i3c. The strength con-
tinucd into November. until on Nov. 81,
January was 7.GQc Al the end OF the
month the price had relapscd to .i3ci
Savannah was FAC, New York 7asc. Liver.
pool. Esd.
During ,he nrst half Of December the
market suffered SIS first severe downward
| reaction. on Dec. Is. January falling 20
a0c. ana March to &c. A partial recovery
ensucd and at the close OF the year 1873.
January was 7.3ic. Savannah was 7asc.
Liverpool atad. New York ii-i6c.
The market ruled without any decided
movement 30 prices untll toward che mid
die Of January. n had now become plain
10 every body except a few incarrigibict.
that the crop would foil considerably be-