The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-09-11

W ~ Il X 1Nt9A(AA = = ~ II
crop ever known IN that state The spring sea
son was favorable for planting. but there
were frequent cold spells which injured the
young cotton to such an extent thai a large
proportion of the acreage in Georgia had To
be replanted The bulk OF the cotton did not
commence to grow untn June. The favOFai De-
weather during June and July caused the
weed to flourish and had il not been for fire.
Quent and excessive rains IN August the pro
ductiOn would have baen unprecedented in
this section. The heavy rains caused The
fruit TO spot and shed and will reduce the
yield cOusidera Die. "A great part of the crop
is about three weeks later than usual but
with continued favorable weather the move
ment Is expected to be brisk during the latter
part Of September. The present estimate is
that the entire crop, tased on the
acr6age planted. with ordinary seasons
should the plant stop growing in OctO, e.,
viii approximate s,25O,VOO bales. Conditions
have changed recently which have lowered
the estimates Of a crop of 9.OO0OgO bales. and
some operators have figured that il is likely
to be as low as 100000 bales. BetweeR the
extremes. however. there is a wide range for
conservative cotton statisHeians to work
within.
The Georgia crop is about ten days to two
weeks late. ust, rotting aud shedding have
increased, but 1t is expected that the season
will end with an average yield
Estimates OF the receipts at Savannah for
the coming year all approximate 1900, coo
bales. Many OF them go above that figure
II is generally expected that with better
facilities and proper freight rates the move
ment to this point will be materially in
creased. An effort will be made this year TO
make the movement at this port the creates
in the history of the cotton business,
SEA iSLANDS-1t isgenerally expected that
the next crop OF sea island 0otton-will surpass
that of any previous wear. The area planted
last spring was larger than ever before. The
heavy rains during the monthof August did
not eject the plant as much as 10 did the up
land cotton. The condition of the fruit is ex-
celent, as 1t has not been injured by wind and
sand. Notwithstanding these favorable con
ditions for large crop OF excellent
quality there are certain contingencies
to be taken into consideration. Blight ana
rust are now doing damage to the weed, and
in some localities 1T is shedding its fruit.
Especially is this noticeable in Bulloch and
Tattnall counties. There is also some tom
plant from Clnch county .Other. sections
are expected to nave an average yield. AS
the mills have no surplus of sea Island cot
ton on hand and the settlement 'of'the tariff
is calculated to revive manufacturing, it can
be coniidently expseied that the coming
season viii be an active one in sea island
cotton.
Financial
The year ending Sept, / was va ried one in
local securities, Although at times forced
rates were made by those compelled to real
ize, yet fair prices were generally obtained.
The railroads in the south we're enabled by
rigid economy in all branches to fairly well
maintain their net earnings as is evil
denced in the case OF the Central system
This line has demonstrated its ability to earn
81 900, 900 net in poor years, thus justifying
the assumption that on the return OF pros
perity it can increase the same from $500 600
to 81 100000 more. Finapciers are now igur-
ing on that basis with the reorganization of
the property The other railroad systems
entering the city are well satisfied with the
results Of the earnings OF the respective
roads.
The condition of the banks of the city Is
excellent, and all are in a postlonto handle
the business Of the port, advancing ali the
money required to rapidly move the coming
crop Of cotton, The banking institutions of
this city we're enabled to attend TO the wants
of their customers with ease during the late
stringency throughout the land. The final
passage Of the tariff bill has tendency to
settle business. Mills are resuming opera
tions throughout the country, and an era of
prosperity Is about to be inaugurated 1t is
believed.
Savannah, say the business men, has not
enjoyed in sometime better season of inan-
cial and business prosperity than at present
prevails. The wholesale business men say
they have not done letter business in
four years than they are dong right now, and
while it has not been SO during the entire
year, the completion o. the ,FIo Ida Central
and Peninsular railroad, which has opened
up new territory has given it an added i'm
petus. With the definite settlement OF the
tariff legislation, orders are Increasing, and
the wholesale business is being restored to
its old time status, All this shows up in the
bank clearings.
The situation with the naval stores
trade, from a financial standpoint
II is considered, has not been better in
some years. The action Of the factors has
held up the price of spirits, which might have
been otherwise to cents below the present
hgure. The operators have made tn cir crops
Oh less money than has been the case before
In years and the consequence is there has
banks by factors. The factors have
less money out than has been the
case in any Of the last ten Years, The crop,
It is expected VIII bring nearly $4,000 more
than last year and the factors will have
about that much more cash with which TO
carry on the trade on account OF. the fact that
their demands on the banks have been small.
Since the Improvement in business oondi-
lions consequent upon the passage of the
tarin bill, the banks are having demands
from every line for money at s per cent. Ow-
ing to the monetary stringency last fall the
banks have been continually careful how
they put out money, and1Only the best people
and the best seeurieties could get
the cash. he monetary. stringency
was equivalent to a thorough financial cleans
Ing process It showed who In any event
would be able to meet their othgationsrand
VINO would not and y this infOrmatio the
banks have profted
During the last year the cotton recei pts
were about $1,000 bales larger than for the
year preceding, Tn s was largely instru-
mental in increasing the bank clcarlngs. and
In fact is responsiblefor the greater portion
of the increase. The crop was made on less
N oaeY g than was. thee case for
several Years preceding, and this money
was distributed through the banks of the
cotton producing territory tritu ary TO this
port The receipts for 81 reached almost
to the 10000 bale mark. VIII n means the
distribution Of about S30000,O00 through the
banks to the producers.
Domestic exchange has varied from from 4
per cent premium 70 about the same dis
count, and has been in good demand
In foreign exchange, the supply Of bills
handled during the past year was somewhat
in excess Of that Of the previous gear. High
rates were maintained throughout the entire
season. There was great deal of fiuctuation
in the Exchange market, owing to the fact that
a greater amount OF speculation was intro
dHced In New York than during the previous
year. Commercial bills were In eood demand
and the broker had no trouble In disposinR Of
them. -re
The increase In the clear ings was a steady
one from-week toweek sin &c September 1893,
Even during the panic OF that year there was
little variation In the ciearings from what
they were the year before and, latterly there