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

Banks and Business Houses in
Splendid Shape-Having Touched
Rock Bottom, a Spirited Revival
During the Current Year is Looked
For.
OFFICE OF THE MORNING NEWS,
SAVANNAH. Sept. !, 1893 {
The Commercial year that ended Aug. 81
was much more satisfactory to Savannah
merchants, dealers and tradesmen than the
one which preceded it, Notwithstanding the
fact that the volume of business done was not
80 great. The statistics given below show
just what the decrease was, and short ex-
planatory articles tell what particular cir
cumstances Influenced each line OF trade
Generally speaking, though, every city
in the south was affected, and in a
similar manner by the conditions that
reduced Savannah's trade, Thus the
total of Charleston's trade decreased
something over 100000 and that Of New
Orleans more than sos 600 600 That Savan-
nah's trade should have fallen off is, there
fore, not surprising indeed, it would have
been surprising if the fact had been other
wise, when the commercial year began with
cotton only little above the lowest price
ever kubWl anu tluGN III the ILllSL OF q IludL"
cial stringency so acute that it was necessary
for congress to convene in extra session to
take steps for the relief Of the situation. So
far. however. Savannah business has shown
a comparative decrease smaller than that of
any other southern city whose business re-
view is vet at hand And there appears no
good reason TO doubt that her gratifying posi-
ton, at the head Of the list. will be changed
when the other trade reviews shall have been
published.
The history of the cotton market during the
past year may be summarized in a few words
The market opened on ept. 1, at rock bot
tom, - that is to say at almost the lowest
price ever touched. From that time almost
up to the midwintef holidays there was a slow
and steady advance then a decline set In
which continued throughout the season, with
slight fluctuations. AS cotton has great nflu-
ence upon all other commodities in the south
it may he said, in a general way, that trade
followed the course Of cotton until the fnan-
eial stringency began to be felt in the spring:
then business men set about to hedge them
selves with additional safeguards in autic
ipation OF the tight time that finally arrived
The business men of Savannah
are to be congratulated upon their
sagacity in forecastlng the commercial fu-
they meet hard times" and get the better of
them. 1t was, probably, that foresight that
saved the city from unpleasant consequences
during the recent financial depression.
As long ago as last winter Savannah lob
bers began TO reduce stocks and curtaiI the
risks taken with retailers, and when the
money tghtness finally made itself felt there
was hardly Savannah drummer on the road.
They had all been called in; their houses had
determined that the better policy would be to
push no sales and to be certain that prospect
i've customers really wanted the goods asked
for, and were able to pay for them, before
sales were consummated. There was no
such thing as unlimited time on purchases.
and the custom of dating bins three.
four or six months ahead had its
back well nigh broken. Not that the whole
sale men were unable or unwilling to meet
all the legitimate demands of trade-they did
meet all such demands. But they created no
fictitious market. There was no kitinr of
sales at great risk; consequently the business
OF the past year was done on "hard-pan"
basis, and the totals given in this review rep
resent the result OF a trade upon actual de-
mand and supply. Upon thesetotals it is ex.
pected decided gain will be made this wear.
lnasmuch as the financial troubles are dis
appearing, and, the current cotton crop having
been made more cheaply than any of its prede-
cessors for many years. the farmers will have
more money to spend this fan and winter
The banks, also, were quick to discern
breakers ahead. But there was no breaker
among the banks. There has never been a
bank failure in Savannah. During the war
some Of them were closed but not one ever
failed. While the financial stringency was AT
its height sometime ago and crashes were oc.
curing elsewhere almost daily the banks of
this city were pursuing the even tenor of their
way Just as If nothing extraordinary were
going on. There was never a moment when
the banks were not prepared to meet every
legitimate demand on them. nor was there
an instance where a depositor's check was
not promptly met with the currency upon
presentation. The explanation of the excel
lent condition of the local financial institu-
tions is easy. They are conducted upon safe
and conservative business principles Months
ago, when they foresaw financial shoal water
ahead they declined all business that had
suggestion of speculation about IL. Even Cen
tral railroad securities were dropped. and
only such collaterals as were absolutely gilt
edged were accepted Thus, with astute
management, the banks maintained the repu-
tation OF them selves and their city for per.
feet security.
branch Of the City's business that has
grown wonderfully during the recent past is
that Of fruits and vegetables Only a few
years ago the fruit and vegetable supply was
hardly greater than the consumption: last
year savannah shipped and consumed 50 900
OJO worth Of products Of the orchard trucl;
farm and melon field. And dealers saw
the business is yen in its infancy. 10
show the relative merits OF truck and