The Savannah morning news., 1904-09-01
COTTON BROUGHT
RECORD PRICES
OVER SEVENTY-TWO MILLIONS
WAS VALUE OF CROP HANDLED
THROUGH SAVANNAH LAST YEAR.

Receipts of Former Season, Though
About $4,000 Bales Larger,
Brought Only $50 ACKNOWLEDGEMENTS
in Receipts More Than Offset by
Higher Prices-Thesc Due in Great
Measure TO ManipuIntiOns of Bun
POOI-Tradc Most Satisfactory to
All Branches of Trade-Large In
crease of Territory Made ry This
Port.
The cotton season just closed was a
Though not so large as that of the
previous season by something like, in
round figures, 100000 bales. yet, because
Of the prices brought at tke markets
it was much more valuable to both
planters and handlers, probably the
most valuable crop so far as returns
count, raised in recent years. it's value
being $72447,O41 as against 9.4OO, 900
the previous season.
! The shortage of the crop, as a whole,
! affected, of course, the receipts of Sa-
vannah, causing a loss of something
like 135,0OO bales, as compared with the
previous season, but even with this
deficit, the city more than held it's own
when a comparison is made with the
lessened receipts at the other chief
ports Savannah has been constantly
charging the territory from which it
draws cotton to such an extent that
the receipts of the present season
promise to eclipse all former records
by at least 100000 bales, if the total
crop comes anywhere near realizing its
present promise.
High Prices Received.
Because of the excellent prices that
the staple commands in this market,
the facilities for shipping. and the
number and personnel of the men en-
gagged in the various branches of the
trade with headquarters here, the bus
iness has increased from year to year
until now cotton is shipped through
Savannah to foreign ports from terri
| tory as far off as Oklahoma. Local
railroad lines have only recently made
efforts to secure this business, but the
excellent rates they were able to Of
fer, together with the high basis of
prices and the improved shipping ia
cilities that this port could offer, Sc
cured so profitable business that at
least one road, the Central of Georgia,
has now established an agent in Ok
lahoma.
The early predictions of the shortage
of the crop had its effect even at the
| beginning of the season, when mid
ding at the local market was quoted
at 1215 cents as against 81 cents for
| the beginning of the previous season.
This showed a gradual and natural de-
| cline, as the new cotton reached the
market in heavy receipts, so that by
the end of the month it had declined to
95s cents.
Prices During Season.
The staple remained at practically
this price through the greater part of
October, varying slightly from time to
| time till the latter part of the month,
| when it went above 10 cents, the month
| closing at 1914 cents. November
opened at 10sc, and then began a
| gradual rise that extended through the
| entire month, 50 that at the close OF
! it, the price had gone above the IL
| cent mark, being quoted at 11Hc. De-
cember opened with an advance of
another Il of cent, and then the price
| rose steadily under the manipulation
of the great bull pool until. in the lat
| ter part of the month the quotations
| were above IL cents.
Made Spectacular Advance.
January saw a slight decline during
| the early part of the month, brought
about by the rumors of impending
trouble between Russia and Japan,
but this depression was short lived, the
lost ground was regained and then
began the spectacular advance, brought
about by the bull operations that car
| ried prices higher and higher until the
market was about abandoned to the
| bulls.
At the close of January middling
was quoted at 15% cents and within
few days, Feb. 1, had reached 1873
cents, a basis that established a new
record for the staple extending back
TO 1875. Then came the announcement
| that Sully would take a holiday and
there was a sharp break, the markets
closing at a loss of from Sc to So a
bale. The drop brought quotations on
| middling to little above II cents,
then the Baltimore fire and the sever
ance of diplomatic relations between
Russia and Japan caused further de-
preston and prices ruled around Ia
cents for some time.
Broke on SulIy's Failure.
Another advance began in March
that carried prices to about an average
| OF 15k cents, until the announcement
of Sullys failure was made. when a
drop of about $l3 a bale took place.
| and the market became so unsettled
| that for several days afterwards no
| quotations were made at the local OK
change. When again posted, middiing
was quoted at 14sk cents, and II re-
manned at about that figure the re-
mainder Of March and the greater part
of April, dropping toward the end OF
the latter month, until Il reached 1324
| cents.
May opened with IL on this basis.
but the gradual decline that had SET
in was continued. until at the end OF
June and during the early part Of July
II had reached the level Of 10% cents
1t rallied a bit. but again went down.
until IN August the lowest level
OF the season was reached, 1917
cents, when an improvement
set in, and II closed the year
Traders Made Money.
The year taken as a whole has been
an excellent one for the local trade.
IN all It's branches az well as for the
planters. The farmers received prob
/ ably better pBice for their product
than they had before received IN years.
and factors. exporters and brokers ala
n large and "a satisfactory business.