The Savannah morning news., 1901-02-16
TRADE IN FUTURES
SOUGHT IN SAVANNAH BY NEW
ORLEANS COTTON MEN.
TALKED WITH SAVANNAHlANS
SET FORTH ADVANTAGES ENJOYED
BY THEIR CITY.

II. C. Hester, It. ID. Msther and j. f.
GIenny, the visitors-Had n Con-
ference with Directors of the sa-
vannah Cotton Exchauge-Want
Five Minutes or Continuous
TeIegraphic Service Between Sa-
Nannnh and New Orleans - Enter
tanned by Traffic Manager Hinton
of the Central.
New Orleans is seeking to extend her
cotton business. She wants to be a
greater market than she has been, and
leading men prominently identified with
the business in that city are doing al
they can in her behalf. The movement
has been on for some time, but the strong
est evidence of 1t was shown yesterday,
when representatives of the New Orleans
Cotton Exchange for a discussion of the
business relations between the two cities.
The New Orleans gentlemen were Mr..
Henry G.. Hester, secretary of the Cot
ton Exchange; Mr.. J. Edmond Glenny,
and Mr.. Thomas D. Mather, cotton mer-
chants. Col. Hester is known wherever
the staple is, as an authority upon all mat
ters appertaining to it. His weekly bulle-
tins are read everywhere.
Just before the dinner hour the consul
tation at the Cotton Exchange was held,
and Mr.. Hester and the other visitors
talked informally at some length. They
answered many questions, too, that were
addressed to them by the Savannahians,
and it was quite evident that they were
fully determined to do all that they can
to get more of ,Savannah's business in flu
lures than New Orleans now enjoys.
Briefly, this is what the New Orleans
cotton men desire: A telegraphic service
between Savannah and New Orleans that
will admit of the quotations at New Or
leans being received at least every five
minutes, if not continuously, and this
being effected, a transfer of the business
of Savannah cotton men who deal in flu
lures from other markets to New Or.
leans.
A fifteen-minutes service is now oper-
ated with New Orleans, but the cond-
ton of the market in that city is not
shown often enough by that service, the
New Orleans gentlemen believe, to put
their City upon an equality with New
York, from which reports come every five
minutes
New Orleans, it was declared is bet
ter market, for the reason that it re-
ceives so many bales annually that the
cotton is spot and not susceptible to
manipulations, as in New York. Buyers
would be better able to hedge if using the
New Orleans market The gentlemen had
no desire, they proclaimed, to disparage
any market, but they thought that the
! Ava
| be patent and so distinct as to attract
the business of Savannahians if a more
frequent service could be established.
/ They asked that the Cotton Exchange
/ lend its sanction to the New Orleans mar
| ket.
The directors declared that they could
! not take any action favorable TO the New
! Orleans market over that of New York
| or any other port, as the matter is one
| for the individual preference of the men,
| bers of the exchange. The expense, too.
| of establishing a five minutes or a con-
tinuous service, the latter showing every
movement and fluctuation, would be an
item that would demand consideration,
and the directors were not ready to COM
init themselves.
After the conference, which, perhaps.
lasted an hour, the visitors were taken
upon the floor of the Exchange and in
troduced 10 many of tile members They
were met pleasantly and assured of the
interest of the Savannahians IA their eff
fort to improve the business OF. New Or.
leans.
Traffic Manager e. H. Hinton of the
Central Railroad, after the visitors had
lunched at the De Soto, drove with them
about the city, visiting the wharves of
the railroad and the Ocean Steamship
Company. The gentlemen expressed the
greatest satisfaction with all they saw,
and showed their appreciation of the
splendid terminal facilities that are en-
joyed by Savannah Mr.. Hester, when
seen last night at the De Soto, spoke In
high commentator of the terminals, and
praise for Savannahs facilities from gem
tlemen accustomed to the shipping of
New Orleans speaks well for them.
Mr.. Hester spoke, too, of the object of
his party's visit, saying: I'VE desire to
establish more intimate relations between
New Orleans and other Southern cities
particularly Savannah. We believe this
| has, in a measure, been accomplished
and we look for further success. Some
OF the Savannah traders have already be-
come members of the New Orleans Cot
ton Exchange, and we expect their num-
| Der to grow.
Between 100000 and 5000, 900 bales are
handled annually by New Orleans, and it
| is the center, practically, of a section
! producing 100000 bales. New Orleans
does an enormous business in future con-
tracts, and all of this cotton, when in
transit between the producer and the con-
/ sumer, is hedged by sales of futures
New Orleans affords advantages as a
great spot market, being, in this respect,
superior to New York, the other great
port in this country that does a heavy
business in futures. Actual delivery of
the cotton can be made in New Orleans,
| Fulfilling every contract for futures. Man
! ipulators cannot work their will there.
and the market affords a safer medium for
the transaction of legitimate business.
/ as che same causes which affect spot cot
ton the world over affect contracts in
| New Orleans"
The visitors left last night for Augusta.
whence they win leave tonight for New
orleans. Their mission In Augusta IS
that which brought them to Savannah
and that upon which they stopped over
at Atlanta, Charlotte and Charleston.
/ MIR. Hester says they have been encour-
aged wherever they have been.
e-e-S-