davidaulloa/AmericanStories huggingface dataset:
The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-06-02
COTTON FUTURES.

New York. June AFTER a steady
opening, with first prices points high
er to 2 points lower in response to ca
bles. the cotton market to-day broke
sharply and ruled generally weak dur
ing the entire session, closing within
a point or two of the bottom, and bare
ly steady at a decline of 1868 points.
The opening steadiness was confined
chiefly to the old crop positions and
restricted moderate covering by shorts
who feared that the steadier cables
and the better demand for spot cotton
in the English market might start a
reaction after the recent severe de-
cline. A couple of private crop reports
were also in circulation showing the
condition to be around 10 per cent
with an increase of acreage ranging
from I to per cent. This condition
was somewhat lower than the trade
had been expecting and possibly helped
in the initial firmness. This, however,
was of very short duration. The
weather over the South was generally
favora BILE, there was no indication of
bull support or of a renewal of spot
demand. and shortly after the opening
a raid by the Wall street bear interests
following reports that New Orleans
was selling. depressed prices sufficient
ly to catch stop loss orders, under
which July broke to 12:15c. AT this
level covering steadied the market mo-
mentarily, and there was a recovery
of about 10 points, but the market
showed no improvement in point of
undertone and readily yielded to an
other wave of bear pressure in the
afternoon which drove July through
the 12c mark, with that position sell
ing as low as 11.94c, or a decline of
So points. July closed on last Friday
at 12S4c and the low point of to-day,
therefore, meant loss of about &c points
in the two trading days. Trading was
fairly active at the decline, and there
was naturally more or less excitement
as prices worked lower while several
sensational stories were set afioat as
10 speculative conditions. Sales esti-
mated at 100000 bales
Receipts at the ports to-day 2,S29
bales against 1907 last week and 4,3S3
last year For the week, $4,000 bales,
against 26,253 last week and 25,293 last
The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-06-02
DAILY COTTON MARKET.

Galveston-Easy middling. 1914; net
receipts, 1852; gross, 1852; sales, 262;
stock. 13, 437.
Norfolk-Net receipts. 400: gross, 400;
stock, $500.
Nominal; middling. IL.
net receipts, 90; gross, 81 stock, 1892
Bostion-Gross receipts, 574. Exports
Great Britain, 226.
NEUTRALITY-SUSPICIOUS. stock, 6.l14.
delphia-Quiet; middling, 1858:
net receipts, so; gross, so; stock, 1926.
Savannah-Easier; middling, l2% net
receipts, sos; gross, $685. stock, 81 ga.
Exports-Coastwise. 300
New Orleaps-Steady; middling, 12h
net receipts, l04; gross. 104; sales, 2.45O
stock. 1928. Exports-Coastwise, l.
Ola.
Mobile-Nominal; middling, IL; stock,
"Memphis-Quiet; middnng, 70; net
receipts, "a; gross S97; sales, LOO;
'Augusta-Quiet; middling, 12%; net
1874
MISUNDERSTANDING: net receipts.
%; gross, 25; stock, 1883. Exports
Coastwise, 1876.
%Cincinnati-Net receipts, 231; gross.
2Sl; stock. 5,13T.
FLouisville-Firm; middling, 12%.
"St. Louis-Nominal; middling, 12%
gross receipts. 31l: stock, 1875
|Houston-Easy; middhng, 70: net re-
ceipts, 217; gross, 217; sales, &c: stock,
S.T45.
New York-Quiet; middhng, u 40: net
receipts, 3; gross, LIP; sales, 1.O25;
stock. $500 Exports-Continent, 700
Total To-day, at All Seaports-Net
receipts, 2s29: exports. Great Britain,
226; continent, 700; stock, 2S60
Consolidated, at All seaports-Net re-
ceipts, IA. 1909: exports. Great Britain.
1858; continent. S463
Total Since Sept. l. at All Seaports
Net receipts. e,99S.527 exports. Great
Britain 2,362,0 France 6S0.052: con-
tlnent 2,4S0022: Japan, Al, 1856: Mexico,
25t-1
'Not included in totals.
The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-06-02

New Orleans, June Cotton futures
barely steady; June 11,45@11. Acc; July,
IL S2m11. S3c; August, 11.16@11.17c; Sep
TENDER, 10.52@1053c; October 1850
10.17c; November, 10.05@1007c; Decem-
Der, 10.056010 06c; January, 10.1O@1O.11c.
In the spot cotton market there was
a good inquiry, the decline in futures
having brought out buyers and pro-
duced a good export demand. Sales,
2,450 bales, including 1000 to arrive.
Quotations reduced 1ac.
Futures opened steady and from 8
points higher to | point lower. Liver
pool was better than expected and the
outlook for a reaction after the recent
heavy declines was encoura ging but all
of a sudden the bears became ag-
gressive and dumped cotton by the
thousands of bales on the market,
which was apparently without buying
power to any great extent and the
raid was carried through without oI@
position Liverpool Immediately made
a response to the weakness in the
American markets and private cables
said that New Orleans was heavy
seller there. Bears found cudgel in
the weather map which showed rains
again in districts where they were
badly needed. In the trading July first
lost 80 points at 12.15c, recovered to
12.26c, and then sold off to 11.S2c;
October lost 16 points at 10.15c, re-
covered to 10.26c and finally sold down
to 10.16c. The market closed quiet at
about the lowest level of the day, with
net losses of 63 to 65 points on the old
crop months and IA to q on the new.
The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-06-02

Washington, June 1.-The census
bureau issued a bulletin to-day CIV
ing the facts relative to rice irriga-
ton in the states of North Carolina
South Carolina and Georgia. 1rriga-
ton is practiced only in the coast coun-
ties and is performed during high tide.
The bulletin says:
while the method of irrigation is
simple, the initial expense of prepar-
ing plantation is very great, and the
cost of planting, cutivating and har-
vesting is considerably higher than
in Louisiana and Texas. Owing to
the moist character of the soil the
use of heavy machinery is impossi-
BILE, and the labor must be performed
largely by hand.
THE coastal planter requires a
large force of laborers to plant and
harvest his crop, and his returns are
no greater than those of his more
favored brother in the Southwest,
whose fields are prepared and harvest
ed by the most improved labor-saving
machinery. 1t is owing to these fac
The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-06-02
WARE n LELAND
Say Decline is on Improved Crop
Accounts.


New York, June 1.-There was an
other break in the market to-day, and
July sold down to 12c. New crops did
not go off as rapidly, but the whole
list was very weak. There was prac-
tically no support of any kind, and
lots of liquidation and stop orders For
some reason no one cared to buy cot,
ton. 1t has been the same way for
months. AS long as the temper of the
trade is against the buying side and
the crop news is not such as to make
a scare, there is nothing to induce
buying. 1t is a case of dry rot There
was over speculation all the season.
The market is suffering from the re-
action. Prices will go lower than the
proper level just as they went too
high. There was nothing to warrant
cotton selling over 15c in January, and
1t went 2Ac over that. 1t will go too
low now. AS long as the down move
is on there is no use thinking about
it. A man is likely to make more
money by getting hold of cheap cot
ton later on than being short now.
The decline is on improved crop ac-
counts. 1t may be the actual rainfall
is far from sufficient to completely re-
lieve the drought. We don't care to
sell cotton short. except as a scalp
ing operation. With a fairly good re-
port on Saturday, the market may
work some lower, but October is get
ting down to very attractive figure.
1t will take a crop of II, 100000 bales
to leave October at 10c when that
month comes around.
The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-06-02


Prices in all departments of the cotton
market-futures spots and (. 0. b. de-
clined yesterday. Local spots went off
nc, f. o. b. was quoted at i2%c, de-
cline of Ac on the basis Of the day be-
fore and. in the late afternoon some
sales were made at still further de-
cline of Nc Liverpool, New York ana
New Orleans futures closed at a heavy
decline.
The general reason assigned for the
break in prices is the fact that rain
has been general all over the cotton
belt. though a rumor was also current
that the break is the preliminary sign
o: bull movement that New Orleans
operators are supposed to be planning.
The effect of the rain on tee crop cam
rot be overestimated. 1t has come at
time. Mr.. e. A. Cults says. when -
will do the plant the most good. During
the dry months the plant should have
developed good tap roots, the crop is
clean and only rain was needed to max o
the outlook good for one of the largest
crops in recent years.
AS the rains have reached this terri
tory but recently, the local trade have
hardly nad time to receive infOl ma ton
from their correspondents in the terri
tory Immediately contiguous TO Savan-
nah, but they have no question that the
condition of the crop is now all that
. can be desired.
In the @ase of sea island cotton the
outlook is anything but promising Mr.
X. NJ. Butler is of the opinion that the
acreage of this years crop will be but
half of that of last season, and believes
- natural consequence, that unusual
prices VIII prevail In speaking of the
matter yesterday he said that several
reasons were responsible for the les
sened acreage. In the first place the
sea island is harder to raise and ma
lures later; again, the excellent prices
that have been received for uplands in
the last season have induced former
planters of sea island to cut down their
acreage of sea island in order to plant
more upland.
How general this has been, said Mr.
Butler, is shown by the fact that in
Tattnall and Bulloch counties, the two
largest growers of sea island cotton in
the entire district, but half of the usual
acreage was planted for this season,
while in the territory in which the sea
island district of Mitchell, Thomas.
Brooks and Colquitt counties is located
II is said that practically none of the
larger cotton planters are planting sea
island. The crop prospects in South
Carolina are said to be the worst in
wears
The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-06-02
RICE PLANTERS OF THIS SECTION
LABOR UNDER DISADVANTAGES
Report Of the Census Bureau Upon Rice Irriga-
ton in North Carolina, South Carolina
and Georgia.

tors that rice irrigation has not made
more rapid progress in the coastal
counties.
Another feature which during late
years has greatly increased the labor
and expenses of the planters is the
uncertain character of the PRINCIPAL
rivers. These streams once drained
heavily forested slopes and were fair
ly regular in flow, seldom being sub
ject to sudden or great floods. Now
that the forests are gone, floods rise
without warning and sweep away the
strongest bikes, causing total loss of
crops, and frequently irreparable in
jury to the fields"
AS the bulk of the irrigated rice
goes to the mills for clean
ing, it is believed that the estimates
given are approximately conece.
though little information was obtained
from the small planters.
The total irrigated acreage Of rice
reported in Georgia, North and South
Carolina in 1902 was 50,223. ana the in-
itial cost Of the irrigation systems was
$l,I $685. or an average of $3447 per
irrigated acre. In 1899 the same states
reported 40,S29 acres of irrigated rice
and $1214, 494 as the construction cost
of the irrigation systems. These fig
ures show an increase in irrigated
area of 1894 acres, or 800 per cent.
and an increase in construction cost of
the. irrigating systems of $516, sos, or
42.5 per cent.
In 1902, seven counties in Georgia re-
ported an aggregate of S,5S1 acres os
irrigated rice. The total cost of the
systems was $274,990, an average o.
$32.O5 for each acre irrigated The in
crease since 1899 in number of acres ir-
rigated is 80 per cent. and in cost Of
construction, 9.9 per cent. Camden
county reported 5,051 acres, and sys-
TENS, costing $152.93O.
OF the Atlantic coastal region,
South Carolina reported more than
three-fourths of the irrigated rice
acreage, and 77.6 per cent. OF the cost
of irrigation systems. The area rri-
gated in this state increased from %
$50 acres in 1899 to 1920 acres in 1852,
while the cost of construction during
the same period increased from SSH
500 to $1,343, 104. This is a gain of ISL
per cent. in number of acres and -
per cent. in total cost of construction.
OF the nine counties within the state
that reported irrigation of nee,
Georgetown had 10, 53S acres; Colicrun.
1925 acres, and Beaufort, G,273 acres.
Brunswick and New Hanove~ coun-
ties, in the extreme southern part Of
the state, reported more than half the
irrigated rice of North Carolina IIyGe
county, bordering on Pamlico Sound,
reported I'll acres. In 1902 there were
1922 acres of irrigated rice within the
state and the irrigation systems repre-
sented a construction OUTLAY Of Sll2905,
or an average of 1929 per irrigated
acre.
The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-06-02

but there is danger of too much COM
pany on the short side, and on this ac-
count we are not disposed to advise
short sales except for quick turns.
The trading continues largely of pro-
fessional nature. The July option
made a new low record in this decline
While there have been rumors of ma
nipulation in the summer options there
is certainly no evidence of il in sight
but sharp upturn is likely when
shorts attempt to cover.
The New York Journal of Commerce
issued its June report to-day giving
the condition of the crop as 1913, which
is about 5 points better than the agri-
cultural report on June of last year,
and makes the increased percentage
in acreage SO or 2,4S6,OO2 acres larger
than last year. An average condition
of about 70 by the Agricultural De-
partment is generally expected.
The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-06-02
MILLER & CO.'S
Cotton Letter to Demere & Ham,
nOnd.

Under determined bear pressure and
forced liquidation with an absence of
supporting orders the market was
very weak during the afternoon and
reached it's lowest price around the
close. The Wall street contingents
are said to have sold July in blocks on
the rumor. presumably that there was
a good block of cotton stopped at II
cents, which they were trying to bring
out. Many rumors seem to have been
circulated of brewing trouble In the
New Orleans market, but from sources
unusually well informed. the impress
sion is gotten that the New Orleans
crowd are amply able to take care Of
themselves, and are practically out
the market, except as scalpers. Spin
ners continue to hold off and it is free
ly predicted by some that they will be
able to buy at much cheaper prices
than at present ruling. Port receipts
tomorrow probably $500. against $500
last year. South spot market from II
to 1kc lower; New York nc to lac
down for old and to down for new.
The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-06-02
SPIRITS KEEP RISING
PRICES ON PALE GRADES OF RoS-
ms ALSO MOVE UPWARD.
MARKET UNUSUALLY STRONG.
RECEIPTS NOT YET UP TO NORMAL
BECAUSE OF COOL WEATHER.

Spirits Opened Yesterday mt 53h
Closing Figure of Day Before and
Closed at 53lAQ54-WW and VIC
Resins Opened at Advance of 30
and n and NJ at IOc Each-AII Of
ferinEs Taken In Afternoon Trad
ing-NnvaI Stores Producers Hav-
ing Trouble in Getting Labor.
A still further rise in price was scored
yesterday by both spirits and resins, the
former opening firm a 531ac, the closing
price of the day before, and closing
firm at 53h@54c. At the opening price
at the last call the sales posted amount
ell to 1874 casks. The market is marked
by an undercurrent of strength and in
the afternoon trading all factors Of
ferings were taken. the greater part of
them at the outside closing figure. The
receipts were 971, and the exports ITO.
Resins scored an advance at the open
ing over the prices of the day before,
w. W. and w. G. each going up Sc,
while the next two larger grades mov"d
w 10c each. The same strength that
marked the spirit market was shown
by rosins which opened firm at the adj
vance and closed firm and unchanged.
The receipts were 2,46s, the sales 1.7S0,
and the exports 1850.
The receipts of both spirits and resins
are a little below the normal for this
part of the season due, it is believed,
to the cool weather that marked April
and May. With warmer weather it is
expected that they will be heavier,
though it is reported in the city that
the operators are having a good deal
OF trouble in securing enough hands to
work the business.
The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-06-02
GENERAL MARKETS.
New York, June Flour steady,
with light trade; winter straights,
S4.9O@5.OO.

New York. June Flour steady,
with light trade; winter straights,
$4.90@5.OO.
Rye -four quiet.
Corn meal steady.
Rye dull.
Barley slow.
Wheat-Spot firm; No red, NOM
inal. Options acted bullishly all day
on a big demand from shorts. The
close was strong, 1A@1Hc net higher.
July, 921sc; September, S51ac; Deem
Der, S4%c
Corn-Spot firm; No. 2, 5Sc. option
market was fairly active and strong.
Closing was 11ac net higher. July,
5512c; September, 54Ac.
Oats-Spot steady; mixed oats, 26@
80 pounds, 45h@46c.
Beef easy; packet, $9.0061O.00.
Cut meats quiet; picked hams. 90
10c.
Lard steady; refined quiet.
Pork quiet; short clear, $13.00914.50.
Tallow steady.
Butter firm; creamery common to
extra, 1401S%c; state dairy, common
to extra, 13@171kc.
Cheese firm; state, full cream, small.
colored, choice, SC; small white, choice,
SC.
Eggs Irregular state, pennsylvania
and near by fancy selected white, 200
21c; Southern interiors, 12@14c.
Rice quiet.
Molasses steady.
Coffee-Spot Rio steady; mild steady.
Sugar, raw, firm; fair refining =
Ice; centrifugal, 96-test, 8 15-16c; re-
fined quiet.
The market for coffee futures open
ed steady at a decline of points.
Trading was very quiet during the
entire session and the general list
was finally steady at decline of
points. Sales 33,250 bags.
Potatoes steady; new Southern, $500
$500; state and Western, sacks, $3.50
Q2.75; Jersey sweets, $3.00@5.00.
Peanuts firm; fancy handpicked, &c;
other domestic, ga @6hc.
Cabbages firm; Southern, per bar
rel crate, S100@2.50.
Cotton by steam to Liverpool 12c.
The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-06-02
opening. Highest. Lowest. Closing.
sAvANNAH'S CURRENT MARKETS

Note-These quotations are revised
daily and are kept as near as possible
in acord with the prevailing whole
sale prices Official quotations are not
used when they disagree with the
prices wholesalers ask.
POULTRY-Market good demand;
springers, 25@4Oc per pair; three
quarter grown, 25960c; hens, 70Q75c.
EGGS-13@14c.
BUTTER-The tone of the market Is
arm. Quotations: Extra Elgins, so
tubs. 24025c; choice Elgins, 24Q26c;
renovated butter 21c.
CHEESE-Market firm; fancy, full
cream cheese, 22Q25-pound, 13c; 80 to
WHITE PEA BEANS-$2. 40 bushel.
POTATOES-$2. 5000. 90.
ONIONS-Native, barrels, 1918.
TURNIPS-$2.25.
BrendstuH, Hay and Grain.
FLOUR - Patent, $3.50; straights.
e. 40: fancy, $4,000. 50; family, 81. So;
snring wheat, best patent, $40.
pMEAI-Pearl, per barrel, $3.50; per
sack. 81. 45; water ground, $1.55; Pearl
@rits per sack, $1.55; Pearl grits, per
barrel. SO so; city meal, $3.50.
The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-06-02
LIVERPOOL COTTON MARKET.

Liverpool. June 1.-Spot cotton in
better demand; prices unchanged;
American middling. fair. 7.12d; good
middling, 69Sd: middling. 6.90d low
middling, 6.76d good ordinary, 6.62d;
ordinary, 6.42d. The sales of the day
were 5000 bales, of which 300 were for
speculation and export, and included
5l0O American. Receipts 1900 bales,
including 1000 American. Futures
opened easier and closed weak; Ameri-
can middling, good ordinary clause:
June, 6.61d; June-July, 6.55d; July-Au-
gust, 6.51d: August September 6.30d;
September October, 5.S7d; October No
vember. 566d: November December,
S.6Od: Observation-Disclosures, 5.57d; Janu-
ary- February, 5,56d.
The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-06-02
CURRAN & CO.'S
Cotton Letter on New York Market
Conditions.

Conditions.
New York. June There was a
highly interesting cotton market to-
day. There was considerable weakness
and at times the market was panicky.
There was fairly steady opening, with
first prices at an advance of 4@5
points on the near months. and the
new crop options / points higher to 2
lower. The early relative strength was
in response to better cables than was
looked for, and shorts were the best
buyers. However, 1t was not long be-
fore series of bear influences made
the longs rather nervous Weather con-
ditions were good, crop news from the
belt reflected an improving condition.
The receipts were more liberal, spot
interests showed less disposition to buy
the spinning elements withdrawing
from the market completely in some
instances.
Bears took advantage Of the situa-
ton and offered prices down at a
terrific scale. The old crop months
bore the brunt of the drop, July was
forced down point after point. There
was some little support later on, but
the feeling Of uncertainty kept all day,
and late in the session there was much
nervousness. Stop orders were reached,
and these added to the uncertainty.
There was a lot of talk to the effect
that the Southern bulls were back of
the declining tendency on the theory
that they were trying to force out all
of the weak accounts. On the long
side of the market, foreigners on this
side sold some cotton as a hedge and
this business also helped at times to
keep the trade guessing. Many smaller
interests sold out through fear that a
big manipulative scheme was being
worked, but conservative interests fig
ured that the decline was merely the
result of bear operations taking ad-
vantage of an opening to force prices
down. The feeling on close was rather
mixed and uncertain.
The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-06-02
LOCAL FINANCIAL MARKET.

The following are the Savannah Cot
ton Exchange quotations.:
DOMESTIC EXCHANGE-Buyin at
SOC discount, selling up to S25, loo; s25
to $50. 15c; $50 to 800, zoe; 500 to 5000,
csc; 5000 to $500, soc: $500 10 $500, &c.
$500 to $500, 40c: $500 to $500, 45c; over
$500 at the rate of 75c per $1,000 prem
sum.
FOREIGN EXCHANGE - Market
steady. Commercial demand, sterling,
81 IS. so; sixty days, 81 .S3. 80; ninety
days, $4.S3 French, sly; sixty DAYS,
5.19.45; Belgian, 4.S5 80; marks, sixty
days, "a 11-16; ninety days, 94A.
Bank Stocks
The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-06-02
J. II. PARKER q CO.'S
Cotton Letter TO Hayward. Wick q
Company.

New York, June Liverpool cables
were decidedly better than expected,
and the sales of spot cotton larger
than for several days past, weakness
developed before the close of the Eng
lish market, in sympathy with the
weakness in the New York market,
which, after opening steady, rapidly
declined on scattered liquidation in
the July option and favorable weather
map.
At no time during the day has there
been anything like buying support the
slight reactions being wholly due to
shorts taking profits. The sentiment
at the moment is decidedly bearish,
due to the general improved crop con-
ditions over the entire belt, and
especially in the Atlantic states where
showery weather again prevails to-
day With continued favorable
weather. further decline seems likely,