The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-10-26
A REVIVAL OF TRADE.
Effects Of the Announcement From
Washington Already Felt.

Has Been in the Stagnant Condition
of the Domestic Market-New York
| Money Expected to Flow Freely.
Spinners Will Lay in a Stock and
| Cotton May Go Up-Mayor McDon-
ough on the Situation-He Doesn't
Think Silver Entirely Responsible.
| Mr.. Young's Views.
The announcement that congress will
soon pass bill, Internationally repeating
the Sherman silxer-purchase law is very
| satisfactory to Sayannah's business men.
| The general expression of opinion is
| that the beneficial effects of the repeal
\ will be felt at once and the existing bust
ness depression, and the tightness of the
money market greatly relieved.
Confidence, it is said, will be restored
at once, and a general revival of trade
will begin.
THE repeal of the Sherman
silver purchase law" said a bust
ness man yesterday, will prove
| of immense advantage to this
| section by increasing the demand for, and
| consequently the prices of our three
| great staples, cotton, lumber, and naval
stores.
| WHERE THE TROUBLE WAS.
| "The whole trouble with US has been
| the stagnant condition of the domestic
market. The foreign demand has been
| good, but the general lack of confidence
in this country has paralyzed the domes-
| tic market. In the item of naval stOr es
alone, the domestic consumption has been
| $1,000 casks of spirits and 81 900 barrels of
rosin less than last year. Had the do
| nestle demand this year been as good as
| it was last year, our stocks would be
down to few thousand, bar
| rels. Furthermore we would have got
ten a great deal better prices, as the pro-
| duction of naval stores was less than last
year.
! The manufacturers have been buying
! from hand to mouth. Now they will see
the necessity of laying in large stocks and
! with increased demands will come better
| prices.
There is a plethora of money in New
| York, but the bankers have been afraid
to let it get out Of their immediate neigh
borhOod. The repeal of the silver law is
| what they have been waiting for, and
| they will now turn loose their money.
| This viii set the ball rolling and business
everywhere will improve"
PRESIDENT KARow's VIEWS.
President Karow, of the Cotton Elk
change, was asked if the repeal of the
silver purchase law would help the price
| of cotton
Certainly it will" he replied. 'The
American spinners will now come into the
market and begin to lay in their stocks.
| They have been holding off heretofore on
account of the tight money market and
! the general uncertainty Of business EX-
change will be easier, and this will help
the foreign market The heavy receipts of
| the last few days have sent prices down.
| The demand has not been sufficient to
meet the receipts. The increased demand
caused by the repeal will be very valu-
able just now"
The repeal will certainly help" said
| Mayor McDonough, when asked his
| opinion on the subject. Il don't think
silver entirely responsible, by any means,
| for the great depression that has existed
over the country, though it has had some
thing to do with it, and the lack of con-
| tidence in trade has been generally
charged to it. The tariff had great
deal to do with it. The general overprO-
duction in all lines was more responsible
for the depression of business, in my
opinion, than anything else. 1t has all
been charged to silver, however, and the
repeal will go great way towards re-
storing confidence"
MR.. YOUNG ON THE SITUATION.
CATER more than two months of dis
cussion of financial questions" said
| Mr.. Jno. h Young yesterday, when
asked about the matter, lit looks like
congress will do just about what our
Board of Trade recommendations the
unconditional repeal bill, and adjourn.
The effect at this time of such legisla-
ton will be, in my judgment first, to re-
store confidence in monied institutions,
where the savings and surplus of the
masses are on deposit for safe keeping;
second, to increase the available money in
all banks third, to establish and en-
courage industrial enterprises, because of
the certainty of the value of
a dollars worth of goods,
and dollars worth of labor; fourth, to
create demand for raw material, and
make a market for our cotton and naval
stores for immediate use, and lastly to
enable dealers and consumers of good
standing by reason of their ability to get
some money to carry stocks, instead Of
being from hand to mouth as they have
had to do during the panic
II do not think that the values of prop
| erty will be Immediately restored to the
| trading figures that were current before
the panic, nor that credits will be so Ii b.
eral, but l believe that valuable property
| will find buyers at conservative prices,
and worthy borrowers will get credit and
control money on good securities"
| THE UNIVERSITY TTTp