The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-09-15


storm which began on Aug. %. aud which
did vast amount Of damage on land and
sea along a portion of the South Atlantic
coast,
The volume Of Savannah's trade was
not as great last season as it was the pre-
vious season. though the falling of was
not sufficient to cause any measincss
among her business men as to the city's
trade in the future. The reasons for
the falling of are so apparent
that everybody understands them, and
knows they do not indicate decline in
the city's prosperity There was a short
cotton crop, which was sold at low prices,
and there was a financial panic Savan-
nahs receipts Of cotton were at least BOO
600 bales less than they would have been
had the crop been a COOL one Conse-
qucntly there was a great deal les money
in the territory tributary to her to spend
among her merchants And prices of
naval stores were low. and the amount of
money received for those products was
much less than it would have been had
reasonably fair prices prevailed.
The different kinds of wholesale
business were affected, of course, by the
decrease in the amount of money received
from the two great sources of income,
namely cotton and naval stores. Our
merchants made no complaint, howe yer.
They entered new territory and endeav-
ored to increase the volume of their trade
by getting new business. In this they were
successful beyond their expectations; so
that at the end of the season they found
that the amount of their business was
very little below that of the previous
year
From the panic all kinds of business
suffered. The stringency in the money
market made business men careful about
giving credit, and prevented them from
engaging in enterprises requiring capital.
That their business is upon a solid basis,
and is managed wisely and conserva-
lively, is shown by the fact that they
have weathered the financial storm with
out any failures of sufficient magnitude
to attract attention.
The banks of the CITY, particularly,
are deserving of the highest commenda-
tion. While elsewhere banks were clos
ing their doors by the score, and those
that were sound were issuing certificates
TO meet the demands upon them, Savan-
nah's banks, while lending a helping hand
to her business men, pursued a conser-
vative course and came through the
panic without the loss Of any one of their
number and without resorting to any un-
usual methods to supply the need for
currency. The banks of very few other
cities Of the country made SO good a
record during the trying times of the
greater part Of the summer.
Savannah has met with some severe
financial disasters in the last year or two,
but they haven lessened confidence in
her, Notwithstanding those disasters and
the hard times, the demand for real estate
within her limits is strong, and she has
very few empty houses. Although great
many dwelling houses have been built
within a comparatively short time, there
is a good demand for them Indeed,
houses of the kind wanted are hard to find.
With thereturn of prosperity there will be,
it is beloved, greater activity in building
than at any previous time.
And why should there not be- 1t is
about as certain as anything can be that
Savannah is only at the beginning of the
commercial development she is to have.
In a couple of years at the furtherest, her
harbor improvement will be completed,
and she will have channel of
twenty feet to the sea 1t
will not be long before the Central
railroad system will be reorganized
and made greater, probably, than ever
before. The Savannah Florida and
Western is getting new connections all
the time. 1t would not be surprising if
it should soon be bringing as much phos-
plate rock to Savannah for shipment as
it is taking to Florida ports The Florida
Central and Peninsular will be built to
this city within few months and con-
nected with the South Bound, thus
giving Savannah another line north and
another railroad connection with Florida.
The Middle Georgia and Atlantic is
only waiting for better times to carry out
its plans and build terminal facilities
here Indeed, the prospects for Sayan-
nah's future are exceedingly promising.
The strength of her business houses and
her conservative methods of doing business
inspire confidence and invite capital.
There is growing up feeling that be
sides being great seaport and CONNER
cial city, Savannah has special advantages
for manufacturing The factories she has
are successful, and another large
cottons factory is projected. Savan-
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