The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-11-07
COTTON,S GREAT YEAR.
oVERToN's REPORT TO
X1E5orroN EXCHANGES.

1 Fact Not to be Lost Sight or in
l. Counting Up the Years Receipts,
I Improved Railroad Facilities and
the Through Biz System the
Cause for the Decrease IN the Spot
Business Of the Port-The Railroad
Situation and Its Outlook.
The annual meeting Of the cotton ex-
change was held last night. There was a
full attendance Of members and general
interest was taken IN the meeting. Presi-
dent }. p. Overton submitted his annual
report. as follows:
From the report Of the finance committee. It
appears that the estimates Of our predecessors
/ for receipts and expenditures were sufficiently
accurate to meet al our requirements.
| Our present membership aggregates total
OF $50 During the past year we have lost
seven members by esgnation, five by transfer
and four by death and, on the other hand. we
| have gained, during the same period nine &C
tive member and three attorneys. or the 100
| members now on the roll, 147 are subject to full
| assessment. and the remaining three are rated
as absent members In this connection we
commend to your favorable consideration the
suggestion of your finance committee respect
ing the arrearages of members who have been
dropped from the roll.
THE COTTON MOVEMENT.
While it is graf flying TO note the increase in the
net receipts at our port during the past season
Of 1889 bales of cotton, or 15K per cent. in
excess Of the previous year, yet, on the other
hand, we must not lose sight of the fact that
there is some cause for serious concern at the
loss of %, 9S3 bales, or 007!6 per cent in the
volume OF the actual spot business transacted at
Savannah. And, it may be added, that the show
ing for the first two months of the new season
is even more unfavorable to the spot business,
the percentase of local to gross receipts be-
ing 0.2S72 per cent against O. 1921 per cent. for
the same period OF the past year. Happily
this unwelcome development In the trade is
not peculiar TO Savannah, but is common to all
OF the cotton out ports in more or less degree.
This feature is easily accounted for, being
but the legitimate result Of tendency, which
has been growing for many years, to bring the
producer and consumer into closer communica-
ton, and TO establish more intimate trade
relations between the interior markets
OF the southern states and the
consuming markets of the world.
Improved railroad facilities and especially the
inauguration of the through bill" system. with
the 'long hRul'' discrimination on freights 20
foreign and domestic ports, practically place
the interior merchant on an equal footing with
the merchant of the out port, and enables the
former to compete for the business OF the latter.
THE RAILROAD FACILITIES.
In the last twelve months the several railroads
centering here have largely increased their ter
mlnal facilities and have made considerable
addition to their rolling stock and other appli-
| ances, thus enabling them to handle a volume of
business which few years ago would have
seemed impossible In one respect, however
there is still room for Improvement, viz: in the
matter of delivery of free on board cotton.
Much unnecessary delay and annoyance occur,
which could be avoided by the railroad officials
by proper attention TO details In asserting and
locating particular lots and completing deiv
cries.
While all the railroad companies have exhib-
tied commendahle desire TO facilitate the bust
ness OF the port, the Central in particular has
manifested a very liberal spirit toward both
Factors and 6XDOrtnrG granting To the f0Ffnar
free storage space, and to the latter the priv
lege OF examining aud reweighing their free
on board cotton-a privilege. however, of
winch as yet the exporters have not availed
themselves to any considerable extent, beca use
OF the numerous drawbacks at present existing,
and chief among these the lack of shelter Tor
the protection of discharged cotton from wet
weather. rendering reweghing useless.
THE NEW RAILROAD MOVEMENT
OF the many indications of the new life and
progressiveness of our city, none is more sgnif-
cant than its continued tendency to become one
of the great railroad centers of the south. Not
only have the old companies established new
and important connections, as, for example, the
Savannah and western division of the Central
which brings tine coal and iron fields of Ala
bama nearer to our doors; but new and indie
pendent companies have been organized and
new lines are being constructed, notably the
South Bound, which is being rapidly pushed to
completion and will, in the course of a few
months, afford an airline route between Colum-
bia, or some other important point
| in South Carolina, and this port,
opening up an entirely new section of
country, rich in cotton and other products of
the soil. The municipal authorities have
adopted a wise policy in offering liberal in duce-
ments for terminal facilities TO railroad com
panies who may make Savannah their sea board
| terminus; and, doubtless, in due time the city
| will reap the benefit of such action,
Our port is again supplied with powerful
congresses, the Savannah Cotton Press Asso-
| citation having replaced their presses destroyed
| nv fire a apO with mo nv
draulc presses of unusual power.
| THE RIVER AND HARBoR.
| Owing 10 the failure of congress last year to
| make an appropriation for the improvement
| of the harbor, little or nothing has been done
4 for some months past looking to increased har-
| Dor facilities and deeper water but it is pleas
ing to note that the present congress at its last
session appropriated the sum Of $3.50, 900 for
| this purpose. and we feel confident that under
| the management of the competent engineer
officers in charge the expenditure of this large
amount will produce marked and enduring re-
| suits.
1t is a subject for congratulation that our
city enjoys exc sptioDally good health, and that
the new business year has opened under the
| most favorable auspices. Immunity from
storms and other disasters, with abundant
promise of good crops in all our tributary coun-
try, should surely encourage all interested in
the welfare Of our city and give high hopes of
continued prosperity.
The annual election for president and di-
rectors of the exchange will be held Monday
| night.
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