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

Is the largest that the world has ever seen,
while the cholera in Europe has unsettled
conditions and there is no doubt Ii will de-
moralize labor, so that under the circun-
stances IL is pretty hard problem to solve
the outcome OF the crop to be marketed.
There is hardly any doubt OF a smaller
ge planted than last season fully 20
per cent. less, while the use of fertilizers
fell OF 1ully . per cent The foreign crop
will be very light as prices during The past
season went so very low that IL made 1t i'm
possible for India to compete with Ameri-
can cotton or in other words an inferior
quality OF cotton could not be marketed
with superior quality on parity in price
with IL. The present crop 1t is estimated
will not go over 10000 to 5000 600 bales
and should an early frost ensue it will fall
below these figures three-quarters OF a
million bales. At all events there seems to
be no doubt that II will be a a smaller crop
than any Ofthe two previous ones, but is
Europe can be brought TO believe In a short
crop theory better prices will ensue Should
the shortage be anything near conservative
predictions the surplus of cotton in stock
will be all absorbed to meet the worlds
present consumption. The crop is very
backward, fully three weeks, which is at
tri6uted by some TO the refusal of planters
to force their cotton to market on the pres
emit basis of value, but the general opinion
prevails that the failure to use fertilizers is
the cause OF the backwardness as by its free
use in seasons gone by it has been found to
force the growth. At present the great
financial depression in India upon which
the English spinning trade relies so much
is in very unsettled condition and silver
very low In consequence. This is having
us erect on raw cotton while business in
Manchester Is stagnant.
FINANCIAL.
Securities of all classes, State, municipal,
railroad and industrial, have decreased
materially in marketable value during the
business year just closed. The causes of
this depreciation are varied; the chief
cause Is the exceedingly low price of cot
ton and the complicated entanglements
consequent upon the litigation progressing
in the affairs of the Central Railroad and
Banking Company of Georgia. 1t is to be
sincerely hoped that the road which is now
In the hands OF receiver may be enabled to
work itself clear of all its troubles and
soon be restored to the care and manage
ment OF Its legitimate owners. The outlook
Tor the coming year is exceedingly bright
and more hopeful view of affairs per-
Vades the community, and especially SO
since the aI preparation made by the gem
eral government for the deepening of the
river-thus ensuring the completion OF the
2o-foot project. This deepening of our har-
Dor Will be of the greatest benefit to not
only this section, but the whole territory
adjacent. Money has ruled fairly easy
during the year. The banks were at all
times quite lenient and not pressing upon
those who had put up collateral, which
through the misfortune attendant upon
the appointment of a receiver for the
Central had declined materially in market
able value. The business seeking an out
look at this port is sufficient to easily en-
ploy few more millions probably and it
is TO be hoped that more capital will be
forthcoming at an early day. It is anotable
fact that some of the local banks have
increased their capital, the needs of their
patrons necessitating it. The belief enter
t2ined in the business community is that
the separation of the Central system from
that OF the Terminal influence will rebound
to the immediate benefit of this port.
THE CLEARING HOUSE.
The past year has witnessed the work
ings of the clearing house system and the
weekly statements of the associated banks
as they appeared in the NEWS has been
watched with a k cen interest by COM
mercial men generally. Crude as the
system is just yet there is no doubt as to
its convenience and benefit to the business
community. At the first starting off the
year all the banks were not in the associa-
ton, but after the month OF September
they were all included except the private
banking firms. The following table by
months will show the total clearings of the
associated banks and while the figures of
course do not represent the actuol business
of the port they approximate fairly a good
percentage: