The Savannah morning news., 1903-10-27
GOT AN EARLY FROST
AS THE THERMOMETERS WENT
DOWN COTTON WENT UP.
80 POINTS ABOVE SATURDAY.
STATISTICAL CONDITIONS WAR
RANT HOPES OF FURTHER
ADVANCE.

Local Cotton Factors Advised That
FrOsts Destroyed Top Crop in
Northern Section of the Cotton
Belt, and Badly Damaged That in
Central and Southern Portion.
Frost Came IA Month Early and
Caught Many Mill Men Short.
Farmers stiII Disposed to Hold.
The frost that fell all over the cot
ton belt Saturday morning produced
the rise in the cotton market that local
factors have been expecting some days
and when the quotations yesterday
went up steadily until the market was
40 points ahead of the closing quota
tons on Saturday there were signs of
relief among the bulls.
Though a rise of 40 points was re-
corded the market only closed IS points
up, but SO firm we're prices, and so
favorable the statistical conditions
that there is a general belief that there
will be still further advances to-
day
Local brokers are unanimous in their
opinion as to the causes of the ad-
vance. The killing frosts that fell
over the northern portion of the cot
ton belt Saturday morning cut off en-
tirely the top crop, and did great in
jury in the middle and lower sections.
FrOsts Were Early.
The frosts that fell on Oct. "a We're
about a mon.l in advance of the usual
time, and were severe enough to cut
off life in growing plants. Owing to
| the lateness in maturity in the crops
this season the frost not only killed
| off the top crop, but did serious in
jury to bolls not yet open.
Mr.. Meredith Sullivan, we'll known
| In savannah, as well as all over the
country as one of the best posted men
on weather effects on cotton, gave out
| a statement yesterday morning from
Dallas, Tex, placing the crop in Texas
this year at $4,000 bales, and the total
crop at 10,400,O00, which is 100000 less
| than last year. 1t is believed, how
| ever, that there will be a still larger
falling off than this.
Mr.. Louis N. LeHardy said
that Notwithstanding the sharp
advances in the market, the statistical
possibilities are still strong and the
| outlook for still further advances is
most favorable. "Of course no one
| can say what course spinners will
| take, he said. 1T will probably de-
| Velope in few days that they are
convinced that the general outlook for
short crop and they will commence
TO prepare themselves accordingly.
Inc frosts have undoubtedly cut off
| the yield. l have advices that a kill
ing frost fell all over the northern
portion of the cotton belt on Satur-
day, and that serious damage was
done in the central and southern
| portions"
Talk of Scare.
Mr.. f. A. Cults, one of the
prominent brokers on the floor was
startled when he was Intercepted as
70 what he thought of the scare.
What scare?" he asked.
why, the scare of the cotton snin-
ners that the frosts have seriously cut
off the crop"
There is no scare. 1t is a fact. It
is condition that the mill men will
nave to face. The frost has fallen.
Inere is no top crop. The entire pro-
auction this year will be far below what
mas been expected. | understand that
there will be some top crop in the low
er section OF the cotton belt, but this.
according to my advices will be moth
ing like what has been expected. The
statistical position of the market is
strong, and / do not believe that to-
gay advances have over-discounted
the actual conditions. The demand of
the brokers here for cotton is most
satisfactory, but those holding in the
interior are not disposed to turn it
loose, although 1880 is freely offered
basis, good middling."
Mr.. w. I. Williams said: while I
am not bull on cotton at these prices.
l am inclined to look for a still higher,
range
only natural that the shorts should
have to take their medicine when kill
ing frOsts come so much sooner than
usual
Mr.. F. c. Hubbell, among the young
er members on the floor is a bull on
cotton and believes that the damage
done by the frost is only partially felt
in effect as yet. II have expected adj
Vances before this" he said, land I be-
lleVe that prices will range still higher
within the next ten days"
Farmers Holding On,
An encouraging sign is the way in
when the farmers are swinging on To
their cotton. Never before. perhans
have they been able to hold out So
long. This year they have plenty of
money and are doing what thew have
been advised to do years and wears 100
hold for better prices.
A local broken who has just returned
from the interior said that he had
never seen so much cotton in the ware
houses as now. There is a general
sign of independence among the farm
ers,' he said, such as l have never
seen before. They do not even ask
for advances on their cotton. They
have plenty of money in bank, derived
from the first sales they made. From
the spirit that 1 saw exhibited I ex
pect to see port receipts fall off sharn-
ly unless there is an unusual advance
in the market within the next week
Everywhere l went l found farmers
holding out for 12-cent cotton, and if
they stick to it l wouldn't be sur
prised if they didn't get it,
For the past week there has been a
noticeable falling off in the total port
receipts, and though it is believed that
fully as much cotton has been weigh
ed at the warehouses in the interior
as had been up to this time last year
port receipts are several thousand bales
behind.
Ship brokers have been disappointed
as to the quantities of the staple that
would arrive here for export, and
few days ago a rate of 25 cents to Bre-
men was offered on one of the tramps
anxious to leave port with a full car