Newspaper Page Text
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SAVANNAHS
ii m
Review of Cimiollft
mis iii \mi
fl m fOUNDED ON II ROCK.
Gratifying Showing, Despite the
“Hard Times”—Cotton Receipts and
Trade Totals Show a Slight Falling
Off Because of Two Successive Years
of Adverse Circumstances- But Sa
vannah Retains Her Position as One
of the Solidest Cities on the Conti
nent-Work on the Harbor Making
Good Progress—Fruit and Vegetable
Trade Assuming Great Proportions-
Banks and Business Houses in
Splendid Shape Having Touched
Rock Bottom, a Spirited Revival
During the Current Year is Looked
For.
Office or TnE Morning News, i
Savannah. Sept. 1. 1893. f
The Commercial year that ended Aug. 31
was much more satisfactory to Savannah
merchants, dealers and tradesmen than the
one which preceded it. notwithstanding the
fact that the volume of business done was not
So great. The statistics given below show
)nst what the decrease was, and short ex
planatory articles tell what particular cir
cumstances influenced each line of trade.
Generally speaking, though, every city
in the south was affected, and in a
similar manner, by the* conditions that
reduced Savannah's trade. Thus the
total of Charleston's trade decreased
something over $8,000,000 and that of New
Orleans more than $95,000,000. That Savan
nah's trade should have fallen off is. there
fore, not surprising: indeed, it would have
been surprising if the fact had been other
wise, when the commercial year began with
cotton only a little above the lowest price
Over known and ended in the midst of a finan
cial stringency so acute that it was necessary
for congress to convene in extra session to
take steps for the relief of the situation. So
far. however. Savannah s business has shown
a comparative decrease smaller than that of
any other southern city whose business re
view is yet at hand. And there appears no
good reason to doubt that her gratifying posi
tion, at the head of the list, will be changed
when the other trade reviews shall have been
published.
The history of the cotton market during the
past yedr may be summarized in a few words.
The market opened on 8 ept. 1. at “rock hot
tom, " that is to say. at almost the lowest
price ever touched. From that time almost
up to the midwinter holidays there was a slow
and steady advance; then a decline set In
which continued throughout the season, w ith
slight fluctuations. As cotton has great influ
ence upon all other commodities in the south,
It may be said, in a general way. that trade
followed the course of cotton until the flnun
cial stringency began to be felt in the spring;
then business men set about to hedge them
selves with additional safeguards, in antic
ipation of the tight time that finally arrived.
r lhe business men of Savannah
are to be congratulated ujxin their
sagacity in forecasting the commercial fu
ture and upon the tactful manner in which
they meet hard times'* and get the better of
them. It was. probably, that foresight that
saved the city from unpleasant consequences
during the recent financial depression.
As long ago as last winter Savannah job
bers begun to reduce stocks and curtail the
risks taken with retailers, and when the
money tightness finally made itself felt there
was hardly a Savannah drummer on the road.
They had all been called In; their houses had
determined that the better policy would be to
push no sales, and to be certain that prospect
ive customers really wanted the goods asked
for. and were able to pay for them, before
sales were consummated. There was no
such thing as unlimited timo on purchases,
and the custom of dating bills three,
four or six months ahead had its
back well nigh broken. Not that the whole
sale men were unable or unwilling to meet
all the legitimate demands of trade- they did
meet all such demands. But they created no
fictitious market. There was no kiting of
sales at great risk: consequently the business
of the past year was done on a “hard-pan”
and the totals given in this review rep
resent the result of a trade uj>on actual de
mand and supply. Upon these totals it is ex
pected a decided gain will be made this year,
inasmuch as the financial troubles are dis
appearing, and. the current cotton crop having
been made more cheaply than any of its prede
cessors for many years, the farmers will have
more monev to spend this fall and winter.
The banks, also, were quick to discern
breakers ahead. But there was no breaker
among the banks. There has never been a
bank failure in Savannah. During the war
some of them were closed, but not one ever
failed. While the financial stringency was at
its height - sometime ago, and crashes were oc
curring elsewhere almost daily. the banks of
this city were pursuing the even tenor of t heir
■way just as if nothing extraordinary were
going on. There was never a inomemt when
the hanks were not prepared to meet every
legitimate demand on them, nor was there
an instance where a depositor s check was
not promptly met with the currency upon
presentation. The explanation of the excel
lent condition of the local financial institu
tions is easy. They are conducted upon safe
and conservative business principles. Months
ago, when they foresaw financial shoal water
ahead they declined all business that had a
suggestion of speculation about it. Even Cen
tral railroad securities were dropped, and
only such c ollaterals as were absolutely “gilt
edged " were accep'ed. Thus, with astute
management, the banks maintained th> repu
tation of themselves and their city for per
fect security.
A branc h of the city's business that has
grown wonderfully during the recent past is
that of fruits and vegetables. Only a few
years ago the fruit and vegetable supply was
hardly greater than the consumption; last
year Savannah shipped and consumed $3,000.
000 worth of products of the orchard, truck
farm and melon field. And dealers sav
the business is yet in its infancy. To
■how the relative merits of truck and
cotton planting, a Savannah trucker
who was once a cotton planter, was
recently quoted as saying he would rather
have one acre of truck land in this county
than ten acres of the best cotton land in th
state. The railroads and steamship
centering her* have favored the fruit an l
truck business to an extent that, were this no
naturally the outlet for this state and Fb
Ida. the greater portion of such produ<
would be brought here. The city has urn
celled fac.litir- for the quirk dispatch of p r
ishable freight* to N>* York, Boston Phil*
deiphia. Baltimore and other northern and
eastern markets, hence these markets look
to Savannah to supply them. It is confide ntiy
predicted bt one of the largest dealers in the
city that wiftfin five rear* the fruit and vege
table wusihes* of the port will have l*en
nearly doubled. The sea
Savannah are looked to to supply a large
part of this expected increase
The naval stores men did not live in clover
during the past year, although the total of
business done* shows on* of the few increases
in the list Ther* was lots of stuff" handled,
but there was littl* if any profit in it and the
produe'er who mine out even at the end of the
year considered himself lucky. The Opera
tors’ Association recently formed to direct
the output and cost of production and of
which mention was made in the last Annual
Trade Review, did not make a shining success
of its undertaking. Some of the fac tors ami
many of the' operators declined to be directed,
hence the proposed great reduction of output
for last year failed to materialize. The asso
ciation is making another effort this year to
limit the output. With what success the effort
will meet it remains to be seen. The cyclone of
the last week of August, blew down many of
the trees, which will reduce the production to
i oi
which there has cropj>ed out a disposition to
disregard some of ttie association's arrange
ments. There remains, however, plenty of
time for the breach to be healed before the
opening of the next turpentine year. The
current season Is now about closing; the next
will open on April 1.
Fe rtilizers went well last year, the total of
trade showing a gratifying increase over that
of tho year before. During the year 1890 91
an extraordinary amount of fertilizers was
used, the total distributed from Savannah
amounting in value to $3,000,000. The suc
ceeding year there was a clear drop
of $1,000,000. Profiting by experi
ence the fertilizer people cut
down the production last year: and. it seems,
they just about sized the pile” the farmers
wanted, for at one time the stock was practi
cally exhausted. However, no planter lacked
for fertilizers that he could pay for, and one
half the drop in J value of the year be
fore was retrieved. During the current year
the fertilizer people look for another increase,
probably up to the figures of 1890-91.
The progress of work upon tho river and
harbor improvements during the year was
most gratifying. Both jetty work and dredg
ing were pushed to the extent permitted by
the funds available, with a result that a
depth of twenty-two feet has been secured
everywhere except upon the Tybee knoll.
Four powerful dredges were at work for a
greater part of the timo, and continue digging
industriously. For a few days after the Au
gust cyclone work on the harbor was sus
pended. But things have been put in ship
shape again and the improvements
are being prosecuted as vigorous
ly as before. In July, an appropriation
of $1,000,000 becamo available for the deop
water work. This sum will be sufficient to
continue operations during the current fiscal
year.
The chief events during the year in railroad
circles occurred In the Central, and are too
well-known to require any notice here. The
troubles of the Central had their effect upon
the business of the year, particularly in the se
curities market. No new- roads were built to
the city during the year, but the roads of re
cent construction showed a gratifying
amount of business done. The South Bound
was the only road to show
an increase of business over the year
previous. This road continues to justify the
faith placed in it and when its connection
with the Florida Central and Peninsular is
completed It will be one of tho city's chief
feeders in the near future. A most important
railroad project in foot Is that to combine the
Middle Georgia and Atlantic, the Macon,
Dublin and Savannah and the Atlantic Short
Line and build a line to the city, having term
inal facilities on Hutchinson's Island. All
three of these lines are anxious to get into
Savannah, and the combination and exten
sion is spoken of as likely to be consummated
during the current business year.
Heal estate enjoyed a fair year. During the
first half of the year there was considerable
activity shown. Later, however, the number
of transfers decreased, owing to the general
stringency. But while tho volume of trade
decreased, values did not. There were fewer
sales, but those made were at prices as good
as those obtained during the first part of the
year. There was considerable building during
the year, notably one large modern business
building on Broughton stroot and numerous
residences principally in the southern part of
the city. The shortage of comfortablo mod
era houses for small families at reasonable
rentals, noted hist year, continues. Indeed it
would seem that rents were rather out of pro
portion to the space and conveniences pro
vided. Six-room houses or apart m ints, with
conveniences, unywherejeonveniont to the bus
iness juirt of the city are held at S3O to S6O per
month, sums rather above the average wage
earner s means. There is a need for neat and
conveniently arranged houses or apartments
that could be rented for $lB to $25 per month.
The trades and enterprises not enumerated
in this summary experienced just about such
a year as those made special mention of.
They were conducted upon business princi
ples. and took advantage of every oppor
tunity and avoided pitfalls; thus tho business
of the year w’as satisfactory, while not elat
ing.
Cotton.
The actual production of cotton for the year
ending Aug. 31, 1893, was 6.717,142 bales as
against 9,033.707 bales for the year ending
Aug. 31. 1862, and 8,655.518. for the year ending
Aug. 31, 1891. The exports for the past year
were 4.402.890 bales, and the spinners' takings
were 2,481.015 bales, leaving a stock on hand
at the close of the year of 243,271 bales. The
total receipts at the Atlantic and gulf ports
for the year were 5.124.276 bales, against 7,157.
542 for 1891-92 and 6.993.150 bales in 1890-91.
The exports were 14 r>.890 bales, against 5.861.-
921 in 1891 92 and 5,790.634 bales in the season of
1890 91. Of the crop of 1882 93 Liverpool took
2.307.064 bales. Adding the shipments from
Tennessee and elsew here, direct to manufac
ture which were 858.965 bales nt the close of
this season, and 1,199.691 halos for 1891 92 and
1 056.452 bales for 1890-91. and the amount
manufactured in the south, which was ,33.701
bales for the past year, and 681.471 bales in
1891 92 and 605.916 halos in 1890-91, the total
crops for the three years were as stated
above.
At. the opening of the year it was estimated
that the consumption of American cotton for
the year would be 10,000.000 bales, but the
long strike in England seriously diminished
the consumption. The estimated consump
tion in the south expressed in lilies of 400
pounds, was 8-19.000 bales against 790.000 bales
for 1891-92 and 696.000 hales for 1980-91 Tin
ner! h consumed 2.340,000 bales in 1892 93.
against 2.430.uK) bales in lK.d 92 and 2.262.000
bales in 1893 91. Adding the domestic con
sumption during IS9J 93 to 8,282,0)t) bales the
. number consigned in Europe during the same
t ime, it makes the total consumption 11.471.-
000 bales against 11.5i6.000 hales for 1891-92
and 11,726.000 bales for 1890 91.
'Hie season just closed was one of extreme
disappointment to the cotton manufacturers
in Great Britain. •he partial shutting down
of noils during J *y and August. iw2. had
enabled British ?nanfa<*turers to nature hy
reduce the surplus stocks of yarns and goods.
The, low prices of goods was looked upon us
favorable to a revival in the* goods trade
with the cast. The more cheerful was justi
fied by the much better business experience
n September, out subsequent developments
were nil of unsatisfactory character. Prices
began to drop and the spinners were com
pelled to insist upon a reduction of 5 per
sent, in :he wages of operators. This reduc
tion caswd a strike and a lock out. which be
gan on November 7 and extended until fullv
o.io--third of nil the spindles in Great Britain
were idle. Unsuccessful attempts were made
to bring about a settlement of the dispute,
until about the middle of Mar*h, when a re
duction of about 3 per cent, was accepted
by the operators. The consumption of cotton
was materially effected by the result oi the
long strike The business continued unsatis
factory until the opening of June, when the
olume of trade increased, and has been in
■yr mvessaj remunerative rates ever since,
ihe crop in Georgia and Florida fr the
on just ended w as about 26b000 bah s less
n in IKM .>2. 1 his port was not alone in th
.iter of short receipts, as her experience
IE MORNING NEWS TRADE REVIEW: SEPTEMBER 1893.
! vrnn similar to that of •'Very other Atlantic
I port The market o|*n**o in Septum i**r iast
with price* little above the lownat r\er
known. There wa* .m almost continuous ad
vance in prices until the last of November,
when a decline set in which continued
throughout the season with slight fluctua
tions.
it is believed that the coming season will bo
an improvement over the last for the plan
t*rs a~ t is confidently expected that good
prices will prevail. The outlook for large in
< reased <rop however, is not very favorable.
As the visible supply of cotton on Sept. 1.
1893 was only 533 oori bab's loss than that of
Si ot I IMS tin- Invisible tupplj must be
greatly reduced, and a good demand from
spinners rnay lie looked for this season.
The situation of th* savannah market,
during the season of 1*92-93 U given in th*
following summary, by months from the
opening of the season on sept. 1. 1892 to
the ending of the crop year on Aug. 31. 1M93.
September The sea-on opened at for
middling w ith a fairly good demand during
the first week of the month. A number of
buyers held off. however.which was attributed
to the uncertainty of shipments by coastwise
steamers, caused by the cholera scare at New
York and the detention of European steam
ers. The market became firmer ut the end of
the week and advanced 116 c. but fell again,
it declined again 16 in the middle of the
mouth, but as more buyers came into tho
market the quotations advanced qc. there
being an active demand. This caused a more
buoyant feeling among the factors and prices
were held up. During the latter part of the
month the market became dull again, owing*
to the natural reaction following a too rapid
advance during the first half of the month,
consequently there w*as but a slow’ movement
to the ports. The market closed at 7Vfc. for
middling. The receipts for the month were
110,739 bales.
October commenced with a better feeling
than at the close of September. There was a
fairly active demand, and prices advanced i *c
all around. There were pretty lively sales for
a few days whit h absorbed pretty nearly all
of Ihe offering stock as the receipts began to
fall off. Near th* middle of the month
the market became dull again and
prices were easier and declined V’all around.
The receipts from the interior towns contin
ued to fall off. As the latter part of the
month approached, prices began to steadily
advance, influenced by the favorable Liver
pool reports and the lightness of the receipts
at this port; prices were 3-ifltos-16higherthan
they were about ten days before. Notwith
standing the active demand during the early
part of the month, it failed to substantiate
the advanced prices, and buyers evinced but
little interest. Selling became unsatisfactory,
as the large supply in Europe was sufficient
for the spinners to draw from. The market
closed at 7 c for middling. The receipts for
the month were 211.9)1 bales.
November opened irregular and unsettled.
Prices sagged off fully 310 cto the slow tak
ings of foreign spinners and a slight spurt in
the local receipts. At the end of the first
week, however, there was a little demand,
which resulted in a fairly good business. The
sales were good and prices rapidly advanced
V with a strong and active demand during
the middle of the month. The receipts again
began to fall off and a better feeling pre
vailed. The prices continued to advance, but
a reaction set in at the latter part of the
month, causing a weakness on account of the
influence of the controlling markets. There
was a very slow inquiry resulting from the
scarcity of orders, and there was again a de
cline caused naturally by the too rapid ad
vance during the early part of the month.
Middling closed at 99,4 c.‘ 4 c. The receipts for the
month were 165.003 bales.
December was ushered in with a very un
easy feeling in the market, due to depression
in the controlling markets, caused by the fears
<>f hostile legislation as embodied in the anti
option bill and a slight spurt in receipts The
effect of this was equally depressing in the lo
cal market, causing prices to sell down to 9c
for middling, A reaction set in, however,
when the belief became general of a doubt
about the passage of the anti option bill, and
prices advanced for contracts; and the spot
market followed. There was no great inquiry,
however, and the market soon became quiet
and weaker, falling off 4c. At this time the
stock began to bank up slightly. Toward the
later part of the mouth the demands were bet
ter and there were large sales. There was a
continued firm undertom* and prices advanced
1 16c. The month closed with middling quoted
at 9 7 16c. The receipts for the month were
92,623 bales.
January opened w ith the spot market pre
senting a decidedly {firmer undertone and
prices during the first week advanced fully
4<b nil around. A conservative feeling, how
ever, dominated among buyers, and while
there was -a steady demand the trading
lacked snap. Most exporters were only dis
posed to absorb offerings in a moderate way
or as urgency of orders required, so that tho
strength exhibited had but very poor effect in
stimulating buying. The market was well
sustained, however, by the very light receipts
at the ports, and to the fact that few holders
were forced to sell for need of money. In the
speculative markets the fears regarding the
anti option bill still prevailed. The market
then became generally quiet and the move
ment rather sluggish, and about the only
feature toward the middle of the month was
a drop iu values. The demand continued
slow and exporters displayed no ur
gency in the inquiry, while
the transactions from day to day were of a
hand to mouth character. Receipts were again
very light at the ports and advices of un
favorable crop reports from India were con
firmed. This fact, however, had no effect
upon the controlling markets and the heavy
liquidation in New York and the fears of the
passage of the Hatch bill caused values to
slough off. r \ he receipts still continue sternly
and in full volume at the ports. There was
an advance in New York during the latter
part of the month, and prices for spots be
came firmer; there was only a nominal de
mand and the sales w re very small. The
month ended w ith middlings closing at 94c.
The receipts of the month were 40,287 bales.
February showed no material change dur
ing the opening week. The market continued
dull and more or less easy, and prices were
reduced l H e all around. Trading was light,
but after the decline a fair business was ac
complished for a few days. The situation at
this time was anything but satisfactory, and
the outlook not very encouraging. The pass
age of the anti option bill by the Senate was
rather anticipated in the controlling markets,
and had no great influence either way, but
the situation became more complicated by
the continuance of the strike in some of the
English mills. There was no demand in Liv
erpool. and the spot market continued dull.
Towards the middle of the month, a better
demand was developed in the spot market,
though prices steadily fell off to H4ic for mid
dling. The heavy decline in prices led some
of the largest holders to let go. which re
sulted in a pretty full business at this
time. Considerable of an uncertainty in con
trolling markets occurred and some of the
authorities raised their figures on their es
timates of the size of the ijop. 'The market
began to decline and on the loth a reduction
of fully 3-16 c. had been scored. Then, how
ever, a tinner feeling set in. with an upward
turn of prices, and the previous loss was fully
recovered, 't he weakness a few days before
had stimulated buyers, who took advantage
of the situation and absorbed the offerings
pretty steadily. Drives were well maintained
through the latter part of the month and ad
vanced 3-ldc. in all grades. The demand con
tinued ami the offering stock was con
siderably diminished by the takings of
past three weeks and sellers were not pushing
business, as they considered the range of
prices low enough. At the close of the month
the demand fell off and the prices followed.
Advices from abroad were of a weak and de
pressing character. '1 he market closed at
813 16 for middling. The receipts lor tho
month were 29.437 bales.
March began with a fairly steady market-
There were not many buyers in the market,
the operations <*f exporters during February
having covered all of their orders. Sales,
nowrever. went on from day to day. but In the
aggregate were smail. The market continued
to display considerable steadiness under the
very >1 >\v demand and an ad cam oof *„c was
recorded, i u uen , * u by the advance taken on
at Liverpool. There was no accumulation
of stock, now ever, arid the takings daily, al
though light, kept the off*rhv. s well within
bounds Holders had no difficulty in main
taining quotations. This did not last fur
many days, however, as the market became
dull and easy about the middle of the month,
when prices declined 3 16.* all around. The
demand was light, with very little business
doing. The depression was due mostly to the
slow selling at Liverpool and the failuio of
English mauiifacHirers to settle the diffieul
ii*s which existed with the operators iu. the
Lancaster district. Holders still manifested
u desire to hokt offerings bit did not force
trade on the decline, and the market contin
ued dujl and to in • extent nominal. The
prices steadily declined and reached 8 i „c for
middling at tho close of tne mouth. The re
ceipts for tin* month were 29,362 hales.
April commenced with a dull and weak
market, and prices steadily declined during
the first weed to fully 5-16 c all around, fol
lowed by a further det line of 3-16 c during the
following week. The market dragged along
ina listless sort M way. with holders meet
ing the demand freely as offered. This in
duce 1 buyers to take stock at the decline, and
a better business resulted. The depression
was added to ny th“ receipts being fairly
large for the season of the year, along with
the general weakness shown by the control
iiug markets. As the month waned the mar
bet followed declining „o further. Even
this drop in prices failed to stimulate the de
mand to auv great extent, until about the
when the mark”' recovered 4< and little
livelier daim*>. characterised the market
At the end of the month ’he market became
! dull ogam TLe demand waa aluggiah and
there waa very little business Transpiring.
Market closed at 77 16 dor middling There
j cclpts for the month were 26.751 hales.
May opened sorngwhai irregularly and un
settled with a decline during the first part of
the month followed 0v . recovery and a par
til advance w%s sustained on the bulk of the
trading The advance in price t*ing Kc
higher than at April closing out they again
declined about the 13th of the month to 74c
for middling. The report of tho agricultural
bureau showing such a small increase in the
acreage seemed to obtain- but little credit in
the lending markets while the fears of any
great damage by the ri~” of the rivers in
the southwest had considerably sui sided and
indications pointed to a still further weak
ness The buyers began to leave the market
and the demand from day to day was very
m kl rate and business a> a whole was very
light The month ended with a little accumu
lation of stocks and a general disposition to
shade prices. The reports from all parts of
the country were not satisfactory. the cool
nights interfering with the plant, and in some
sections replanting was reported The month
closed at ~%e for middling The receipts for
the month were 18.322 i al**s. *
June The market continued very dull dur
ing the first week, and prices fell off 4c all
around. It. however steadied up a little for a
few days and became firmer, with a recovery
in mll grades above good ordinary. The
firmness was due to the more favorable ad-
vices from controlling markets, and the heavy
business at Liverpool I here was a pretty
sternly demand, and. all things considered, a
fair business was done T his continued dur
ing the third week, and prices steadily ad
vaneed 4c higher than a week previous. 'The
demand also continue 1 quit'* steady from day
to day. and a fair business was accomplished.
Crop accounts were somewhat unfavorable,
but not enough to affect the controlling mar-
I kets either way. 'J he strength exhibited in
I the controllnv markets was due to the eontin
1 uatioriof heavy buying in Liverpool and the
further improvement in values in that mar
ket. The fourth week in June was lompaia
; tively quiet and prices declined 4c all
around. This was due to a heavy slump in
trading at Liverpool and the con
sequent easiness developed in that nat
ket along with the stiffness of the
New York money market, rates having
advanced heavily. The demand in this mar
ket was slow and uninteresting, the business
transacted reaching merely nominal propor
tions. The month closed with middlings at
7-JfcC. The receipts for the month were 15,325
bales.
July opened with no new features in the
spot market. It was ruth**r dull, but prices
held out very well, all things considered.
TheMnquiry was quite slow and th* business
done to some extent was nominal; still, the
offering stock was light and sellers succeeded
in obtaining full current figures in their
transactions. The crop conditions showed no
particular improvement. The reports from
abroad, also, were of u depressing tendency.
During the third week there w*;is a little ac
tivity displayed in the market and sales ran
up to proportions far exceeding the entire
business of the first three weeks. The tone
of the market remained steady and prices un
changed. In the lust week of the month, the
reports from the cotton belt were discourag
ing, owing to the long spell of
hot weather and the lacks or rains.
Two bales of new cotton were received on
the 29th of the month and sold at auction.
One brought 10 cents per pound, classed as
good middling and the other, middling, sold at
9 V cents per pound. The month closed with
middling quoted at 7%. The receipts for the
month were 8,851 bales.
August—During the first week of the month
there was no special features in the business
to note, hut about the Bth. the price foil 4c.
all around, and this created quite a spurt in
the demand and the sales were greatly in
creased as compared w ith the past month.
Prices continued to fall off and with but little
inquiry. There was an unsettled feeling in
the market and buyers were offeiing below’
the quotations. The demand was so light
that the factors were inclined to accept the
lower bids. The great financial crisis was
having its effect upon tie* country and influ
enced the spot cotton mai ket to no little ex
tent. Along towards the end of the month
tilings began to look better and the demand
became livelier, The prices rose from 6*4
for middling to 615-16 at which price the
month closed. The receipts of the month
were 11.017 hales uplands.
On Thursday. August 31. 1893. at the close
of the cotton year, the following were the
official spot quotations of the cotton ex
change:
Middling Fair 7 11 16
Good Middling /A . .7 3 16
Middling 6 15 16
Low Middling 6 9-16
Good ()rdlnury 6 3 JG
RECEIPTS OF COTTON FHOM REFT. 1, 1892, T< i
AUG. 31, 1893:
Sea
Upland. Island
Central railroad 521.539 11.580
South Bound railroad 37,321
S . F. & YV. R . it 184.156 22,141
Charleston and Savannah...... 6.777 292
Carts 372 423
Savannah river steamers 7,461 2
Florida steamers 1
Brunswick steamers 2 1
Darien, etc., etc., steamers 5
Beaufort etc, etc., steamers 491 1,063
Ginned is
City crop 253
Total 758.119 35.779
STATEMENT OF EXPORTS OF COTTON, COAST
WISE AND FOREIGN. FROM SEPT. 1. 1892, TO
AUG. 31. 1893, INCLUSIVE.
Sea
Upland Island.
Brunswick 150
Charleston 17.P33
Baltimore 96,423 122
New York 190,029 23,874
Boston 83,946 5,835
Philadelphia 7,125
Now Orleans 50
Total coastwise 394,856 29,881
Foreign
Liverpool., 55,931 5.780
H a vre 24.200 527
Reval 11.960
Bremen 94.683
Amsterdam 1.900
Genoa 57.189
Barcelona 89.208
Gothenburg 2,650
Pasages 1.800
Corunna 600 ......
Salerno 3.1‘
Mango 2. fix)
Go fie 1,200
Warburg 1.400
Oporto 4.100
Lisbon 1.500
St. Petersburg 4.x00
Norrkopping 1.700
Total foreign 869.411 6.307
Mill consumption 1.894 . ...
Kcshipped to interior 205
Destt o;, ed by fire 22 24
Grand total ~756.388 36.162
Sea Islands. The Sea Island cotton crop
amounted to 45,447-bales. 4.000 to 5.000 of which
belonged to crops of ihe past two seasons.
In the early part of last September, while re
ports were received from l lorida of shortage
both in acreage planted and from 40 to 50 per
cent, falling off in condition, it was not
believed. 'The mills north were well
supplied from tho two large crops
of the seasons before and the stock at Liver
pool tarn! it was so reported) at the European
mills never was as large at that season of the
year. So that the shortage of the Florida
crop lost much of its effect on account of the
above facts with those who believed in the
seemingly exaggerated reports.
until about Oct. 1 that consum
ers displayed any anxiety, as the receipts,
though somewhat smaller than tho last sea
son did not indicate any very large falling off
in the crop. 'lbis can be accounted for by i
the liberal shipments of old crop cotton. As
the month of October advanced prices in the 1
country stiffened and gradually became above
a parity with Savannah, and finally, in the
early part of November, actually rose above
th* ruling figures of Savannah, although the
rise in prices was very rapid here, frequently
amounting ts p s c per week per pound.
About Nov. 1 several large operators in the
interior became very bullish and gave out
estimates of 35.0iQ bales as the size of the
crop, and circulars were issued by houses
here to northern andEuropoun correspondents
making somewhat the same estimates. Con
sumers cU ulated that cotton was worth 25c.
for the grade of “line’ on these estimates
and bo ;ghi the boa ds bare daily so long as
this figure had no. ; een reached.
About November 25. 25c was reached;
th n buyers ! egan to haul off. as they had ob
tained nearly half the needs of their mill
friends, and hy November 28 the market be
came dull and prices seemed toppy. A larger
stock liud accumulated than any one had
supposed, as many interior bulls had loaded
up their factors with cotton. A general stag
nation of the market set in and very little
justness was done again until in March; the
interior bulls did not take the hint for some
time after the halt lien*, and continued to
buy at as high as 26 5 c for the grade of ‘fine'*
in the Interior.
The business done between Nov. 28 and
March 6 was on a sliding scale downwards,
and when full operations were begun, at the
latter diit-\ the price had declined to 19(3-19 l ,
for fine. Not much change took place
Hum then till bept. 1. Prices touched as low
m Ihr for fine about April, but quickly re
acted U) IVc Of am The stock here on March
6 or a few davt later in factors hands waa
larger than ever known before
The pant M-annn was. with a few exceptions,
a very proajM*roii#> one to the factors and the
middle men and highly satisfactory to the
planters but disastrous to the speculator
the continued rising figure of the early season
rendering purchases for settlement from their
planter friends by the interior merchants
a good investment, and the large profits In
most eases w ij>ed out any loss made on pur
chases in the latter part of the season: in fact
all the middlemen who stuck to their legiti
mate business and did not become holders
and speculators were gainers on their cotton
purchases. It was one of tho choapest crops
ever raised and the price realized by the far
mers were considerably more than was ex
pected. This made them so much the more
able to pay up their bills to the interior
merchants and Savannah factoes.
and collections were never better
Ihe product of lust season was one of the
best ever raised. The staple was good, the
preparation excellent: in fact, the higher
grades abounded and would not all have been
required only for the fact that no stocks of the
higher qualities remained on account of the
poor crop of the season before, and it was all
taken. On account of the crop of the season
beforo last very many farmers that would
have under other circumstances bought
new seed, did not; consequently there was
some little complaint by buyers filling par
ticular orders on this score, but otherwise no
complaints were made ns to the quality of
the crop, but grave complaints came from the
country to the factors about extraordinary
loss in weight, and strange
to say, the exporters received more complaints
than ever before from their constituents on
the same matter; viz. loss in weight in cotton
shipped, both to the North and Europe.
The exporters, as a rule, did a very satis
factory business, the higher plane on which
they operated as to prices yielding larger re
sults to them in commission, and the ad
vancing market of the early season reducing
reclamations to a minimum, the early sea
sons cotton being the principal cotton subject
to reclamations.
September The season commenced with
receipts comparatively heavy, forty bags
coming in during the first week. The cotton
was nice In preparation and color. The de
mand was slow at first on account of the ab
sence of buyers. The inquiry began about
the end of the second week and was for tine
grades and above. The market held up
remarkably well in the face of the heavy re
ceipts. There was a good request and offer
ings were pretty well cleaned up. The quo
tation at the close of the market was
16 in 16Vic for medium fine. The receipts for
the month were 757 bags.
October- The receipts during the month
reached 7.715 bags. The month opened with
a firm market for the better qualities, w’hile
the lower grades were quiet. Extra fine and
choice were in strong demand. The factors
advanced the prices during the second week
and a good business was accomplished on ac
count of the fulling off in receipts. The mar
ket was strong and active at the close of the
month, medium fine closing at 17H@18c.
November—The month opened with a
steady advance, reaching as much as 14 to2c.
per week. The demand continued good and
the receipts quite large. During the second
week business dropped off a little, but the
prices remained up notwithstanding the in
creased receipts. At the beginning of the
fourth week the market reached 26c. for
choice. Then buyers began to haul off and
by the end of the month the market became
dull, but closed firm at 224®23c. for medium
fine. The receipts of the month were 9.153
bags.
December Opened with the absence of
trmling. Holders had been firm and asked full
current quotations, while the buyers were
equally determined the other way; conse
quently there w*as but little business done,
only one or two factors selling during this
time. Towards the end of the month the mar
ket fell a little, but closed with th” holders
firm and asking full quotations. The receipts
of the month amounted to 8.748 bags. The
market closed at 226£22 l 2 c. for medium fine.
January. This month opened quiet but
stocks were hold firmly at the quotations,
during the first week. There was a slow do
maud and a few sales were made at slightly
loss than Quotations in the second week of the
month. However, these sales could not be
duplicated, and most holders were firm, ask
ing full quotations on the present offerings.
During the third week in the month, the
market was rather dull, influenced by the
weather and the slowness of orders. Quota
tions were practically nominal In the absence
of business, nut holders were firm in their
ideas and were askimr full quotations. The
receipts for the month were 2,367 bags. Med
ium tine closed at 22c (ft 224 c.
Fehuary. The receipts were 2.101 bags.
The opening week showed no change in the
situation of the market, business remained
really stagnant lor lack of inquiry. Holders
continued firm in their views and the stock
was well in hand. About this time the re
ceipts were greatly augmented by the transfer
of offerings from Valdosta here. The market
declined to 21c Cft 214 c for medium fine.
During the latter part of the month there
was more inquiry than for the past three
weeks, and several orders remained unfilled
on account of buyers’ limits being below
holders’ views. The market had. however,
declined to IBctfftlß4c for medium fine.
March The month opened with a decline
in prices to 164crt>,17c for medium tine. There
was a fairly good demand, but buyers were
offering less and holders were compelled to
make concessions to effect sales. The de
mand continued during the month, though
with some irregularities as to prices. About
all of the orders on the basis of the market
were filled, and those left w’ere limited to
lower figures, which the holders refused to
accept. The stock was considerably reduced,
although it was quite large for the season.
The last days of the month brought a fine de
mand and sales were comparatively large.
Tin* receipts of the month wero 1.859 bags.
The month closed with market at 17c for
medium line.
April There was a little activity during
the first few days of the month, and prices ad
vanced to 174<ftl7kc for medium nne. The
week, however, closed dull. Along in the
middle of the month the receipts were large,
being principally a transfer of Valdosta cot
ton to this market. Orders could have been
filled at 4c below quotations, but as a rule
the factors sold only <n a basis of regular
prices. Offerings of small {lots were taken at
quotations, while large lines were held higher.
At the end of the month there was little doing,
and the market closed at 174 c for medium
tine. The receipts for the month were 2.864
bugs.
May The factors’ receipts for the month
were 106 bags. The market opened quiet and
steady, and prices were well sustained. The
demand, however, was slow and mostly for
scattering lots. The market continued dull
until the latter part of the month when hold
ers were forced to sell to realize, and trans
actions were made H<&\c below quotations.
The month closed, however, with quotations
on a basis of 174 c for medium flue.
June—Opened with medium fine unchanged
at 174 c. The receipts for this month were 35
bags. The market was dull and lower to sell.
Transactions were made at fully 1c below the
quotations at which the market was held.
The market became nominal, as there was a
very light inquiry. During the latter part of
the month some sale* were made at the full
prices quoted. The market for the month
closed at 174 c for medium fine.
July—There was no change In the market
and business remained dull, but closed firm
at the end of the first week The balance of
the month the market remained nominal and
no sales were reported. The quotations at
the end of the month were as follows: Choice
20*j(?/.21c: extra fine. 193'/194c; fine,
medium fine. 174 c; good medium. 164®17c;
medium. 16c; common. 15c. The receipts for
the month were 51 bags.
August.—There was nothing doing this
month, and prices remained unchanged. The
buyers and factors were all away, and the op
pressive financial situation detracted interest
from sea islands. There were a few bales of
new cotton received during the la.st few days
of tk<‘ month, but they were not put on the
market.as there was virtually no inquiry. The
receipts of the mouth were 23 bags.
SEA ISLAND CHOP RECEIVED AT SAVANNAH,
(* A., SEPT. 1, 1892, TO AUG. 31, 1893,
SHOWING PROPORTIONS OF GEORGIA,
FLORIDA AND SOUTH CAROLINA.
Georgia
Bags.
Flcrlda
Bags.
South
(Carolina
Bags.
Total
Hags.
Ree and per C. R. li. 15.019 561 u s*o
Rec and per S. F. & YV.
Ry ♦U.B6B| 6,273 [22, HI
Ree and per C. &. S. Ry 202!
Ree and per carts 423 j 4^j
liec’d per Savannah
river steamers 2i 2
Ree and per Brunswick
steamers l j
Rec and per Florida
Steamers 1 j
Ree and per Beaufort.
etc. steamers 11,063 1,063
Ree and per Darien, etc.
steamers 5 5
Ree and per ginned 18 18
Rec'd per city crop. 200 5! 2 253
Total gross receipts 27.518 6.886 17475 35.779
Less received from
Charleston 29*j; 292
Total net receipts ...I 27,518 6,886 1,083|35,487
STATEMENT OF SEA ISLAND CROP FROM SEPT 1 1892, TO ACO. Si
Georgias and
Islands. Floridas.
Receipts-- Bags. Bags.
Charleston 6.160
Savannah 1.083 31.4/M
Brunswick 806
Fernandlna 2,575
Jacksonville 86
Beaufort—
Drop of 1892 93 2,083
Exported through Charleston
and Savannah 2,050 Bags— 33
38171 Total receipts .45.447
Eng Continent. North. Burnt.
Exports— Bags Bags. Bags. Bags.
Charleston.. 3 576 363 1.908
Savannah 16.929 1,538 17,379 24
Brunswick. Fernan
dina and Jackson
ville 130 .... 3.637
gn r>3s 1001 22 924 24 Total exports . .45,481 Baga.
Stock on Hand Sept. 1TT892 Bagsl uaga ,
Charleston 116 b
Beaufort 40
Savannah 1,795 1951
Less Stock on Hand Sept. 1. 1893
Charleston 429
Beaufort 73
Savannah 1,412 1,914 ~
. 01
Making the total crop ; -
Comparative Statement or Exports for the Past Six Years—
-18v88 1888-'B9 1889-’OO 18WV91 1891-'9a lK£-'93
Bags. Bags. Bags. Bags. Bags
Great Britain 18,698 20,910 26.007 34 207 • 24 ?78 att?-
Franee and Continent 1.851 1.800 2.336 4 823 -/mm
Northern Mills 19,824 20.806 19,098 26.602 * iW>
Comparative Statement of the Crop for the past Six Years—
-1887-’BB 1888-’B9 1889-’9O 1890 '9l 1891 ’92 1892 93
Bags. Bags. Bags. Bags. Bags n...,.
South Carolina Crop 8,561 9,607 9,241 18.275 11 370
Georgia and Florida Crop 30,918 31,536 37 838 61,851 4”'750
39,479 44.143 46,879 68,126 59~120
N. B —ln addition to the atinvo exports to Liverpool about 500 bags wero consigned fr 3
New York to Liverpool, being cotton of previous crop, which had been held there on spec™
Georgia 7693 per cent.
Florida 1923 per cent.
South Carolina H 384 per cent.
•Of which 567 through.
tOf which 1,004 through.
prospects.
From the present outlook the prospects of
the coming crop are about on an average with
those of last season.
There has been an additional area planted
over last year but it is likely that thedrought
in Texas has worked much Injury to the crop.
There are some sections where dry weather
had adversely affected cotton. In this sec
tion the crop has been forward, and the re
ceipts at this port so far are gi eatl.v In excess
of those at any of the Atlantic ports and being
over 5.(810 bales more than were received at
Savannah up to the same time in 1892. In
some sections near the coast the crop Is
greatly damaged by recent rains and rust, be
sides it is not maturing as rapidly as usual.
In the sections where cotton has been gath
ered the planters are not marketing as freely
as they would if prices were more satisfac
tory. The present Impression is that the bulk
of the crop will be late. The unsatisfactory
financial conditions which, until recently,
prevailed, had considerable effect in retard
ing the movement of the crop. However. Sa
vannah has not suffered from this cause as
much as other markets. The forethought
and excellent management of the merchants
and banks of this city during the financial
crisis enabled them to be prepared to meet
all demands for money for the purpose of
moving the crop. In this respect Savannah
stands permanent in icing In position to
fnt tier ttie interests of her leading indus
tries.
Sea Islaxd.—Estimates from the most re
reliable sources, make the coming sea Island
cot ton crop about the same as that of last year.
There has been a greater acreage planted in
some places, but the effects of the late storm
and excessive rains have destroved a great
portion of the crop. This will about balance
the Increased supply which was expected
from other sections.
The Georgia crop, as estimated now. will be
about the same as last year The following
condition in several of the counties will
explain the facts upon which this judgment
is based: Mitchell county, which raised sea
islands for the first time last year, yielded
from 6<X> to 70> bags This year the acreage is
greater and there will probably be an Increase
of the product to 2.000 to 2.500 bags. Bryan
county marketed about 400 bags of sea Island
cotton last year which will probably be in
creased to 800 or 1.000 this year, provided that
the weather is favorable and there is no serl
ous drawback. In Lowndes county there is
considerable complaint of boll worms, cater
pillars and rust,, which will cut the crop off in
that section, and it will not be as good as was
expected some time ago. Mullock and Tatt
nall counties have suffered to a considerable
extent from the recent hurricane and the
crop will be somewhat smaller than that of
last year. In other counties in
Georgia the crops have suffered more
or less. In some places, from boll worms
caterpillars and rust. All these frets consid
ered it is more than likely that the Georgia
crop will not exceed that of last year.
From Florida and East Florida come grave
complaints. Although there was from 10 per
cent, to 15 per cent, more cotton planted in
this section this season, the yield is not ex
liected to be more than from 5 per cent, to 74
percent, above the amount produced last
year. In Florida the growing crop was for
ward. being planted early. The excessive
rains which visited that section during the
early part of the season, while the plant was
young, caused the rust to get in its work and
kill a large proportion of the young crop. The
recent hurricanes also had the effect of dam
aging the crop in that section, but the rains
had already caused a great loss.
South Carolina has suffered more than any
other section. The devastation caused by
the terrific cyclone has destroyed the larger
proportion of crops. It is estimated that
the crop which was expected from the sea
islands will be between t MK) and 5,000 bags
short this season
Taking into consideration the losses in Caro
lina. from the storm, the considerable darn
age done by rust in Florida, and the rains
and worms In some parts of Georgia, the crop
which otherwise would have been increased
by the additional percentage planted, will
show a yield considerably below what was
expected.
There is one fact which will doubtless
have an effect upon the market as soon as the
season Is fairly opened; that is. the receipts
will be slow to arrive on account of the ruin
ous drawbacks to which the crop has been
subjected during the past two months. An
other fact, fully realized is that the country
is absolutely bare of any of last year's crop,
and that which is in sight is remarkably
light.
Financial.
All elasses of securities have steadily de
creased in market value during the year now
drawing to a close. To the gradual harden
ing of money, caused by many reasons too
well known to n.iw repeat, can be assigned
the depreciation in values. All securities
have suffered their full share, but especially
is it the case with railroad and industrial se
curities. The revenues derived hy railroads
have fallen off particularly owing to the fact
that the tonnage has been less than last year.
Industrials have declined owing to the' fact
that the demand for goods have decreased
caused by the hard times, consumers buying
only as actually needing supplies. The rail
road commission, after a thorough examine
tion. has decided to Increase rates on certain
classes, which will materially help the roads
to Rwell their incomes, and with conservative
national legislation on the silver question
and taking off the tux on state
bank circulation, it is contidentlv expected the
present unprecedented stringency in money,
will disappear, and an era of prosperity grad
ually take its place. The crops about to
move will bring plenty of money, and all
classes of trades and business resume its
wonted way.
The early completion of the Florida and
Northern railway from this city to Hart's
road will be of great benefit to this section
of the country, and will bring an increased
trade to our port, it being a connecting
through line to the north and south.
The Clearing House.
The success of the clearing house system
has been demonstrated since Its organisa
tion in this city. The weekly statements of
the associated banks are of great interest to
commercial men and a convenience and bene
tit to the business community.
The following table by months shows a
statement congiured with that of last year,
of the clearings of the associated banks.
While the figures do not represent the actual
business of the port, they approximate fairly
a good percentage:
1892 93 1891-92
Sept t 8.212,439 05 | 5,066,438 28
Oct 13,456,672 91 16.281.782 53
Nov 13,721.916 62 12.531.327 12
Dec 10.U09.588 80 10.848.681 76
Jan 7,033.318 44 8.129,318 77
Feb 7,284,968 71 6.983,649 36
Mar.. 7,961,468 86 6,314,052 38
Apnl 6,683,538 08 5,654,640 m
•J u ? e 5,094.683 33 5,3*0.586 S
J v ui y 4.044,474 25 4,960.028 S
Aug 3,394,866 96 4,779.104 01
Total $93,991,022 23 $93,165,842*77
The general average through the- year kiT*
up with the business of 1891-92. notwiihstand
mg the general financial depression. Durru?
July and August while there was compara
tively little business throughout tho rntiia
country, the clearing fell off considerably
The Savannah banks are now and have for
a long time been conservatively managed
They have evidenced their ability to main’
tain their strong position through almost unv
monetary stringency that is liable to come
upon tne country. During the entire
panic, when money was sell,
ing at a high premium in rNew York
the Savannah hanks were compelled to resort
to no device, either through the clearing
nouse or otherwise for the purpose of retain
ing their deposits. Ail checks orawn on them
were paid at once in currency, and thus tho
confidence always felt in them by their Cus
tomers was proportionately increased and
strengthened.
In foreign exchange, the supply of bills
handled here during the past year mas
about on an average with those of the pre
vious year. The amount was comparatively
small as considered with previous years, but
that is accounted for by the general depres
sion of business during the past three months
The rates of exchange, however, maintained
a high standard, and at times exceeded tho
cost of exporting gold. Commercial bills were
in good demand throughout the year, except
when the great financial crisis befell tho
country, and then the fluctuations In foreign
exchange were remarkable. So much so that
net Savannah quotations were not attempted
for a while.
The banking capital and reserve of Savan*
nail will be seen in the following statement
. Cap. Res’ved,
•Chatham Bank 1100.000 $35,000
Citizens' Hank 500,000 170,000
Germania Bank 200.000 15.000
Merchants’National Bank . 600,000 170,tun
The National Bank of Sav’h. 300,000 150.000
Oglethorpe Savings &Trust Cos 125.000 35,000
The Southern Bank of the
State of Georgia 500.000 tsu.W
The Sav h Bank & Trust Cos.. 400.000 51.n0il
The r l itle Guar. &L. Cos . 139,400 10.00
The Savannah Savings Bank. 140.000 2.800
The prices of southern securities ruling at
this time, as compared with last year arc about
as follows:
STATE BONDS.
1892. 1893.
Bid. Asked. Bid. Asked.
State of Georgia 7s,
maturing 1896, J. &
J.C 109 110 B 101
State of Georgia 445,
maturing 1915, J. &
J.C lOOtJ til 100 103
Georgia 34s 100 102 91 9a
CITY BONDS.
City of Savannah ss,
maturing 1909, F. M.
Aug. & Nov. C 1034 1014 99 100
City of Savannah ss,
maturing 1913, J. A.
J .&O. C 194 1014 994 1004
City of Atlanta Bs,
maturing 1902 129 12-2 115 118
City of Atlanta 7s, 1 113 115 109 111
maturing 1901 to<
1907 ( 105 . 107 110 112
City of Atlanta os,
1896 106 108 100 102
City of Atlanta ss.
maturing 1911 107 109 101 KM
City of Atlanta ss.
maturing 1915 107 109 104 106
City of Augusta 7s,
1897 104 107 100 103
City of Augusta 6s, 1
matur'd 1901 to 1906.. 108 110 102 1(6
City of Augusta 6t>.
matur'd 1913 to 1915 102 103 105 108
City of Columbus ss.
maturing 1900, JJC. 112 114 984 100
City of Macon 6s, ma
turing 1910, J A J &,
OC 100 103
RAILROAD BONDS.
Atlantic & Gulf R R
7s. consols, mature
1897, J& J C 1074 1084 101 10
Augusta & Knoxville
R R 7s, Ist, mort
gage 1900. J&. IC. 90 93 65 70
Central R R & Bank
ing Cos 7s joint mort
gage 1893, J A .1C 100 101 100 103
Charlotte, Columbia
& Augusta 7s. Ist
mortgage 1895, J &
J C 101 102 96 98
Charlotte. Columbia
a: Augusta 7s, 2d
mortgage 1900, A &
OC 114 116 107 112
Charlotte, Columbia
& Augusta R R 6s.
console 99 101 80 85
City and Suburban
R R 7s, Ist mort
gage 1907. F M A &
NO 102 101 99 101
City and Suburban R
R 2d mortgage 7s,
1903, JJC 90 95 80 85
Columbus and Rome
Indorsed by C H It
6s. Ist mortgage
1914. J&JC. 90 92 ... 45
Columbus & Western
R R of Ala., In
dorsed by C R R 6s, ,
Ist mortgage 1911.
J&JC v .IOO 101 80 86
Gainesville, Jefferson
& Southern R K Ist
mortgage, indorsed
by G K K & Ga K R
7s. mature 1911, J &
J C 99 101 ... 100
Gainesville, .JefTerson
& Southern It K Ist
mortgage, not In
dorsed 95 97 ... 95
Gainesville. Jefferson
& Southern R R 2d
mortgage, indorsed
by Central ii II &
Ga It K. mature 1908
A & 0 94 06 ... 97
Georgia R R at Bank
ing Cos 6s, mature
1897 101 103
Georgia It K & Bank
ing Cos 6s. mature
1910 108 112 100 103
Georgia R R & Bank
ing Cos ss, mature
1922 107 108 90 95
Georgia Southern &
Florida R R Ist
mortgage 6s, matui e
1927 76 77 ... *0
Montgomery & Ku
laula R R of Ala 6s,
Ist mortgage in
dorsed by Central
RK. mature 1900.. . 1014 103 80 87
Continued on Fourth Page.