Savannah morning news. [volume] (Savannah) 1868-1887, 1884-09-01
GiVANNAH'SIPROSPERITY
IN WORK OF THE TWELVE
l..,,,-,>THsYREVIEWED IN FULL.

the second Cotton Port OF tlie
r4 Yer Commerce Floating Sc
n, a sea asO,OOe,O 900 Deep
Estate StflI Booming and the
-. long Strides Forward still IN
,,f-ef-F Fortune Painting heF most
LL--,fpr Opportunities in the Face OF
nets and Bidding Them Come
1..5 I,eap the Golden Harvest
,rrrrr OF THE MORNING NEWS
utfiN- SlvAVyAH. sept. /, 1854.
-.,s5-r-s ves- OF IsS3-si has closed. a
l-- M tre business Of this city for that
rather encouraging than otheFWlse'
-. no -Fr-fness disasters worth noilc-
L. ..,. I-5aster Of any kind, Of lmpor-
L7' .,....-.. .T-e Yamacraw Ere and IN view
-.r.. ....r-rvements that have Deeh m l4O- IN
~ '.-,---,r 1f the city, it Is douOtiuI II that
properly called a disaster .,
ea.- was not prosperous ore loI mus
IN cotton business. The complains
-..-.rv general that no money was u ".IS'
49, ruIed low until late IN the season. a.
-t--gr tbs crop was short. There was one
.l..-t. cation. however, that was worth
.-=. Il came 10 market liz a much uetter
.---5-,l-, trau the cotton Of previous years
--t. handled sea ISLAND cotton, AZ
.-r ra, lid not handle 80 much IS lhey
t.ifaau accustomed 10, closed the year III
..-s-f.ctsrr frame 81 mind. They made
--.-.. money. but not enough TO boast Of.
z.-.r-.I regaued her position OF second
.-..tH - the country, not by increasing her
--..--- over the year before, but because the
.-.-- tributary to Galveston yielded a
---- short crop Of cotton.
r..raraI stores business suffered from ue-
--a- .r 51 prices a good part Of the year. The
F.r-.--uu was caused by overproducllon.
x-H.- the producers nor the factors appear
+-r.,. made a great deal OF money. The vol
--. % business was larger than ever. IL
uf have been better for all concerned,
r.-r.rs. IL it had been smaller. When the
naval stores season began last year the pro-
4-..-s were warned to cut down the supply.
Tie warming wasn't needed. II wasn't rea-
enable 10 expect that it would be needed I'M
I.-- there had been some concert Of action,
AMI It seemed about impossible TO obtain
thl. Savannah still holds her place as the
leading naval stores market Of the world, and
die indications are that it will continue TO
ha.dIt.
Those engaged in the j0bbing trade have no
serious complaints to make. They did fairly
WE'LL They extended their trade somewhat,
ami had some trouble i'm making collections,
Oh. tEeir trouble in this respect was
r.. greater tHau that of merchants
OF other cities. They lost little
t-4f- bon the ChattahOOchee and the Flint
rivers country by the extension Of new trans
r.--r.sHru lines from New Orleans and Mobile
into -tar country. They may regain 10 II they
show sufficient enterprise and energy. They
were not the only losers IA that section. Our
factors lost cotton there that they had been
accustomed t0 get. it is gratifying that the
T---.-arr uf cotton or general trade was not
va-r great. With little encouragement
l-.1 -lu-portatiou lines leading out OF this
-l-r..- f- probable that after q short experience
v their new friends on the Gulf the Chat
-rr .Uae and Flint rivers people viii return
taue.r old friends. They viii soon ind that
tHeg cannot DO better at New Orleans than
shay can at Savannah.
THE lumber and timber business, while fairly
prosperous. did not make as good showing
attE- port as it ought to have done. This
wac owing to the fact that rates from the
lumber sections were cheaper to Brunswick
ami other points than to Savannah; sOnse-
-Eau-.-~ savannah merchants xported great
E.a- Hr way ~ Brunswick, Darien and Port
Er-a There Is reason to think that this
condition of affairs viii be changed this year.
Tr. capital that moves the lumber is owned
here. and the trade ought to be here and
through here.
There is not much TO be said about financial
matters 1i the past year. The banks wealth
1r .He UauIc that overturned things in Wall
fr... remarkably well. They came through
season without any impairment Of
n serious losses. At one
tm. they were not free in max
"a
noticeable striugeucy in the money market.
There was some ErumbIing, but 1t was gener-
ally conceded that the financial outlook at the
great money centres demanded caution and
con servatism. There was something doing in
stocks and other securities, but this market
does not afford much business Of that kind.
DO can't be said that the railways did as
well as the previous year. The short cotton
crop caused a falling OF in receipts. The
action OF the Railroad Commission also, in
cutting down rates, had discOuraglng effect
upon their treasures. They paid dividends,
however, and closed the year with a confident
feeling respecting the future. The steamship
lines 60 North Atlantic ports always do well,
AMI they did We'll last year.
The rice crop was an average one, but
prices were FstherlOW. New Orleans rice had
3 ADDRESSING effect upon the prices. The mill
Eeu aud planters were not altogether salts
del vith the years work.
Tue city had no great building boom, but a
good many buildings, some very excellent
ones. were erected. The section that was
burned In October was almost wholly rebuilt,
art with a much better class of buildings.
lu -aa ueighbOrhoOd Of the park there were
some Gue residences built. The prices Of real
estate held up remarkably well. If there had
been many more comfortable small houses
erected they would have quickly found Occu-
pants.
A. -le various industries and businesses
VII Do found properly reviewed, with facts
al-l-lres, under their appropriate heads.
FINANCIAL.
DURING che last four months the financial
sar.I-Iu THE country-has received shock
tsuc1 severity that it can hardly be hoped
Chat there VIII be an entire recovery before
Chr new weak All through the North and East
failures have been so frequent and Of such
magnitude as to appal the business cOmmuni-
.-- and. t1 make the situation more startling,
- were net confined to merchants and
rll.sIe0UIo, but were conspicuous among
banks ar bankers. Had these failures been
o.. result U- losses in legitimate business, the
Generalization would have been less severe,
.at--e facts developed show too plainly that
--egs -1 many instances, resulted from wild
-l. Restless speculation and often from sheer
dishonesty and theft.
lt IS worthy q note, and a subject Of con-
ejaculation. that TINS financial cyclone, sweep
M aVer the land and uprOOting so many
Ai-a .lrsiuE Institutions and old commercial
NOISES flEud our Southern banks and mer-
,-ll-a Arms 50 strongly established, and so
wisely and honestly managed, that, COM
lt'l.teT speaking, no harm vas done.
"It ils exception OF one private bank in
a.li-1, and q few small business houses, no
---.-a-- are recorded in Georgia.
var--11ey market is very dependent upon
-e con ton o. the New York market, so Of
t--lss tuicr such disturbing causes it could
81 retain q healthy condition after last
ss1.a-- Elt previous to that time everything
"-t,ei smoothly, and cur business firms had
t'l..5 bon borrowing all they needed for
---'--aiate purposes At from per cent 20 s
L-'--lt- P-r annum. TIE banks at all times
were 1.l b put OUt all their available CAPT
y. 3. aa1 the result was that both the
-.-.-,.a Back d tAe state Of Georgia and
~ Ae-tHaut-' National have been able 70
---ae -- excellent exhibit for tie benefit Of
,.L lo.tsrs-giying them good divi-
---.7 ara increasing their reserve fund.
me sec-rity market for the entire y months
.-'. eAiel mas been sluggish and uusatisfac-
-- Ff--es Of many railroad stocks
-elAHe topheayy in the spring, and a
reaction U5sk place which carria5 ,,rices