The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-05-26
WAITING ON THE TARIFF.
The Financial Situation as Il Appears
tOa SaValnahial.

Mr.. ]. P. williams Talks interestingly
of Finances in New York and PhiIa-
delphia-Manufactu Waiting on
the Tariffs the Threatened Income
Tax Driving Money Out?-The Mid
die Georgia and Atlantic Laying Up
a surplus-Naval Stores on the Up
ward Trend.
Mr.. J. ?. Williams, who has lust returned
from New York, Philadelphia ana other
northern markets, does not bring the
most encouraging reports from the great
trade centers.
In Philadelphia, he says, there appears
to be a great stagnation on account of the
fact that that city is largely dependent on
its manufacturing industries, and in this
line especially there is a great depression
pending the result Of tariff legislation in
Washington. The indeterminate condi-
til, of the tariff bill, he says, seems to
be affecting industries more or less in
every section, but it is more apparent
where there are large manufacturing
interests
"The business men in New York with
whom l Conversed,' Mr.. Williams said,
in reply to question from a representa-
tive of the MORNING News, take a very
hopeful view of the future situation. The
banks there have plenty of money wait
ing and seeking investment, but it is very
timid.n
THE GOLD SHIPMENTS.
'What about the recent gold ship
ments2" he was asked.
There is very little said about the gold
shipments was the reply. There is
not so much stress laid on the matter now
as there was a year ago, and there is not
as much fear of dangerous results on ac-
count of them. IL there was as much of
a demand for money at this time as there
was year ago the expectation of gold
would probably be more sensiDly felt.
Under the existing circumstances, how
ever, it is hardly possible for it TO have
the same effect The government has come
to the rescue by an issue of bonds, and
the SupposltlOn among the tinanCierS
that such would be the case again were
it necessary to do so, is reasonable one.
There is 50 much opposition to the income
tax in the money centers of the north,
however, that there is q growing belief
among many that the shipments of gold
mean nothing more or less, than that cap
italists who have large incomes, are be-
ginning TO get their money out of TIE
country and invest ii in England. in or
der TO devise some means to defeat the
proposed tax on their incomes OF this,
l know nothing except the talk / heard in
New York"
THE MIDDLE GEORGIA AND ATLANTIC.
"What about the railroad situation :"
'There seems to be little disposition on
the part of northern capitalists to invest
in southern railroads, but they think
more favorably on such investments than
they did few months ago on account of
the increased net earnings that nearly ali
the southern roads have been showing.
The Middle Georgia and Atlantic is
doing fully as well as can be expected
The road is laying by a surplus each
month, though not a large one. The syn
dicate loan was due Jan. q. 1894. | am
unable to say whether the creditors will
press their suit against the road or not,
but there is no good reason why they
should do so at present, and feel conf
dent that only very small number of
these creditors have any disposition to
press these claims. Nothing has been
done as yet about building toward Sa-
vannahn
NAVAL STORES LOOKING BRIGHTER.
Glow do you find the naval stores stu
alton ?" was asked.
The situation is undoubtedly steadily
improving. 1t is now pretty well con
coded that the crop will not be larger
than last year, and the purchases since
the opening of the season have been for
immediate consumption. The speculative
feature has not entered into the trade so
far as | can learn. The stocks at the
ports in the United States are less than
they were year ago, and the visible sup
ply is not larger than it was at that time.
AS we have been able to advance the
market slightly since the beginning of
the present season through demand in a
general way for immediate consumption.
and with prospect of no larger crop
than last year, and a prospect of con
tinued improvement in trade for some
time to come, we may reasonably expect
slightly better prices to prevail than are
now being paid
1.-The New York naval stores people are
very much encouraged over the situation.
The largest receiver of naval stores in
New York told me that he had had a
quiet but steady trade during the
! entire season, but that he had sold more
goods than in four years before. The rea-
son he gave is that parties want the goods
for immediate consumption, and such a
demand for the products is bound to bet
ter the market"