The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-09-03

NhObC cn tAAAr tALy bub Nucll CA pcisEi
were diminished as well as their earnings
| and the net results do not compare un
favorably with those Of the II aiority o
railroads elsewhere in the South. Owing Il
the chaotic state of the Central's affairs 1t
OF course, suffered more than the othe
roads. 1t is now in a fair way 10 be placeC
on It's feet again and to share fully with
| other roads in the prosperous season ap
| parently ahead.
Building operations during the year wer,
| not as extensive when numbers are eonsid
cred as in the previous year, but the major,
| ity OF the new structures were of a more
ornate and more costly type. This is true
| both OF residence and business edihoes
Real estate moved slowly, but there was nc
| depreciation OF value as a result OF the bus
| mess depression. The values of Savannah
property are permanent and not TO be
shaken by a single seasons reverses. In this
as in many other respects, the people OF the
| city daily demonstrate their absolute conf
dence in the brightness of its future.
| spirit of optimism, based on sound sense
| and experience, prevails, and there is on
| all sides an inclination and determination
to advance all of the interests OF savannah
during the coming year.
| COTTON.
The past seasons business In cotton was
| one of surprses in many ways, one OF the
| greatest being the size Of the crop nark@eu'
| Conservative estimates place the com mer-
| cial crop for the season at fully 9,loV,OOO
bales while IT is believed that the actual
| production was only S,50O0OO bales; IL Is
| estimated that fully 10000 TO 15O,OU bales
were received from plantations OF ora crop
| during the season. The Distribution OF the
| crop was also surprising Ia It's marketing;
| The Gulf ports absorbed almost one-half OF
| the crop in receipts, or hall mllnon bales
more than they received the previous sea
| son, Notwithstanding the fact that the
previous crop was the largest ever pro-
| duced up TO that time. The Atlantic ports
| Jared lust the other way, having received
but g. 00O bales, or about 4OO,OJO bales in
round numbers less than the year before. 1t
will be seen that the size OF the crop the
past season could not nail TO surprise those
connected with the trade, tnasmuch as
they had started in with the belief that 1t
would not reach over 100000 bales, and it
was on this basis buyers and merchants
began their trading, also TO make prices,
which In the end involved them in such
heavy losses. The crop In Georgia and
Florida was even smaller than that estl-
mated, although the yield was expected to
be lower than in the previous year A
peculiar feature also was that early in
August, 1891, prices for new crop started at
as II was thought extremely low figures,
but succession of unfavorable reports
about the crop, together WITH the poor
prices to go up fully lc. by the middle of
September. This advance was very mis-
leading, as 1t gave color to the general idea
OF a shorter crop, which was very un-
fortunate, as the idea prevailed that at &c.
cotton was cheap enough, but when IL Tell
to below &c. the decentralization can be
imagined better than described. Even at
the lower figures the ports were deluged
with cotton. Savannahs experience was,
to say the least, quite unsatisfactory, as in
her receipts alone she fell off ll2,OOJ bales
from those OF the previous year, which was
the banner year. But with that exception
the past seasons receipts were the largest
previously received. Savannah, however,
has lost her old time position of the second
primary cotton port, position which she
held for so many years, only TO drop into
third place. OF course this port was not
alone in the matter Of Jhort receipts, as her
experience was shared by every other At
lantic port. 1t is believed, however, that
this port would not have lost as heavily in
receipts as she did were il not for a com
bination OF circums tances which went far
toward bringing about just such result. In
the first place dur ng the season the Rich
mond and DanviAle was operating the
Central system, and it is a fact that at com
peting points the, latter system got very
little cotton, wbi eh was, however, taken by
the former for tlAe longer haul to ports in
Virginia. Then again, in October, the
trade was disturbed by great labor strike.
which had the effect of blocking freights
coming this way, and for fortnight our
receipts fell OF tremendously. 1t is also
fact that a considerable quantity OF cotton
from Augusta was diverted to Charleston,
which, 1t was claimed by the Richmond
and DanvtAle people, was attracted there
by reason of low ocean rates. 1t was, how
ever, not TO be supposed that they would
bring the cotton to this port especially
when by taking 1t elsewhere they could get
not affect the local receipts, but only cotton
bought in the interior and sold for
through shipment which made connec-
f4NNar
ports. The subsequent effect OF this was
worse even than the tmmedi ate as the
shi PIPER may have made pleasant CON
neetion from which, perhaps, 1t may be
difficult to wean him. After the middle OF
September the crop coming in began to i'm
prove very much In quality, In fact after
that time the crop ran principally into the
flne grades, while the lower grades were
conspicuous by their scarcity and alto
gether IL may be said that spinners have
secured a very cheap crop of as fine cotton
as was ever produced. The spinning trade
was not as good as a whole as in former
seasons. Last fall the demand was inter
fered with by the Russian famine and in
the spring by lockouts in English mills.
During the summer the unsettled condi-
ton OF finances In the East and the decline
In silver cut off trade from that quarter
with Great Britain and the latter lost
money. The past season was almost a
duplicate of the year before. There was a
very late frost which permitted the crop to
grow and every ball to fruit to the very
last, while good picking weather enabled
planters to clean their fields of every ounce
of cotton. It is also believed that the acre
age has been underestimated very much
heretofore, which in part accounts for crop
estimates as a rule going SO wide OF the
mark. The consumption just now is not
as good as 1t was q year ago. Collections
were generally very poor. OF course this
was incident to low prices of the last two
years in succession, the elimination Of
which has been disastrous to so many
bound up in the trade. Planters, as a
matter of course, came out badly on the
seasons trade. This was due largely to a
lack of economy and TO having lived In a
FOOLS paradise so long previously. The
planters never realized to what level values
would reach.
Another element, which at other times
has been a blessing to the trade, was Just
the opposite the past season, and that was
easy money. There was no trouble in
carrying cotton. Money could be obtained
so freely that il served as an inducement to
hold cotton. If there had been a tight
money market IL would have prevented q
good many from encountering the heavy
losses with which they subsequently met
There was, however, no failures to speak of
in this section, but great many interior
merchants were carried over, The season
was fairly satisfactory to factors, although
low values cut heavily into their COM
missions.
1t is believed that the coming season will
be an improvement over the last for the
planter, even in the face OF low prices. The
present crop is the cheapest crop produced
since the war. The planters have borrowed
less money, which, of course, places them
.aNT -,