The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-11-10
A REVIEW OF THE YEAR.
President KarOW'S Annual Report to
the Cotton Exchange.

Enterprises Endorsed by the Ex-
change The River and Harbor I'M
provement-A New United States
Court District Recommended.
The annual meeting of the cotton ex-
change was held last night. There was
a large attendance of members. Presi-
dent Karow and the committees sub
nitted their reports, showing the opera
tons of the exchange during the last
YEAR. President Karow's report is as fol-
lows;
To the Members Of the Savahhan Cotton
Exchange: Gentleman:-1he condition OF the
Affairs OF our exchange at the close of the
past fiscal year is fully illustrated to you by
the reports of your various staining commit
tees.
The report Of the finance committee shows
TINT orr exchange has not been spared in the
general Shrinkage of values, consequent upon
the financial distress from which this cOun-
try is lust emerging; our surplus fund and
the income from same are considerably
curtailed. and most likely, permanently.
Yet, Notwithstanding this shrinkage in the
Investments and income, our financial posi-
ton is perfectly sound one as we own our
exchange building, absolutely unlncumbered
and owe no debts Of any kind.
The cotton movement Of our port is demon
strated in the tabular statements, pre-
nared by YOUR able superintendent Ii will
be seen from same that our net receipts
amounted to S79i,2l bales against l,036 593
bales during the previous season, u decrease
of 235, 4l2 bales.
But savannah held her position in the pro
portion of receipts to the total cotton crop.
for whilst we received in 1891 ~, 1l.35 per
cent of the total crop our receipts of the
past season amounted to ll.Bper cent. thus
showing a slight increase IN the percentage.
OF sea island cotton. savannah received
last season 30 4S7 bags OF "a total crop of Is AZ
bags, or 1S,0S per cent, against the receipts in
Of ha DE nf fnf "a ~
so 100 bags, equal to 7l.01 per cent. fits there
fore apparent that Savannah did materially
increase her proportion of receipts in sea is
lands.
Your special attention is called to the able
report Of your committee on transportation
and cons ant NatChfuluess is urged upon this
exchange on the lines suggested in said re
port.
The past season can hardly be called one of
prosperity for our trade and for our city in
general.
have been during the winter and early spring.
the financial panic which burst upon the
United States with the beginning of last sum
mer, put very different aspect upon all bust
ness enterprises.
1t was fortunate for the south that this
crisis came upOn us after the cotton crop had
virtually been sold and exported; it was
fortunate, that the agricultural interest Of
the south was IN better and SOunder cOndi-
HoI than for many years past; and fortunate,
that tn new cotton coming to market was
disposed Of and turned into ready money the
new receipts.
Yet panic. the main calse of which was
the deprecated currency of the country, must
necessarily make its impress with more or
less force upon every business community
1t is in times like those through which we
have passed, that the best energies of the in
diVldual nercnaut and the resources of
business community become apparent: and to
every inhahitant OF our city it must be
source Of great satisfaction TO contemplate
how well our community weatherad the
storm.
This exchange does not record a single fail
ure amongst its members, and this commu-
nifty did not suffer disaster from the failure of
any banking institution like other cities less
fortunate.
The curtailment OF credits and the dead
lock caused by the suspension of currency
payments on the part of the banks in New
York, Philadelphia and other money
centers, forced many into q virtual stoppage
OF trade for time and made our financial
institutions, perhaps, OVer-cautiOus in grant
Ing legitimate accommodations
However, the record Of cur banks speaks
for itself.
Not for one day were the daily currency
clearingS between the individual banks in
Savannah suspended, nor was 1t found neces-
Sary 10 resort to makeShift currency Of
clearinghouse certificates. And when the
new cotton crop began to be marketed our
city was foremost in furnishing the necessary
funds to start the movement Of the staple.
The cleailngs OF the associated banks in
uNl lLE tIl6 past ntdoOl dulONl4lGu
TO S95 9s6,9l2, which sum is far in excess of
any port between Baltimore and New Orleans,
and surpasses the cleariugS of Atlanta by
over 1872 600 COO.
Our exchange took a decided stand last fall
against the so called "Antioption" bill
which. had it been enacted, would have seri-
oasly disturbed the present business methods
oil our trade nor did this body fat to put it.
self repeatedly or record a faVOring the re-
peal OF the Sherman act.
The work of improvement in our harbor has
nd 10
supervision of capt. 0. NJ. Carter, the able
engineer in charge, and ships drawing twenty
Two feet of water can now pass in safety from
the city 10 the sea at mean high tide.
The services of the Hon Rufus f.. Lester,
our representative in congress, are highly to
ne commended in having secured the neces-
sary unlnterrL pied appropriations for this
work which. ~ncn completed, win give US a
enamel to the sea Of twentys six depth feet at
mean high tide
The system Of ietties constructed to deepen
tRe river channel necesSitated the closing of
the inland passage used in late years for the
traffic between here and the neighboriug
ports OF south Carolina and the only avail
aole route now open for this traffic leads
through Catalogue sound, an open sheet OF
water exposed to the sea- aud DANGEROUS in
rough weather to all small crafts
, a soHt committee from this exchange ami
lhe BOARD OF trade has been entrusted to
urge upon the authorities in Washington to
reopen an old passage through Mud river.
Whlch has not teen used since the late civil
'"t At O. NGIN SiiidIl expense iuiS passage
Cah be reopened without detriment to the svS-
lem OF letties in our river. and Il is expected
tndt the Efforts of the committee win be sue
CesSiul
savannah as q port is at present suffering
rom the overcrowGed condition OF the bust
ness OF our United States district court. In
aunlralty cases especially. the necessity Of
spted} disposition Of cases is OBVIOUS 1t
seems to ret ommend itself that the present
Lh.ted states district be diviied. or that the
stdte ne redlstrictee; q district EN- hraainE all
tuE coast counties of our state, with a resi-
ueht Judge in Savannah would benefit the
SnPplng interest of our port very much, and
pr gam OF great value to our city. BY her
IMPORTANCE as second port Of the south Sa-
vaha2h Is fully entitled to this consideration
al me hands Of congress
Z. r Elnd providence has granted our city
n5GJom from pestilence. although the dreaded
yellow fever has made its appearance and
r@hfh loothold in our sister city of Bruins
Iae untirins and successful efforts Of our
10y dItnorllleS to keep the dread visitor
"C"uA rom our gates by strict and vigilant
eeg4iIanilne, are highly appreciated by this
.. "ithin few weeks Savannah will have
Wv advantage OF another trunk line con
LCyt,h} her with Florida on one side and the
'St heIh cities on the other
~ .ti9 mas been achieved by a consolidation
vi ihc Florida Central and Pennsular rail-
'"'. "hlch Is now completing her line into
Nv 1ss1@hnah, and of the South Bound railroad.
ny ~. idIIer Is being connected With the At
1+t,slS cast Line, and is expected also TO he
r~.VtHnttd IN the neaF future fIon Columbia
MI MI it""afa, into North Carolina. TO connect