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SAVANNAH’S BUSINESS.
A Comprehensive Review of it for
the Past Season,
ITS VOLUME GREATLY INCREASED.
The Cotton Recalpts Reach Almost
1,140,00D Bales-Nearly 200,000
Bales Greater Toan the Receipts of
the Previous Year The Naval Stores
Trade in a Flourishing Condition.
Big Business by toe Railroads—The
Volume of Business in the WOolesale
Trade Larger Than Ever—Real Es
tate in Good Demand and Many
Houses Being: Buiit.-Tho General
Prospect Very Promising.
Office of The Morning New*, i
Savannah, Sept. 1, 1891. i
The business of Savannah for the year that
closed Aug. 31 was not, in all respects, as sat
isfactory as that of the previous year, for the
reason that a tight money market depressed
trade to a very considerable extent, made col
lections difficult and brought ab >ut some fail
ures, and the low price and inferior quality of
cotton were cot without a hurtful influence.
The volume o? the city's business, however,
was much greater than that of any
previous year. At the opening of the season it
was predicted that Savannah s cotton receipts
would be more than 1,000.000 bales. The predic
tion came true. The receipts were very nearly
1,140,000 bales And had the quality of the cot
ton been as good as it usually is in this market,
and had prices remained at about what they
were at the opening of the season, there would
have been an amount of prosperity in business
circles randy witnessed lu spite of the
remarkably tight money market. But,
notwithstanding the drawbacks mentioned,
there was not much room for complaint. The
extraordinary large cotton receipts compen
sated in part for the poor quality of the cotton
and the low prices received for it. But while the
factors may have done pretty well it is not be
lieved that the exporters made any money. The
steady decline in prices was against them, and
made a prosperous season for them impossible.
The outlook for the present season, so far as
the quality of the cotton is concerned, is rather
promising, but not much can be said about the
prices yet. They are low now. The rains in the
latter part of August damaged considerable
cotton, but when that which has been darn
aged is out of the way it is thought that the
quality will be excellent. Savannah s receipts
this year may not exceed those for the season
just closed, owing to the fact that much of the
cotton in her territory has been ruined, but to
offset this she will have some new territory—
the territory belonging to the newly opened
South Bound railroad. It is pretty safe to say,
therefore, that Savannah will maintain her
place as the second cotton port in this country.
Savannah continu * to be the great naval
Stores depot. She has been for years the greatest
naval stores market in the world, and there Is
not much doubt that she will continue to be for
many years to come. She has the capital neces
uary to handle the product of an immense area
of country, and her merchants are plucky and
pushing. They are also enterprising, and are
always ready to assist in opening up new terri
lory. The year just closed was a prosperous
bne for them. The volume of their business
*vas larger than in any previous year, aud it
waa conducted upon such a solid financial basis
that there were no disasters worth noting.
Savannah has for many years had a great
Wholesale grocery trade. This is due largely to
the fact that she can undersell interior points,
and also to the bold and aggressive spirit
Shown by her grocery merchants. They are
continually venturing into new territory, and,
as a rule, they meet with success. Last year,
however, although their business in the new
territory was large, it was not as profitable as
they could have desired, owing to the fact that
they met with an unusually large percentage
of losses.
And the wholesale dry goods men also were
unfortunate in meeting with losses in the new
territory in which they operated However,
their business, taken as a whole, was larger in
volume than in any preceding year, and showed
a good balance on the profit side of the ledger.
The dry goodd merchants are steadily pushing
their trade to greater proportions. About the
Dnly thing of which they complain is the long
credits they are forced to give. Asa matter of
fact there ought to be some reform in this mat
ter. As business is now done a merchant has to
wait altogether too long for his money.
The volume of the lumber trade is steadily in
creasing, but the last season was not a prosper
ous one for lumber merchants. The financial
and other troubles in South American countries
shut off exports of lumber in that direction, and
consequently prices in the domestic markets
were knocked down by the extraordinary vol
ume of the offerings.
The rice crop was a short one It was below'
the average, and the rice planters, mill men and
factors were not particular!}’ happy. The pres
snt crop, however, promises well. If the
weather is propitious the planters will be com
pensated in a measure for losses of the last two
or three years.
Notwithstanding the fact that they carried
sn extraordinary amount of freights, the rail
roads having their terminals in Savannah did
oot make much money. They claim that the
railroad commission pressed them too hard, and
made it next to impossible for them to do a profit
able business The Ocean Steamship Company,
however, did remarkably well. Its business
now is a good one all the year around. Having
t popular manager and popular officers, it has
become the most profitable and most popular
coast steamship line of this country.
That Savannah is going ahead is shown by
the fact that over TOO buildings were erected
within her limits last year, and that about
$1,500,000 was sjient in dwellings and other
Itructures. The price of real estate keeps up
ind the demand for houses continues. Indeed,,
the demand for houses has exceeded the supply
for several years. All of those who iuvpst in
Swellings find the investment a good one.
Few realize how greatly the shipping at this
port is increasing, and this increase shows as
clearly as anything else the growth of the com
merce of the port, and is a strong argument in
favor of deeper water in Savannah harbor. The
number of vessels that entered this port last
seas n was 2,335. and their tonnage was 2.165.-
570 tons. The previous year the number of ves
sels was 2,139. having a tonnage of 1,9*>6,6 *0
tons, an increase of 97 vessels, and 175.85) tons.
This increase is remarkable, and is proof of
Savannah's steadily increasing prosperity.
Savannah’s railroads are steadily reaching into
oew territory and maxing it tributary to Savaa
oah. The South Bound will be open for busi
ness within a month and will tap oue of the
richest portions of South Carolina. The Savan
oah. Florida and Western is now bringing phos
phates from Florida for shipment from this
port. Within a year or two the volume of these
phosphate shipments will be immense.
And these phosphates suggests that the fer
tilizer business of Savannah has reached
enormous proportions. And the fertilizers
whicu are sent out by Savannah companies
nave a splendid reputation throughout the
it&te
Savannah is steadily moving ahead. There is
jo doubt about that. Her people have con
ldencein her future New railroads arc being
nuilt toward her, and capitalists regard invest
ments within her limits with favor. Her pros
pects are second to those of no other city ia the
south.
COTTOW.
The season of 1890 *9l was a remarkable one
In the history of cottoD, and is without a paral
lel before or since tbe war. In the first place
the yield was phenomenal, and to say that ex.
pectations were realized does not express it, as
the production and prices went beyond and
contrary to all previous expectations; enough,
however, is known to believe that fully 9,000,000
bales was the production in the south last sea
son The returns now at band show that fully
8,650,000 bales of this enormous crop were mar
keted. A year ago the outside estimate
of the crop was 7,5/0.000 bales, being
250,000 bales more than for toe year
previous, predicated on the increased acre
age on the estimate of a regular crop. The
season for growing cotton turned out to le an
extraordinary one, as the plants continued
growing clear up to Christmas, and m some
sections of the cotton belt after that time.
Some planters were compelled to plow up the
cotton fn order to prepare the land for the next
crop in preference to picking that remaining in
the fields, as the price ruling did not pay for
the cost and trouble of gathering it. The
reason ascribed for such a lor g season of cot
ton growing was the continuous rains through
out the fall months, causing both top and bot
tom crops to grow and mature until
killed by frost, and a killing frost did not occur
until after the holidays. The wet fall
caused the grade to be very in
ferior, and this of itself caused an in
crease of quantity, owing to the amount
of sand and trash. At all events the spinning
quality of the cotton was undoubtedly very poor,
owing to the above cause and to the maturing
of the top crop, the staple of which is always
inferior. It is estimate! that the spinning
quality of the crop was reduced fully 5 per
cent, less than that of former years, or in other
words, 500 pounds of lint turned out 5 per c 3 nt.
less in its manufacture than the same number
of pounds ordinarily does. A striking feature
of cotton growing is that the south stands
alone in the matter of Increased production,
and, while cotton is cultivated in several coun
tries, none of them have shown any appreciable
increase. This country produces a larger crop
every year, and while the consumption of cot
ton is steadily growing, the south is the only
country to respond and supply the increased
demand. It would seem from last
year's crop that it has brought the production
up to and beyond the world's neeJs. Another
feature of last year's crop was that the greatest
increase was iu territory different from that of
the previous year, or, in other words, the in
crease was on the Atlantic coast instead of the
Gulf. Georgia had th- greateit increase. This
last fart accounts iu a large measure for Sa
vannah's great receipts, lu point of fact, the
receipts at Norfolk, West Point, Newport
News, Wilmington, Charleston, Brunswick,
and, last but not least, this port show a
greater increased percentage than the
Gulf ports. Our receipts were 1,139,608
hales. 62,046 bales greater than the combined
Virginia ports, aud 107,009 bales larger even
than Galveston's great receipts. The com pari
son is all the more gratifying and pleasant to
Savannah in that it shows that her great strides
in cotton receipts and her position as the second
cotton port of America are not earned at the
expense of her neighbors, as they all did well.
As previously stated, the crop as a whole was
very bad, and caused ihe difference in prices of
grades to be greater than for years past. b“ing a
full between the relative value of each
grade, and the crop as a whole hardly averaged
low middling in quality.
In December Europe encountered serious
financial derangements, growing out of the col
lapse of the Barings, which spread quickly to
this country and caused a money squeeze iu
this market, from w hich it has not entirely re
covered. This congestion of the finan
cial market bad a very bad effect
on the cotton market, and caused
factors to refuse to receive shipments of cotton
to this point for local account, owing to the
difficulty in obtaining money, which no doubt
under ordinary circumstances otherwise would
have swelled our receipts to a still greater
aggregate. This state of atTairs, however,
was not of long duration, us the panic waa
almost exclusively financial and found general
business in a healthy condition, as our factors
had fortified themselves, and while they wore
forced to turn down men who were speculators,
they managed to take ea*e of merchant cus
turners who were forced to have money to buy
cotton. It Is all the more remarkable that our
factors should have passed through such a
crisis without someone of them falling by the
wayside. But such was the experience of
Savannah factors, which was quite the
contrary in almost every other south
ern market. At this time it was
the experience of the strongest firms
having foreign connections to meet with dif
ficulty in executing exchange oil account of the
disturbance of confidence and the crippling of
credit, such being the condition of affairs in
Liverpool. Though remarkably low prices now
prevail, and have for some months, cotton held
up fairly well during these months, in which
the larger part of the late crop was shipped
and out of the farmers' hands, and this was the
case even after the holidays, so that the sum
realized by them on the whole wa* fair. It was
also a peculiar feature of last season that
while the Georgia production, as a whole,
showed a very large increase. South Georgia,
along the line of the Savannah, Florida
and Western Railway did not make 65
per cent of the average crop, and
the planters in that section lost
heavily, although it is a strange fact, but true,
that the South Georgia country very seldom
makes a big crop or a small one. Asa rule
it always makes a fair average crop. Tne
causes, however, are explained in this way: The
very heavy rains in this territory caused the
weed to be very rank, and produced boll worms
and rotting of bolls, and some planter* lost
their entire crops. The business as a whole was
quite satisfactory to the factors. They received
more cotton for local account than they did the
previous year. Collections were pretty generally
fair except in the South Georgia and upp *r
Florida sections, which, of course, is accounted
for by the poor stand The free storage system
offered by the Central railroad was practically
of no benefit to the factors, aa they were all com
pelled to go outside of the rail
road s facilities for storage, the
latter being unable to accommodate
them. The free delivery, however, was cer -
tainly of advantage to both factors and ex
porters, but the wh >le has been abolished by
the railroad for the coming s.a*oa. It is be
lieved that exporters cannot say as much for
the year's business as others concerned, and
with most of them it was rather a bad reason,
and it is the opinion that a majority of them
lost money, especially as it is the custom with
them in their contracts to sell g>ol grades
ahead and hedge on futures; but owing to the
scarcity of good grades,and while the decline in
spots cr the good grades was slight, the decline
in futures w’as heavy, which forced them to pay
higher for spot cotton and to loss heavily on
futures. The heavy losses on the good grades
of cotton took away a large amount of their
profits. Still, it was gratifying to note that
with ali the depression there was but one single
failure recorded in this marxet.
There was nothing erratic in the course of
prices during the year, for they deviat *d
in but few instances from their do vnxaru
course throughout, while the opening of the
season saw th? highest prices of the year.
September opened at 10c for middling, only
lower than that of the previous year at its
opening As the month progressed, however,
prices steadily went off. several causes con
tributing to the downward movement: First,
the heavy receipts at the ports, followed up by
a tight money market, which limited business
along with some depression in the freight mar
get. and other ports near by offering room at
a fraction less than the ruling rates here,
while the market became irregular, owing to
the wide disparity between grades, and poor
cottons, which composed the bulk of the ar
rivals, were neglected The month closed with
the market quiet at 9 11-16 c, a decline of 5-16 c
for the month.
October began with a steady demand and a
decided firmness for good grales, middling
being held at 9s£c. The receipts continued
large, and for tue first week prices were well
maintained, exporters being active in covering
early shipments. Business, however, moved
slowly, owing to light money, although holders
were offering cottons at concessions, until at
length tne market became easy under the gen
erul selling and prices steadily sol 1 off. while
THE MORNING NEWS: FRIDAY, SEPTEMBER 4,1891.
the inquiry was still for the better sorts. The
enormous receipt* at the ports had the effect of
still further weakening controlling markets.and
values continued to recede; even a cold
spell accompanied by frost towards the last of
this month had no visible effect in stemming
the downward run in quotations, the month
closing with middlings at 9*4c, a fall of He for
tho month.
November open#l with the spot market quiet
and easy at 9c for middlings. Values con
tinned to go off steadily, while the demand was
rather glow, and holders were obliged to make
frequent and steady concessions, owing to the
heavy accumulation, especially in the poorer
grades. The market ruled quiet, while the in
quiry was irregular by reason of the stringency
of money. This caused exporters considerable
difficulty, owing to the demoralized condition
of foreign exchange. That condition prevailed
throughout tho month and so frightened holders
that they began “throwing cotton overboard.''
In other words, they granted heavy concessions
to buyers for cash. But business still continued
a little slow, owing to the inability of exporters
to sell their sterling bills. Toward the close of
the month, however, the foreign exchange
market became a little more settled when a
better inquiry set in and exporters were more
disposed to cover. Still the tak n/s of the first
half of the month were so small that the stock
had banked up considerably and was rather
burdensome. Middlings at the close of the
month were held at B^c.
December was ushered in with a further
decline, middling being quoted at The
market ruled quiet and easy. Tight money and
the unsettled state of foreign exchange caused
the demand to become slo.v and indifferent;
ami some of the small holders were offering
ready concessions. At this time, the financial
situation becoming more difficult, factors
were obliged to carry exporters. In other
words, they were compelled to take
exporters' exchange in payment for cotton and
hold bills of lading as collateral. The stock
at this time was not considered excessive. But
tne prosject of going over the holidays and in
creasing receipts tended to influence holders
toward further concessions. About the middle
of the month, however, money conditions im
proved slightly, which imparted a better feeling
all around, resulting in a firmer undertone to
the market, while a steady demand began until
the stock in first bands was reduced to smaller
proportions. The continuance of heavy re
ceipts weakened controlling markets, and the
>pot market ran to dullness with poor grades
easier. Foreign exchange toward the last be
came weak, while holders were anxious to
to realize, but the business was small, owing to
the closeness of money. The month closed at
for middlings.
Jaxtarv developed some strength owing to a
sudd n drop in receipts at tho ports, while an
active deman 1 resulted from stronger Liver
pool reports. The spot market opened firm at
8 9-16 c, while local receipts fell off, and freight
room offering freely encouraged the demand,
while money and foreign exchange were in
better shape, exporters being stimulated by the
advance in Liverpool and New Yerk. Brices
were advanced steadily until about the middle
of tho month, when middling touched 9c. Then
the demand just as suddenly became sluggish
and buyers hesitated ia covering orders on
account of the increased estimates of the crop.
The month continued on with no activity, while
the heavy port receipts developed weakness
and future contracts touched lower prices than
were recorded in many years. The last week
of the month showed some activity, but the
receipts continuing heavy, stocks increased
until it became a buyer's market and prices fell
off, middling closiug at B%c.
February set in with the offering of stock
moderate and a good demand at 89-16 c for
middlings, the receipts continuing heavy,
with large supplies still on the plantations and
European markets weakened very much. liv
erpool led in the depression, causing the spot
market to become quiet and steady. Tbede
mand was for tho better qualities, with the
lower grades neglected. The increased supply
in sight and tho unusual heavy movement from
plantations and interior towns continued to
depress the markets abroad, Tno market re
lapsed into dullness, with values easier, and fell
off steadily with offerings free and grades
poor. In the last week of the month the demand
for Baltic shipments sot with liberal stocks
offering, holders managed to sustain prices in
the face of enormously heavy receipts, and the
close found middlings at 87-16 c.
March opened quiet and weak at B%c for
middlings. The demand was slow with but few
buyers in the market for foreign account, while
tho continuance of large receipts at ports and
the heavy interior movement discounted all
previous estimates of the crop. Stocks at con
trolling centers steadily accumulated, and w ith
the uncertain outlook buyers were encouraged
In their demands for concessions in grades as
well as values. Stocks in factors’ hands were
very much inflated. Operators seemed more
disposed to indifference. Arrivals were very
large and the outlook for a reaction more die.
couraging; the situation was weaker and opera
tors moved with considerable caution and slow
ness. The demand was light, though steady,
with holders offering freely, while the crop
movement was unprecedentedly heavy. Mid
dlings closed at 8 6 lfc.
April found the supply of spot cotton in ex
cess of the demand. Prices weakened and
declined cents, middling being quoted at RI4
cents. Holders were free sellers. The receipts
were large and the stock became very burden
some, owing to financial difficulties. Toward
the middle of the month the market took on a
slight steadiness and a good demaud followed,
which caused a much better feeling to prevail,
and on a full business holders manifested some
little confidence. The receipts continued heavy.
A heavy frost just about the latter part of the
month tended to harden the tone of controlling
markets, owiug to tbe set back given planters.
The heavy movement to tbe ports and interior
weakened the market again, and at the close of
the month it was dull at BV# for middling.
May was about the steadiest month of tbe
year, opening and closing the month at 8 3-10 c
for middlings. The demand, however, was
slow’and buyers indifferent. But the stock iu
first hands was well held in the face of the un
settled money conditions, and values were well
sustained, although the stock was larger than
usual at this time and the market very dull
closing with holders firm.
Jink was comparatively a dull month
throughout, and values steadily sold off, open
ing at 6V£ for middlings. The 6tock iu first
hands was ample for all requirements. But a
dull and weak feeling continued to prevail,
while buyers exercised more than the ordinary
caution, and toward the close were asking con
cessions in view of good rep >rts from the grow
iug crop. Middlings closed at 7 13-16 c.
July started in with a dull and easier market,
at 7 1316 c for middlings. Buyers throughout the
month were scarce, while controlling markets
were very weak, and prices continued to ease off
gradually. The better grades as the month ad
vanced were particularly weak. The offerings
throughout were free, but business was quite
6low, and the month closed with the spot mar
ket quiet and weak at for middlings.
August opened without any particular change
until the bureau report was interpreted as unj
favorable, and prices advanced predicated
on the weaker bear atiitude early in the month,
and the general backwardness of the new crop
The market hdd steadily over half the month,
until general rains wero reported, when mid
dlings sold off again The month closing at
The bureau report for the present crop, issued
the 10th of last month, just reverses the posi
tions of the gu:f states and the Atlantic belt,
without a single exception in any state, from
that of the previous season. The gulf states
show a better general condition, while the At
lantic siates are poorer in condition. The cot
ton thus far of the n*w crop coming in, as
usual, shows up finely both in color and staple.
But, as a rule, that is a poor guide as to what
tbe general crop will b*\ owing to the weather
which is liable to occur during picking season.
The outlook for any higher prices is not believed
to be good, to say the least. Lug.an i and the
continent have a very large supply of cotton on
hand, while the McKinley tariff on cotton goods
discriminates heavily against the Brit
ish manufacturers. and they will, of
course, endeavor to force prices lower in order
to overcome the tax; and it is feared that they
will be enab’ed to bring about this, if financial
conditions are no better than they have been,
and last year's injurious stringency should be
repeated. It is mot altogether certain that wo
shall bc4 be expose 1 this fall to a like expe
nonce, even in the face of a big grain crop. The
at Savannah, it is believed, should be
fully as large. If not larger, thaft they were the
past season, even should there be a short crop,
as there are as many railroads in operation;
and with the addition of the South Bound along
with the strong combination of railroads
in the control of tho Richmond
Terminal Company and its large
western connections a great deal of cotton
should be diverted to this port for an outlet in
stead of to the Gulf or northern ports. At tho
close of the cotton year on Monday, Aug. 31.
the f allowing were tbe spot closing quotations of
the Cotton Exchange:
Middling Fair 8H
Good Middling. BV*
Middling. 7^;
Low Middling. 7V2
Good Ordinary 652
Ordinary 594
Vrtfßects.—The acreage fi undoubtedly
smajlfr than last year and the condition of the
plaritfcnot near so favorably. The spring sea
son was unfavorable fur planting, owing to its
lateness and the frequency of the cold spells
which caused the crop to bq, spotted. The
drought prevented tho bulk of the crop from
germinating after it was plan ed. Of course
tho very early planting which was not destroyed
by frost made some early cotton. But the best
part of it is very lat? The bulk of the cotton
lay in the ground until June before it came up.
The usual time is May. So the crop is largely
about a month later in consequence.
But this has been partially overcome
by very favorable weather during June,
July and August. But from the present stand
point it is still two weeks late. The present es
timate of the production, based on the acreage
planted with an ordinary season and a dry fall,
should the plant stop growing in October, will
approximate 7,750,009 bales. But should an
early killing frost intervene it will cut this esti
mate off considerably—some think a million
bales. It is thought, however, that prices will
not go much below what they are now. But
the south has been very conservative the past
year, o wing to the prevailing stringency and the
previous low valuation < f cotton, and has bought
very sparingly and sold in a measure moderately
as com|>ared with former years. The farmers
have al6o made their crops cheaper than ever
before from necessity. At present prices it will
take at least 20 percent less money to handle
tbe crop. This will prevent the great pressure
that prevailed a year ago.
Sea Islands.—lf last year's production of
upland cotton was a revelation to the cotton
world (which it was. tnough it was generally
considered an Impossibility to raise 8,000.000
bales a few years back), what then must be the
effect on the fine trade of the stupendous crop
of sea island cotton just marketed ? The total
crop was the largest over known In its history
It is strange, too, that so much of the crop
should have been raised in Georgia. About the
same conditions governed the production
as In the upland crop, anl both suffered
almost identically the same setbacks, in
this state and Florida. In the latter state the
bolt worm struck the plant very heavily and in
some sections almost the entire crop was de
stroyed on a plantation. The same was the
case in the lower tier of counties of Georgia.
But in the counties adjoining this port tho de
crease was amply offset by the increased
production The percentage of increase was
phenomenal,'not alone in this section but in
the entire sea island belt. But of course
Georgia shows the atest The entire
crop reached 63. (V 9 bags, of which Sa
vannah received 45,620 bags, about five-eighths
of the crop, and more than ail other ports
combined. Indeed Savannah's receipts have
more than equaled the entire crop of re
cent years. The grade, as in uplands,
also suffered. But the percentage of
injury was not as great as In the latter. Yet
the greatest drawback of all was the fearful
drop in values. Tne season opened at about
23c. for fine and closed at about ICc. per pound,
ashrinkage in the valuation of fully $25 00@>30 00
per bag. It Is just here that the shoe pinched
and caused this market no little inconvenience,
owing to the heavy decline, as a great many iu
the wholesale jobbing trade here are dependent
more or less upon the sea island crop conditions
and its marketing. The low price of the staple
brought to the support of the market investors
who regarded the opportunity for profitable
investment as one seldom witnessed, and they
purchased very * freely, both for foreign
and domestic account. Its cheapness also
induced spinners to increase their holdings of
this class of cotton to be used in future manu
facturing of more diversifiei lines of goods,
which, under ordinary circumstances, would
have employed a cheaper class of cotton, such
as Egyptians, eiq, As regards those engaged
in the trade non i can speak enthusiastic illy, so
far as to result*. Tae planters did not make
any money during the season, as the bulk of
the crop was disposed of a; figures at about,
and in many instances below, the cost
of production. O.ving to the
rapid depreciation the middle men
lost money. \ actors are about the best off,
particularly those who did strictly a legitimate
commission business. They, of course, made
proportionately less commission. At the same
time, they were compelled to handle a great
deal more cotton, entailing more work and ex
pense. Factors reported also that collections
wore very poor in some sections, and they have
been obliged to carry a number of middlemen
aud planters over to this season. Of course,
this condition was not general, but mostly
local, where planters made failures, or partial
faiKtees, of their crop. This was especially the
case in some sections ‘bf Florida. Savan
nah is particularly interested in this
crop, as it is strictly a local trade. Pretty much
the entire receipts count as local receipts, and
the bulk of the crop Is controlled by the
merchants of this port and handled with their
capital. They are to be congratulated, how
ever, on marketing such an enormous crop, if
for nothing else.
Sr. ptembsr— There was the usual sparring for
an opening in prices, and the most of the early
purchasing was for types. The receipts w ere
j.rett v liberal as the month advanced, and were
mostly of tue line grades, flu opening business
was at. 22c for medium flap, at which figure the
market was very steady. Buyers were less dis
posed to advance bids as the month progressed,
until at length it closed quiet at 22c lor medium
fine, with a good demaud tip J little-offering.
The receipts for the month were 641 bags, and
the sales 40G bag?.
October— The receipts during this month were
6.087 bags while tbe sales were only 3,?3S bag*-.
It opened steady, with a good demand at
2214 c for medium fine, the outside figures being
the highest price of the Season paid. Early in
the month it !>ecanie very quiet, and the inquiry
moderately turniag to an easier feeling,owiug to
thedesireof holders to realize, caused byatight
money inark*t, and pieces sold down to 21?gc
for medium fide. on it closed at 2114 c.
w ith tbe market irregular and easy. The larger
holders were asking ftfll quotations, but the
•mailer factors were sacrificing, and the stock
began to visibly accumulate.
November— This month's receipts were 8.050
bags, and tbe sales were 8,119 bags. It opened
up dull and easy with a light inquiry and stocks
•till banking up. Medium fine touene 121 c. The
market, however, continued weak and heavy
owing to the de terminal on of spinners not to
pav higher figures,aud the market sold down to
19c. where it remained quiet although a fairly
good demand prevailed in spite of very tight
money. The last of the month, however, found
holders iu a much better position to resist the
murderous c -ncessions asked by buyers. Aided
by the heavy takings during the month It closed
at l*c for medium fine.
December. —Tbe month opened up with a very
irregular market, owing to the condition of for
eign exchance and monetary’ troubles, which re
strlcted operation*. Of course values sagged off
steadily.mediutnflne going from 18c to l7J4c,then
to 17c. <*t wuicn ligur* Duyers w re stimulated
to action, and the low prices rather encouraged
consumption, values being below the cost of
production The market continued rather weak,
while the outlook was altogether unfavorable
Still buyers continued to come into the market,
and cheap cottons caused them to absorb a
good of stock. The month closed, how
ever, with holders willing to make still further
concessions rather than to go over the holidays
with heavy stocks; especially in view of the un
healthy condition of the monetary situation
Medium fine closed at 16ytQ!7c. The receipts
for the month were 6,427 bags, and the sales
were 5,511 bags.
January— I Tne receipts this month were 6,458
bags and the sales were 9,196 bags. The month
opened up with medium fine at 19U&16%c, and
the market steady to firm. The demand was
steady and mostiy for medium fine, although all
grades were generally taken and prices a!
vanced to 16*4(2H7c. The northern mills were
absorbing Egyptian cotton in considerable
quantities, which, of course, restricted business
in the better qualities of Florida's. Still a firmer
feeling continued to prevail for all grades, and
offerings were readily taken at 16%&17c,until to
ward tne closing of the month, when it settled
to a quieter fee ing, the demand continuing
steady and holders managing to maintain quota
tions. The arrivals were unusually heavy, which
had a depress.ng effect on valu* s, although the
demand remained good, aud medium fine closed
at l6Vsc.
February—The market opeued irregular and
weak at 15t£'3H6c for medium fine, the heavy
receipts demoralizing holders, and factors wer *
free sellers at buyers’ figures Prices touched
15}£<(&lv>c. The demand was confined almost
wholly to fine and medium fine, the lower quali
tie* being neglected, which continued through
the month, the large stock tending to weasen
values. It closed quiet for a good style of
medium fine and above, while the lower grades
were dull and weak, with the stock accumu
lating. The receipt h for the month were 6,356
bags and the sales were 0,414 bags.
Mahch —The receipts for this month were
2.051 bags, and the sales were 5,3v50 bags. The
month opened with the market dull at 15>4®16c
for medium fine and most grades nominal.
Trading was slow, but the better qualities were
in demand. The continued heavy receipts aud
the stock still banking up in first hands had a
very demoralizing effect on the market, which
became weaker. Inquiry was still slow, and by
the middle of the month medium fine was only
nominal at Toward the close it was
ouiet and easy, and although there was a good
demand for the better qualities and clean cot
tons, while the poorer stuff was neglected and
the small holders more disposed to unload at
easier prices, uutil at length the stock remain
ing was confined to tho larger holders. The
month, however, closed irregular and easy with
business at concessions and medium fine selling
at 14V4®15c.
April— I The month's receipts were 1,163 bags,
and the sales were 3,782 bags The market at
the beginning of the month was still irregular
and easier at 14V$@15c. for medium fine, but
the good demand and the heavy takings pre
viously reduced the stock so much that at
length it became firm though 'quiet. The de
mand for tho better grades continued, while the
common and imperfect cottons were still
neglected. Holders were firm and maintained
Quotations, owing to the small offerings of good
cottons. The month, however, closed easy and
lower for poor and short staple, and prices de
clined. Medium fine closed at 1 JVs(i£lse.
May—The month opened very much firmer
for the. better grades with a good demand at
15 for medium fine; the commoner sorts
continued neglected. The market showed but
little change during the month, and holders of
good cottons showed no disposition to recede
from the ruling prices so that values were well
maintained throughout the month, closing
dull and somewhat nominal at 15(5M5AiC. for
medium fine. Factors, however, continued to
ask full quotations whenever a buyer presen r ed
himself. Tho receipts during the mouth were
633 bags and the sales were 1,317 bags.
Junk— The receipts during this month were
160 bags, and the sales were 74 bags. There
was no material change either in the position
of bu3'erß or sellers, and the market ruled
throughout somewhat nominal, at 15@15%c for
medium fine. Holders were still quite firm
and asked full figures on all offerings of the
better grades.
July— The receipts for thfs month were 21
bags and the sales were 83 bags. The month
began with the market irregular and a few
scattering sales below quotations. The bulk of
the business, however, was at full figures. It
closed dull and nominal, owing to the firmness
of holders. But there was no inquiry.
SKA ISEAXD CROP RECEIVED AT SAVANNAH. OA.,
SEPT. 1, JB9O, TO AUG. 31, I*9l, SHOWING PRO
PORTION OK GEORGIA, FLORIDA AND SOUTH
CAROLINA.
rare I :To,a.
Heed per CR. R j *SO
Rec'd per C. R.K. ..111,908 430! 12,388
Rec’d per S,.F.A W.Rv *SO 1
Rec'd per S .F.&VV.Ry 13,049 15,354 28,,53
Rec'd per C A S Ry 4 2 6
Received per carta 1,583 1,583
Rac’d per Savaunah
river steamers 23 23
Rec'd per Brunswick:
steamers 5 5
Received per Florida
steamers 17 21G 293
Received per Beaufort
etc., steamers +45
Received per Beaufort
etc., steamers *2,508 2,553
Received per Darien,
etc. steamers .. . J 19 j 19
Received per various
sloops. j 11 1 79 90
Rec’d per city crop 137 80 217
Total 36,8)18:116,l'JO 2.631115.650
* Through. + Local.
STATEMENT OF REA ISLAND CROP FROM SEPT. 1,
ISSO, TO AUG. 81, 1391.
Georgias
and Total
Islands, Floridas, crop.
Receipts- bal “•. bales. bales.
Charleston 13,239 195
Beaufort 4,591
Less shipped
Charleston and
Savannah aud
exp’t’d thence.. 4,624 67
Savannah 2,631 42.996
Brunswick a 084
Fernandina 5,231
Jacksonville 62 J
Total receipts... 16,000 62.126 68,123
Br’men,
Hamburg,
Exports— Eng. Fr’nce. Reval. North.
Ch’rl'Rt’n.. 7,4:2 806 .... 4,787
Savannah. 25,468 3,56 7 450 14,297
Brunsw'k.. 1,376 1,708
Fern'dlna.. 41 5,190
Jacks'ville 620
Total .34,297 4,373 450 26,602 65,722
Stock on hand— Bales.
Charleston 556
Beaufort 67
Savannah > 1,871
Total 2.494—2,494
Less Stock on hand
Sept. 1, 1891-
Charleston 67
Savaunah 23 9o— 2,404
Total crop 68.126
STATEMENT OF TOTAL EXPORTS FOR THE , PAST
SIX YEAKB.
1885-6 1886-7 ISB7-8 1888-9 1880 90 2890-1
Great
Brit'n. 14,748 25,216 18.693 20,910 26,007 34,297
France &
Cont't. 1,680 1,435 1,651 1,809 2,336 4,823
Northern
Mills .19,973 23,515 19,824 20,805 19,098 26,602
STATEMENT OF THE TOTAL CROP FOR THE TABT
SIX YEARS.
1885-6 1886 7 1867-8 18S8-9 18S9-90 1690-1
South
Caruli'a
crop.. 7,010 6,735 8,50 l 9,607 9,241 16.000
Ga. and
Florida
crop.. .30.6C2 36,402 30.918 34,535 37,038 52,126
T> t v1..37.672 45.137 39,479 44 143 46.879 68,12)
RECEIPTS OF COTTON AT THE PORT OF SAVANNAH
FROM ALL SOURCES FROM SEPT. 1, 1890, TO AUG.
31, 1891, INCLUSIVE.
•Sea
Upland. Island.
Central railroad 792,938 12,368
Savannah. Florida and West
ern 262,726 28,453
('barleston and Savannah 22,643 6
Cart* 407 1,563
Savannah river 17,294 23
Brunswick steamers 252 5
Florida steamers 793 293
Beaufort steamers 637 2,653
Miscellaneous 6,288 320
Total. 1,093.978 45.630
STATEMENT OF EXPORTS OF COTTON. FOREION AND
COASTWISE, FROM THE rORT OF SAVANNAH FROM
SEPT. 1, 1890, TO AUG. 31, 1891, INCLUSIVE.
Sea
Upland. Island.
Charleston 47,393
Baltimore 84 649 460
New York 278.063 18,508
Boston 96,487 2,3g0
Philadelphia 10, 56
New Orleans 450 ”
Bruusw ick 3J6 ......
Total coastwise 517.373 21,348
Mill consumption 1.96!
Interior 600 ......
Foreign —
Liverpool 106.385 20,062
Havre 30,623 2.172
Rouen *6OO **
Dunkirk 2.300 ... .
Reval 39.230 I'X)
Bremen ... 199.595 100
A mster Jam 22,257
Genoa . . 67,541
Barcelona 73,725
Gothenburg 14,401
Pasages 1,750
Santander 1.448
Oporto 6,290
[Jddevalla 1.200
St. Petersburg 5.300
Norrkopping 9.100
Lisbon 2.525
Defile... 1250
Corunna 1,200
Palma deM. 12
Salerno 1,200
Gnent 3,975
Pooteeloff Harbor 2,625
Total foreign _433,514 22,434
Grand total 1.095,296 48.782
FINANCIAL.
The business year just closed was not one in
which securities in this market advanced in
value, but, on the contrary, a general shrinkage
occurred. The causes leading to this result
were many. Among were over building
of railroads, excessive land speculation and the
antagonistic feeling exhibited by legislators
against railroads and railroad combinations.
Legislators have been very persistent in their
denunciation of recent railroad deals in this
state, and have adopted certain method* and
advocated laws which if enacted would almost
amount to confiscation of railroad properties.
This feeling against railroad interests,
just at this time, is very unwise
and may prove disastrous. It is just such
crazes and animosities that tend to drive away
capital. And at the present time of great
stringency they are greatly to be deplored. It
is sincerely to be hoped that the right-thinking
men of Georgia, and those desirous of her ad
vancement, will frown down such legislation or
any attempts to injure railroad properties. It
is estimated that if the leases of the railroad
properties in Georgia should be broken the
losses to the owners of the stocks And bonds in
this state alone would amount to upwards of
$10,000,000, and such a loss would bring untold
distress to our institutions of learning
and charity, as well as to people
who have their hard earned savings invested in
these securities. The port of Savannah expects
to reap an immense benefit by the close alli
ance with the great west, which will be opened
up by the through connections recently ne
gotiated. All of this, however, is de
pendent upon tho consummation of
the leases. Our banks have been
free lenders during the year to the full extent
of their capital. Still the money market has
been stringent throughout, and to meet the
w ants of legitimate business of this port and
its tributary territory doing business with it,
much more capital is needed. Fully $2,000,000
more money could be easily used here ad
vantageously for the actual requirements of
strictly legitimate trade.
The banking capital and reserve of Savannah
amounts to $4,222,000, distributed as follows:
Capital. Reserve.
Central Railroad and Bank
ing (Company $500,000 $137,000
Chatham Bank 150,000 6,000
Citizens* Bauk 500,000
Germania Bank 200.000
Merchants’ National Bank .. 500,00) 300.000
National Bauk of Savannah 250,000 80,000
Oglethorpe Savings and
Trust Company 125,000 25,000
Savannah Bank and Trust
Company 400,000 65,000
Southern Bank State of Geor
gia 500,000 500,000
Total $3,126,000 $1,097,000
The prices of southern securities ruliDgat this
time, as compared with last year, are about as
follows:
STATE BONDS.
1890. 1891.
Bid. Asked. Bid. Asked.
State of Georgia Ts,
maturing 1896, J &
J C 114 115 111 112^
State of Georgia 4U>s,
maturing 1915, J A
JC 11? 119 709 111
Georgia
CITY BONDS.
City of Savannah ss,
maturing 1909, F M
Aug A' Nov C 103tf 104 101 102
City of Savannah ss.
maturing 1909, J A J
&O C 104 104 H
City of Atlanta Bs, ma
turing 1892 .104 106 100 102
City of Atlanta Bs, ma
turing 1,02 120 129 117 119
City of Atlanta 7s, \ 113 111 113 114
maturing 1904 to-,
1907 (119 120 114 116
City of Atlanta Gs,
1.896 -1!3 114 109 111
City of Atlanta ss. ma
turing 1911 103 104 98 101
City of Atlanta 6s, ma
turing 1915 105 101 103
City of Augusta 7s.
1897 106 108 106 10S
City of Augusta 6s,raa
turing 1904 to 1906. .104 107 102 103
Citv of Augusta 6s, ma
turing 1913 to 1913.. 109 111 106 107
City of Columbus ss,
maturing 1309, JJ C. 104 106 98 99
City of Macon 6s, ma
turing 1910, J A J &
OC„ 115 L 6 112 114
RAILROAD BONDS.
Atlantic A Gr.lf R R7s,
consols, uiatuie 1897,
JAJC 110,4 1114 106 103
Augusta & Knoxville R
R 7s, Ist mortgage
1900, JAJC 108 ’lO9 104 105
Central R R A Bank
ing Cos 7s joint mort
gage 1X93. JAJC... 104 105 101 102
Charlotte. Columbia &
Augusta 7s, Ist mort
gage 1895, JAJC. .1074 109 104 105
Charlotte, Columbia A
Augusta 7s, 2d mort
gage 1900, A&O C. .116 118 115 117
Charlotte. Columbia A
Augusta R R Os,con
sols 103 110 103 104
City and Suburban R
R 7a. Ist mortgage
1907, FMA& NC .. 110 112 105 107
City and Suburban K
R 2d mortgage 7s.
1903, JJC 95 100 90 95
Columbus aud Rome
indorsed by C R K (is
Ist mortgage 1914, J
AJ C 106 103 1024 1034
C ) lum bus A Western
R R of Ala, indorsed
by C R R 6s. Ist
mortgage 1911, JA J. 107 109 105 106
Covington A Macon 6s,
Ist mortgage 1915, M
& 8 C 88 90
Gainesville, Jeffers"ii
& Southern R R Ist
m rigage, indorsed
by C K 1: & Ga R R
7s, mature 1911, J A
JC ....112 115 107 108
Gainesville, Jefferson
A Southern R R Ist
mortgage, not in
dorsed ..107 109 104 100
Gainesville. JelTerson
& Southern R R 2d
mortgage, indorsed
by Central R R A Ga
R R, mature 1908, A
&G 101 103 104 108
Georgia R R & Bank
Co 6s, mature
1897 106 107 103 104
Georeia R R & Bank
ing Cos 6s, mature
1910 114 116
Georgia R R & Bank
iner Cos sa, mature
19.“2 107 109 111 IJ2
Georgia Soutaern <£
Florida R K Ist mort
gage 6s, mature 1927 94 96 70 73
Marietta & North
Georgia R R 6s. Ist
mortgage, sectional,
mature 191!, JA J. 103 105 75 80
Marietta A North
Georgia R R 59. Ist
mortgage consols,
mature 1937, J& J. 94 95 .... 50
Montgomery & Eu
fau.a R It of Ala 6s.
Ist mortgage in
dorsed by Central R
R. mature 190 * 107*4 109 103 105
Sava-mab, Florida &
Western R R 6s. con
sols, mature 1934, A
OC 110 112 107 109
South Georgia & Flor
ida R K Ist indorsed
by state of Georgia
7s. mature 1*99. M
AN-, 117 118 107 103
South Georgia & rmr
ida R R 2d 7s, not in
dorsed, mature 1&9,
Mix c JlO Its 101 105
BONDS AND DEBENTURES.
Ocean Steamship
bonds 6*. mature
1892.J&J 1H 102>fe 99 101
Atlanta & West Point,
HRBs, certificates of
indebtedness mature
!e9l. J&J 100 lOlJfe 90 95
Central R B of Os 9s,
certificate ot lndebt
ness mature 1891. J
* J 93 88 89
RAILROAD STOCKS.
Atlanta & West Point
stock. tfe yearly divi
dends, 35.. 109 110 105 103
Augusta & Savannah
stock, Jfe yearly divi
deads, Rifes, guaran
teed 140 142 130 133
Central RR i Bank
ing Cos stock, Jfe year
ly dividends, 4s 120 121 94 OK
Georgia R K & Banking
Cos stock, quarterly
dividends, 3s 200 202 188 192
Southwestern K R
stock,, Jfe yearly divi
dends, 3>j>s, guaran
teed 128 129 106 108
BANK STOCKS.
Citizens’Bank stock..lo2 104 94 95
Germania Savings
Bank 102 103
Merchants’ National
Bank stock 185 190 130 no
National Bank of Sa
vannah stock 133 135 132 134
Oglethorpe Savings <£
Trust Cos stock 122 124 120 122
Savannah Bank & Trust
Cos stock --119 VS 120 Hi 115 116
Southern Bank of the
State of Ga stock 295 300 2SO 290
MISCELLANEOUS STOCK.
Savannah Gas Light
Stock 25 26 24 25
Electric Ligat and
Power Cos stock 85 87 76 78
The Chatham Dime
Savings Bauk stock 109 110 62 53
FACTORY BONDS.
Augusta Factory 6s,
Augusta ...103 105 101 102
Enterprise Factory 6s.
Augusta 105 107 104 105
Sibley Factory 6s, Au
gusta 103 105 102 103
FACTORY STOCKS.
Augusta Factory stock 90 91 75 80
Eagle A Phenix Manu
facturing Cos stock of
Columbus, Ga .82 84 48 52
Enterprise Factory
preferred stock 100 101 97 99
Enterprise Factory
common stock ... 55 60 55 64
Graniteville Factory
common stock, S C 150 155 145 150
J P King Factory com
mon stock, Augusta 99 100 97 99
Langley Factory com
mon stock, S C 103 105 95 100
Sibley Manufacturing
Cos common stock,
Augusta 03 84 60 65
RICE.
There was not au average erop ot rice
produced last season, although the crop was
slightly above that of the previous season in
quality. Oftheerop Savannah's mills received
480,870 bushels, which was fully S3 per cent,
less than was counted on in the beginning of the
season. The shortage on the estimates for this
section was caused by the heavy
freshets and rains about harvest
time. It will be remembered that the freshets
in the rivers and streams of this section lasted
a considerable length of time, and some plant
ers lost the whole of their production, while
others lost a portion, especially the small
planters on the Ogeecbee and Satilla rivers,
and partly on the Savannah, although it was
not quite ns severe as on the two for
mer streams. Throughout the season
the demand was good, which wa3
aided very much by the failure
of the fruit and vegetable crops of the previ
ous summer. The steady demand and
the shortness of the production kept values
up fairly well throughout the year, as there was
really no competition at all from the foreign
article until late this summer, when the stock
of domestic was pretty well exhausted. One
of the peculiarities of the season was tha
few western orders placed in thts
market, tbe most of which went to New Or
leans, where they found greater selections.
Still this trade was not missed, as the hulk of
the rice milled here was sold for distribution in
the local market and nearby territory, and it
was pretty nearly all consumed. The quality
of tbo grain was very good. In fact, it was
better than the average of the previous year,
and was thoroughly f.*ee from mowburn or
damaged rice Consequently those of the
planters who saved their crops had a prosper
ous season, os they received very remunerative
prices.
To them the season was thoroughly satis
factory. The season, however, as a whole was
not altogether satisfactory. It was to say the
least a poor one for the dealers and factors,
none of whom claim to have made any money,
owing to the short crop and the unsettled
money conditions prevailing throughout the
year. Many times business had to be turned
down for lack of money to carry out trades
which, under ordinary circumstances, would
have paid well.
The quotations for good averaged for each
month as follows:
Season of 1889-’9f(. | Season of 1890-’9l.
September 413 ® 4% 1 September SJfe@sJfe
October October 4%@54fe
November -lit®. November 4%ff64W
December 4J4® December
January P/Jt® Januarv
February February .. s>fe®s-,
March March Jfe®s
April 4W®4% April 5Mf5
May 4 fefrjptf, May
•June 4*®.% June sjfe@Wg
July i;B<&G>4 July
August August 6J4@sJfe
The coming crap prospects are thus
far excellent, and tbe plant Is in fine condi
tion, tbe continuous rasas having helped tbe late
rice along wonderfully well, but it is to be hoped
that they have about ceased, so as to enable the
planters to harvest th e crop satisfactorily, as
harvesting should now be in active operation.
The acreage of Savannah’s territory planted
is less than it was last year, probably about
1,C03 to 1,500 acres less, but with a good harvest
the production should be fully 600,000 to (SO.WO
bushels. The general outlook for rice is not
the brightest in the world: in point of fact, it is
very poor for good prices, as extraor
dinary good fruit crops this sum
mer are the rule, while there is
a considerable amount of the foreign grain on
hand, which was imported into the country on
account of last year's short crop. There is also
a big Louisiana crop harvested, which is sure
to influence values the coining season,
The following statement shows the amount of
rough receivo l and stock on nand Sept. 1, for
this year and last:
1890 1891
Bushels. Bushels.
Received 640,922 480,870
Poundedand delivered 540,9’22Jfe 480,810
Stock .
Bbls. Bbls.
Barrels of clean made 47.789 45,400
Delivered 47,789 45,400
Stockin mills
There are. however, about 700 barrels clean on
hand held outside of the mills.
The following table shows the total produc
tion of rice in th* United States, In barrels of
clean, of 300 pounds weight each, for last year:
THE RICE CROP.
Barrels of
300 lbs net
Crop of Georgia. 1890-’9l
Milled at Savannah 45.40)
Milled at Charleston 61,£07
Milled at Georgetown 34,237
Milled in North Carolina 25,455
Milled in Louisiana .. . .296,®
“ Total crop of clean of the United States 462.®
The following statement shows the exports of
clean rice ftom this port to the following i**'*
for the pas: twelve months and of local o’ 0 "
sumption in barrels of 300 pounds:
Barr*
To New York
To Baltimore ’Tfe .
To Boston **(7 '
To Philadelphia j-K
To interior
Total exported .. J* s S
Local consumption “ 1
Total
Stuck -JZ.
Continued on fourth ■
