Savannah morning news., 1885-01-02

The falling in business circles is more
hopeful than IL has been in several IhohIhs'
While the visible improvement IN the Va
rious industries and branches of trade is
not so marked as to attract the notice OF
those unaccustomed to study the financial
and business situation constantly and
closely, there are, nevertheless, lndlca-
tions that better times may be expected
in the near future.
During TINS month about S7O,OOO,OOO oi
dividends and interest will be palo u
holders of securities Of one kind and
another. and this vast sum will hardly be
permitted to remain idle. Its reinyes'-
ment will have, doubtless, a buoyant ei-
feet on the market. The main reason why
there has been so little money, compara-
lively, invested within the past lew
months Is that great deal oi uhceI-
tainty with respect to future values mas
prevailed. People do not like t. buy as
long as there is prospect that prices VIII
be lower. The conviction is growing,
however, that bottom prices have been
about reached, and that in little while
there will be a very general upward tel
dency.
There Is none, perhaps, who will deny
that there has been OverprOductiOn in
almost everything. Even the farmers
have produced much more than there is a
demand for, and consequently they can
not. in most instances, realize the actual
cost of their products. Europe last year
did not take as much Of our breadstuffs s
il did the previous year, while the rela-
tive increase III the amount Of breadstutls
produced was greater. Within the last
five years 100000 immigrants have
reached our shores. This number is
about a third greater than the number
for the previous ten years. When it is
remembered that the greater portion Of
these immigrants adopt farming as an
occupation, and that the number of native
born farmers is all the time increasing,
it is not difficult to understand why there
is over-productiOn, and, consequently,
low prices.
OF course, farmers can get along, even
though prices for their productions are
unremunerative, because they produce a
very large per cent. of all they need.
They cannot pay their debts, however,
and cannot purchase as freely as they
otherwise would. When the farmers are
without ready money there is great de-
preston in many kinds of business.
Although farmers can weather the hard
times, those employed in industrial pur-
suits are liable to become familiar with
distress, and even suffering. In 1888
about 1 /, 900 miles of railroad were built.
In the year just closed only about 5000
miles were built. The decrease in rail-
road building caused loss of employ
ment to at least 100000 men. Many Of
these men, of course, found employment
in other occupations, but their earning
capacity and, consequently, their pur-
chasing capacity, were decreased. They
increased the labor supply, and, therefore,
caused a reduction in wages. What is
true with respect to railroad
building is true with respect
to many manufacturing Industries.
There are hundreds of thousands OF peo-
pie out Of employment, and it is ques-
/ tiOn whether the number Of the unem-
| plOyed will not be increased before it is
/ decreased. The promise of better times,
however, justifies the hope that before the
winter is over the army of the unemployed
will be much smaller than it is.
One Of the signs of better times is the
increase of our exports over our imports
during the last three months. If this in
crease continues it will not be long before
marked improvement in business and
financial affairs will be apparent.
Al. N.,ral~ fc1 m
couraging than in any other part of the
country. The cotton crop was good and
the price has been fair. The planters are
now raising a larger per cent. of their own
supplies than ever before. They are,
therefore, in a much better condition,
financially, than the farmers Of the West.
Factories that were closed for a time dur
ing the summer have started up again
and now appear to be fairly prosperous.
At no time since the present depression
in business began has the situation in the
South been as gloomy as it has been in the
North.