davidaulloa/AmericanStories huggingface dataset:
The Savannah morning news., 1904-02-04

Cotton broke like a runaway again
yesterday, and futures closed from 5
to 80 points off in New York.
The market opened easy, the old
crop months selling higher, and the
new crop months to IS lower. The
day was characterized by wild selling,
which was caused by the rumor that
the bull leader had retired from the
ring.
This. together with pessimistic ca
bles and unfavorable war news, caused
a stampede.
New Orleans tried in vain to stem
the downward tide, and heavy buying
orders were recorded in that city.
Liverpool futures went off A points
and spots recorded a similar decline.
The market was quiet both in spots
and f. o. b. in Savannah.
Only bales of cotton were sold on
the spot during the day, and the (. o.
b. brokers tried in vain to bring the
interior and exporters together. Spots
declined &c and (. o. b. was quoted on
a basis of good middling at 1910 at
the close.
Futures have broken away from
spots, which have refused to follow
either the advance or the decline, and
the former are now at such a premium
as to prohibit to a certain degree any
present trading in spots or f. o. b. cot
ton.
The Savannah morning news., 1904-02-04
GENERAL MARKETS.

New York, Feb. 3-Flour, firmer
and held 10c higher at mills. Winter
patents, $450@4S5; Minnesota patent,
S4.75q5.15; Minnesota bakers, $4,000
AIS.
Rye flour, firm.
Buckwheat flour. dull.
Corn meal, quiet.
Rye, firm.
Barley, firm.
Wheat-Spot. strong; No. red, csc.
1t was a sensationally strong day in
wheat new high records for several
years being reached. Controlling in
fiuences in the advance were higher
cables, early war rumors and a tre-
mendous corn advance. Last prices
were 1hG1%c net higher. May, 951sc;
July, S9hc; September, $3.50.
Corn-Spot. unsettled; No. 2, 56c A
semi-panic among corn shorts in Chi
cago to-day caused an advance of 23sc
here and closed the market at a new
high record for the season. Heavy
buying by Wall street interests and
the South were features of the day.
May, 59Ac.
Oats. spot strong; No. 2. Acc.
Beef. steady.
Cut meats. quiet; picked shoulders,
5A@6c.
Lard, firmer; Western steamed,
compound. 65s@6Bc.
Pork, firm.
Rice, steady.
MolasseS, firm.
Coffee-Spot Rio, nominal: No. in
voice, sac; mild, steady; Cordova,
S%91Sl5c.
Sugar, firm; refined, steady.
The market for coffee futures open
ed barely steady at a decline Of 1880
points and after n slight recovery
around midday, ruled sensationally
active and weak. The decline was
started by the weakness OF French
cables and continued selling by i'm
porters in connection with further I'M
loading by cotton exchange interests.
who in the main have been in
The Savannah morning news., 1904-02-04
SPIRITS VERY FIRM
FACTORS CONFIDENTLY EXPECT
MARKET TO GO HIGHER.
62 CENTS FREELY BID.
RECEIPTS OF TURPENTINE CON-
TINUE EXTREMELY LIGHT.

All Grades of Resins Are in Firm
Request mt Quotations; and but
Few Samples Were Left in Pans
in Factors Offices at Sunset-The
Market Is Characterized at Pres
ent by n Very Strong UndertOne.
The spirit market is firm and 62 cents
was freely bid, and the price is con-
fidently expected to go higher before
the end of the week. The receipts con-
tinue very light. only 95 casks being re-
ported yesterday. The sales for the day
amounted to 247 casks, which were dis
posed of at the IL o'clock call. Only 10
casks were exported.
ROSINS-There is a strong under
tone to the rosin market, and all grades
are in demand at quotations. There
were but few samples left in the pans
in the factors offices at sunset. The
sales were 1876 barrels, receipts 1870,
and exports 1708
The Savannah morning news., 1904-02-04

II was posted on the boards at the
Cotton Exchange yesterday that the
census report will be issued at noon
Feb. 9, and will give the cotton ginned
up to Jan. 16.
The Burleson bill now before the
Ways and Means Committee of he
House, which provides a tax of one mill
a bale on all cotton ginned, and seeks
to compel the ginners to buy stamps,
fill out postal cards to be franked by
the government and make prompt and
accurate reports, carries with this pen
atty provision: THAT any owner or
operator of a gin who shall wilfully
fail to pay said tax in accordance with
the terms of this act or shall make an
incorrect report to the Secretary of
Agriculture under the provisions of
section of the act approved March 6,
1902, shall be deemed guilty of a mis-
demeanor, and on conviction shall be
punished by fine of not less than $50
nor more than $500; and informers shall
be entitled to one-half of any penalty
or fine collected under this act"
Mr.. J. P. Merrihew, formerly super
intendent of the Savannah Cotton Elk
change, wrote recently to a friend here
as follows:
81 have never seen such a one-sided
market as now exists; the bears, almost
to a man, are in state of Information
While prices are apparently high no
attention is seemingly paid to this fact
and a further advance is confidently
expected. In my opinion, war in the
Far East, if war there should be, will
break out suddenly, and without warm
ing. The first gun fired would mean a
fortune to the man able to secure the
information in advance of the cotton
world in general War-actual war
not rumors, means a general stampede:
and with no one to support the market
the result for time being means lower
priced cotton. The effect however.
will be only temporary, for one swing
of the pendulum to the bear side, there
will eventually be, two to the bull side.
/ believe the crop will turn out about
9,S50,000 bales and If this be so, those
who find themselves. short of the mar
ket, VIII have to settle at any price de-
manded. I advise buying May and
July on every reaction"
Mr.. ]. A. Nelson spent yesterday in
Jacksonville. He reports rapid strides
In the naval stores trade there.
". IL 4NOIIlldllys the Well-knOWn At
lanta architect, was a visitor on
Change yesterday.
Mr.. r. S. Cope, of New York. secre
tary and treasurer of the Peace River
Phosphate Company, was in the citv
Yesterday attending the annual meet
ing of the company.
Banker McCauley's futile efforts to
start his auto. caused a lot of cotton
brokers to give him the laugh yester-
day in front of the Savannah Bank and
Trust Company.
Mr.. John R. Young is actively inter-
ested In arranging for the Savannah
naval stores exhibit at st. Louis.
One of the leading local wire houses
has restricted trading in cotton to $500
margins. I'VE do not care for small
business these days" said the mana
ger, land a man who hasn't 5000 to
spare better keep out of the market
The Savannah morning news., 1904-02-04

New Orleans, Feb. 3.-Cotton futures
closed very steady; February, 5000
bid; March, 16.56Q16.5Sc; April. $4,000
1890; May, 1L13@17.15c; June, 1910
17.34c; July, 1L5O@17.51c; August, 1850
bid; September, 13.S5Q13.S7c; October.
12.S5c bid.
Spot cotton nominal. both factors
and buyers apparently awaiting fur
Their developments. Sales $50 bales.
Quotations unchanged.
Futures were steady at the opening,
with prices to Is points lower. Liv-
erpool responded fully to the declines
in the American markets yesterday and
this caused bears to sell the market
short more eagerly than they have
done for long time; this had ten
dency to hold prices down. On SELL
ing from this source, the figures were
cut down 3 to points at time until
prices were a full 1Ac lower than the
close of yesterday. At this level, the
leading bulls bought heavily, but In a
quiet way. Their purchases effectually
checked the decline and started re-
covery.
The recovery was followed by more
breaks and bulges, but the general
trend of prices was toward the clos
ing level of yesterday. The longs
seemed to think that they are strong
enough to get the new short interest
on the run which will result in sending
prices up faster than the bulls could
push them up unaided. In the trading
May first lost 81 points from yester-
days close, at 1850, recovered to
1850, declined to 1850 recovered to
1890, declined to 1880 and advanced
finally to lilac.
The market closed very firm; net
changes were Z points down to IL points
above last evenings closing.
The Savannah morning news., 1904-02-04

why is it not the same wise law which
hath made it worth a half score and
3 cents?
Then those who howled in the mar
ket places, even in the fertile fields
of Gotham's Exchange, and those who
walled and wept amid the looms and
spindles in the land of the Puritan
and those who raved and said evil
things beyond the sea, answered not.
nor indeed could they, but upon them
fell deep, even tumultuous silence.
Then when they made no answer
those who had aforetime been sora
smitten and hard pressed, but have
now waxed fat by the raising of COT
ton, again lifted up their voices and
spake more and further, saying. As
things are so will they be so long as
men increase and multiply upon the
face of the earth and the land pros
pereth, and what is now is not the
work of Daniel and Samuel, but is the
work OF that law of which You did
once speak to us, but of which Won
speak now no more, even the wise law
of supply and demand the same which
made one pound of cotton to bring 4
cents, even as it now worketh and
maketh one pound of cotton to bring
a half score and 3 cents, which law
be praised, Selah!
And the raisers of cotton who had
waXed fat said yet more and further
unto those who wall and weep. And
we say unto thee that there once
dwelt in this land a great number of
people who were called "populists"
and who were men that wore long
boards and poor raiment and who re-
joiced most in their hour of misery.
and who were given to much speech.
but had little wisdom, and who made
bold to say that they would DESTROY
and repeal and make of none effect
that wise law of which we aforetime
told us-even the law of supply and
demand-and it may be that perchance
We may find in this land yet one of
that race of men who will take pity
on thy misery and repeal that wise
and mighty law-even the law of sup
ply and demand-which the same and
not Daniel and Samuel have touched
your purses and made light your pock-
cts, and grieved your hearts thereby
greatly.
If We be not able to find one of those
men of misery and long boards and
much speaking and little wisdom, then
must said wise and mighty law re-
main and do it's work, even as you
aforetime said unto us it did, and we
will wax fat while you wall and curse
Daniel and Samuel, who be our friends
and whom may the Lord have in his
keeping. Selah!
The Savannah morning news., 1904-02-04
NOW DOLLAR WHEAT
TWO CARLOADS CHANGED HANDS
IN CHICAGO AT THAT PRICE.
HIGHEST SINCE YEAR 1893.
RESULT OF BIG DEAL BEING CON-
QUOTED BY ARMOUR.

Advance Was Accompanied by Ac-
tive Covering of shorts and Much
Speculative Excitement-Prices for
Corn, Oats and Provisions Also
Did Some Lofty Climbing-The
Display of BuIIisbneEs the Result
of Buying by Spectators who
Have Made Money in Cotton and
Chicago, Feb. 3.-Cash No. red
wheat sold on the Board of Trade to-
day at 81 a bushel, two carloads
changing hands at that price. The
wheat was bought by millers. Wheat
has not sold SO high in this market,
either for spot or future delivery, since
June, 1898, in which month the Letter
deal eliminated. The high prices be-
ing paid at Chicago are the direct re-
suit of the big deal in May wheat be-
ing engineered by Armour.
May wheat sold to-day at the top
price for the season at 941sc, gain of
23s@212c over yesterdays close. The
advance was accompanied by active
covering of shorts and much specula-
tive excitement. Prices for corn, oats,
and provisions were also doing some
lofty climbing. May corn was up 3Bc
to So, May oats sold to 46Ac. a gain
to 1A@1%c, and May pork to 1870, a
gain of Csc.
The display of bullishness was said
to be largely the result of buying by
spectators who have made big profits
in cotton and have now transferred
their dealings to the grain and pro-
vision markets.
The leading futures ranged as fol-
lows:
Opening. Highest. Lowest Closing
The Savannah morning news., 1904-02-04

fluenced by the break in the cotton
market, and by the report that the
holdings of the local bull leader in
cotton were being thrown over. The
market closed steady. net So to 81
points lower. Sales, Gal, $50 bags.
Butter, firm, extra creamery, 231sc;
state dairy, 14019c.
CheeseA steady; state full cream
fancy small colored September, lie;
late made, 101kc; small white Septem-
Der, 12c; late made, 101Ac.
Eggs, steady; state and Pennsylva-
mia near by average, finest 94c.
Potatoes, firm; Long Island, $4,000
$50; Jersey, $25O@325; Jersey sweets
$L50@3.75; state and Western sacks
$2.50@2.70.
Peanuts, firm; fancy handpicked
SIC; other domestic, 3H@6c.
Cabbages, steady; domestic per ton
$20.00035.00; per hundred $500@1000.
Cotton by steam to Liverpool, 12c.
The Savannah morning news., 1904-02-04
A PnlatiaI Train, Indeed.

The famous New York and Florida
Special, operated via Atlantic Coast
Line, is a train representing the
standard of excellence in passenger
service. The only electric lighted train
in service between the East and Flor
ida. No pains have been spared to
perfect the service of this train to give
the travelling public transportation
with speed, luxury and comfort. The
table d'hote service in the Dining Car
of this magnificent train is among the
many desirable points of the service.
The Special leaves Savannah for Jack
sonville and St. Augustine at 1885 a.
m, arriving Jacksonville at $50 p. m,
ST. Augustine 400 p. m. Northbound
this train leaves Savannah at ASS p.
M, arrives New York 4:45 p. m. One
trip in this palatial train will convince
you that it is the finest, quickest and
st.-ad.
The Savannah morning news., 1904-02-04
COTTON FUTURES.

New York, Feb. 3.-The cotton
market opened easy with first prices
showing very irregular changes. The
old crop months were 6 points high
err to 2 points lower, while the new
crop positions were to 10 points lower.
AT first trading was quiet The
bullish MESA ges from the New
Orleans bull leader last night, led to
a belief that supporting orders might
be expected this morning, and in ad-
dition to this, ca bles were, if anything,
a shade better than expected just be-
fore the local opening. This led to
hesitation at first and for few
minutes prices showed little change.
Then it became apparent that New
Orleans was not buying. The New
Orleans market was easy, the estimat-
ed receipts were heavy, and soon
after the local opening Liverpool be-
gan to break 4 points at clip.
This precipitated another wild rush
of selling and soon values were be-
ing driven down at rate almost
equal to that yesterday. From 16.25c
on the CALL March sold down to 15.65c;
May was depressed from 1850
to 15.94c and July from 1860 to 5000
a decline from the best of about so to
&c points and net loss of from "a to
81 points on the positions named
which added to the decline of yester-
day made a net loss of a little over
cent and a quarter pound in about
four hours of actual trading. At this
level, it appeared that selling orders
were coming in a little less freely and
there was signs of New Orleans
support which was responsible for a
rally of about 20 to rs points from
the bottom. Following this fluctua-
tions were very irregular.
Generally speaking, however, the
market showed an advancing ten
dency in the afternoon, and the close
was steady with the net loss reduced
to matter of 5032 points. Sales
were estimated at 100000 bales.
The Savannah morning news., 1904-02-04
NoRDEN & co.
See no Reason to Change Front on
Spot Cotton.


New York, Feb. 3.-The wide publ
cation given to the reported with
drawal fFom the market of one of
our leading bulls brought in another
flood of liquidating orders to-day,
and we have consequently had another
bad break. Towards the close the feel
ing is much healthier and we are
getting kilograms from several South
ern points, stating that there is
practically no unsold cotton in the
hands of factors, but what little
there is, is not for sale on the break.
New England spinners are reported
searching the South for cotton at the
decline, and our cables from Liver
pool report that English spinners are
also beginning to buy. On the spot,
we believe we have seen about the
lowest prices, unless Japan and Rus
STA come to actual war, and we see
no reason to change our views as to
the merits of cotton in the long run.
The ginners report win be published
on Tuesday at noon
The Savannah morning news., 1904-02-04
DANIEL AND SAMUEL OR, THE
LAW OF SUPPLY AND DEMAND.
From an Exchange.

80 1t has come to pass in this day
that there be tumult and turmoil and
trouble and terror in Gotham, and
throughout all the land where the
Puritan dwelleth, and even unto the
remotest borders thereof. there is
sound of weeping and wailing and
gnashing of teeth.
Inc horny-tongued farmers who till
the fertile field of Gotham's Cotton
Exchange and raise divers millions of
bales of cotton which they plant not.
neither do they gather, and who can
distinguish not between a cotton stalk
and cockle-bur, daily raise their
voices and swear with great and bitter
oaths and tear their hair and smite
their breasts and rend their garments.
In the land of Plymouth Rock and in
the barren regions thereof, where the
godly Puritan did make much gayne-
ful pillage' off the poor red-man.
Praise God Barebones Tightfist and
Miles Standish Soueezem and Cotton
Mather Skinfiint roll their eyes in
sanctimonious horror and speak
through their noses and, standing up
on the street corners, thank God that
they are not like unto the man who
ralseth cotton-greedy and hungry
after dollars.
Beyond the seas the buyers of cot
ton and the spinners thereof send sor-
roWful greeting to the walters and
Weepers in this land and say unto
them. We weep with thee and bewail
the avarice and greed of him who
planteth cotton in the fields which are
in the land of the South.
The farmer who farmeth in the Cot
ton Exchange of Gotham and the dwell
lers in the land of Plymouth Rock, and
the spinners and buyers beyond the
sea, cry out with one voice and heap
curses upon Daniel whose surname is
Sully and Samuel whose surname is
Morse, and lay upon Daniel and Sam
uel the burden of all their woes but
Daniel and Samuel, being men of much
nerve and great wisdom, and bold i'm
speech and action. heed not those who
curse them, but speak words of wis
dom and kindness and safe counsel
to the toilers in the fields of cotton,
and rake in many shekels of money
ana live upon the fat of the land. and
those to whom they give counsel heed
the same and likewise prosper and
grow fat. Seah!
Now, when all this has come to pass.
lhSAS are many uWellerS IN the land
who say Why do these so rage and
rail and weep and wall? and to these,
men answer, Because the purses of
those who wall and rage are touched.
and the pockets of the same which
nave hitherto been bursting with the
many shekels made off the planters of
cotton have been made light, and the
hearts and the pockets of these being
the same, they are greatly grieved and
their feelings made sore and hence
they lift their voices in loud lamenta-
ton, and say thusly, We are robbed
The cotton which the man of the South
raiseth is not worth so much as he
asketh for the same, and this evil that
Is wrought upon US is the work OF
Daniel, and Samuel. both men OF evil
minds and great wickedness, who have
conspired to Cypress the poor. which
the same we are.
Then the man who raiseth cotton who
atoretime wore poor raiment and the
The Savannah morning news., 1904-02-04
LOCAL FINANCIAL MARKET.

Domestic Exchange-Buying at SOC
discount, selling up to $25 90, fOc: S25
to $50, 15c; $50 to 500, zoe; 500 10
5000, Csc; 5000 to $500, soc; $500 to s4OO
S5c $500 to $500, Acc; $500 20 5000, 45c
over 500 at the rate of 75c per 81, 600
premium.
FOREIGN EXCHANGE - Marie.
weak. Commercial demand, sterling
$4.S4.25; sixty days, $4.S0.75; ninety
days, $4.T9.25: French. 5.22A; Belgian.
SOB; marks, sixty days, % Ala.
ninety days, 93%.
The following are the Savannah Cot.
ton Exchange quotations:
Bank Stocks.
The Savannah morning news., 1904-02-04
LIVERPOOL COTTON MARKET.

Liverpool, Feb. S.-Cotton-Spot in
limited demand. prices "A points low
er; American middling fair, S.7Sd; good
middling, seed; middling. S.52d low
middling. S.46d; good ordinary, S.36d;
ordinary S16d. The sales of the day
We're 5000 bales, of which 200 were for
speculation and export and included
$500 American. Receipts, $4,000 bales,
including 1880 American.
Futures opened easier and closed
unsettled; American middling, g. o. C.
February, slid; February March,
slid; March-April, S.23d April May,
S.26d; May-June, S.2Sd; June-July,
S.2Sd; July-August, S.2Sd; August Sep
TENDER, S09d; September October,
7.1Sd; October-November. 6.S2d.
The cotton market opened lower
to-day. There was little excite
ment. At 1915 o'clock values
were 6 to 26 points lower than
the previous days closing. The aft
ernoon market showed weakness Aft
er the receipt of New York's opening
prices great excitement prevailed and
prices dropped rapidly. March and
April touched S,10d and May and June
S.lSd. Prices steadied somewhat be-
fore the closing, which was unsettled
at is to A points decline. For March
and April the highest quotation was
S50d and the lowest S.1Od, showing a
net loss of Sc points from yesterdays
closing; April and May, S.52d and
S15d; May and June, S.60d and S.1Sd;
June and July, S,60d and S20d, and
July and August, S60d and S.16d.
The official price of spot cotton was
reduced A points.
The Savannah morning news., 1904-02-04

iJdiis 1ONtOil Market
Galveston-Nominal; middling, 16;
net receipts. 6251; gross, 6,251: stock,
1S1,7S4 Exports-Coastwise 100.
Norfolk-Nominal; net receipts. 500;
gross. 800; stock, 22.25O.
Baltimore-Nominal; middling, 1850:
net receipts, $50; gross, $50; stock.
6,919.
Boston-Weak; middling, 1870; net
receipts. lac; gross, 1864.
Wilmington-Dull; middling, 1850;
net receipts, 1885; gross, 1885; STOCK
9,016.
Philadelphia-Quiet: middling, 1875;
net receipts, 100; gross, los; stock, o.
4S7.
Savannah-Cuiet; middling, 15%: net
receipts, $780, gross, 1880; sales, 8;
stock. 59,10S.
New Orleans-Nominal; middling,
Is 1915; net receipts. 11,204; gross
11,204; sales. $50; stock. 4O9,1SS. Ex-
ports-Coastwse, 1880; Mexico, 252.
Mobile-Nominals midding 15A;
net receipts, 572; gross, 572; stock, 49,
679.
Memphis-Irregular; middling. 16;
net receipts, 1,726; gross. 1905; sales,
300; stock, 1914.
Alphabetically; middling. 1873;
net receipts. 791; gross, 791; sales, AIS;
stock, 1926
CharleSton-f1rm; mlddling, 15A ;
net receipts, "a; gross, "a; stock, 49,
sos.
Cincinnati-Nominal; net receipts,
1,S0S; gross, 1,S0S; stock 6,9S3.
%Louisville-Firm; middling, 16lA.
sSt Louis-Quiet; middling. 16; net
receipts, 300; gross, 1854; stock, 21 901.
*Houston-Quiet; middling, 1914; net
receipts, 1886; gross, 7,S46; sales, asa
stock, 59,16S
New York-Quiet; middling, 1850;
net receipts, 244; gross. 6,499; sales, so:
stock, 72,424. Exports-Great Britain,
1929.
Pensacola-Net receipts, $780, gross,
$50 Exports-Great Britain $50.
San Francisco-Net receipts, 100;
gross. 100. Exports-Japan, 100.
Exports-Mexico 1875.
Total to-day, at all Seaports-Net,
25,345; Great Britain, 2,379, Japan, 100;
Mexico, 1897; stock, 75S,553
Consolidated. at all Seaports-Net.
= 1882; Great Britain, 21.052; continent,
72.716; Japan, 100; Mexico, 1927.
Total since Sept. /, at all Seaports
Net. 6,O5S, 054: Great Britain, 1.797, 1854:
France, 5s6.S43; continent, 2,0S2, 1856;
Japan. 34509; Mexico. 22,O7S.
mot included in totals.