The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-11-09
SPOILS OF THE RAILROADS.
The Cotton Exchange DelOHlCeS the
Discrimination Against Savannah.

President Conn's Report OF the Con6i-
tions at This Port During the Last
Year Other Questions Discussed.
The Exchange Appropriates $4,000
to bs Used in Ferreting Out the Incen-
diaries Who Caused the Cotton Fires.
The annual meeting Of the cotton ex-
change was held at o'clock last night
The meeting was largely attended. PTesi-
dent Cams annual report was listened to
with great deal Of interest. It is a docu-
rnent well worthy Of perusaI. containing,
as il does. q fun review of the cotton bust
ness Of this port for the year, the low
price Of cotton, the financial distress, the
labor troubles and the recent incendiary
fires being especially dwelt upon. The re-
port was received with applause and was
adopted unanimously.
The most interesting topic of discussion
was the resolution brought over from the
special meeting Of the day before. appro-
priating 5000, to be used in the apprehen-
sion and conviction of the authors Of the
incendiary fires aboard the cotton ships
on the night of Nov. 5. The discussion
showed the sentiment of the exchange to
be unanimously in favor of the appropria-
ton and the resolution was passed with
out a dissenting vote. The resolution
reads as follows:
Resolved, That the president designate
two members, who. with himself, shall
constitute a special committee 10 take
such steps as may be. in their discretion,
20. 10s inf nj
exchange.
Resolved further, That said committee
are hereby authorized to eXpend five
thousand (S5000) dollars, or so much there
of as may be or become necessary In bring
ing to justice those guilty of the crimes
committed in connection with the fires
on the ships and wharves during Nov.
and s. and in providing as far as possible
such measures as viii prevent a recurrence
of similar crimes.
President Cam read his report as fol-
lows:
In presenting through the reports Of
your standing committees, the business
Of the exchange for the past year, it is
a source of satisfaction that in spite of
the loss Of membership with which we
were confronted at the beginning Of the
year, your finance committee, with the
active assistance Of your able and cour-
teous superintendent, have so reduced eX-
penses as to present an actual surplus
of S99, in lieu Of an apparent deficit OF
1853, according to the estimate
The hopes of renewed prosperity that
had been builded upon the repeal Of the
Sherman silver law at the close Of our
last year were ruthlessly dissipated soon
after by the most unfortunate and, in
the opinion of the masses of the people,
unnecessary delay in readjusting the Gus
tom duties by congress to meet the pol
icy of the party in power. Following as
-r1 -Trrv h.. -9,t,e d.
preston and loss of confidence produced
by fear of a deprecated currency, the
result was an almost complete paralyZa-
ton of the business interests Of the coun-
try. The previous scarcity Of loanable
funds in the banks was succeeded by an
unprecedented accumulation of capital at
the money centers, the latter as much Of
an object lesson" Of paralyzed industries
as the former of departed confidence.
Our section having been so thoroughly
schooled in the ways of adversely in the
past, did not feel the fun effect of these
evil conditions until the fact confronted
US that owing to the general business
panic which had already covered the
financial world, the state Of trade had be-
come such that our great money crop
would not be consumed by the world
in keeping with it's production. As a
consequence, a large crop upon an al
ready large surplus has brought the rul-
ing price of our great staple to a basis
which causes grave apprehension as to
its result upon this section Of the coun-
try in all its various interests.
Diversity of crops has been cried for
years to the southern farmer or scent
cotton would result The former has in
a small way been done; the latter is an
existing fact. What had been a theory of
the past must be met as a condition Of
the present. With the return Of general
prosperity, which seems about to be real
To- H1 81 v.ra FslI Rs
hope the situation may present its own
means of solution. 1t is extremely i'm
portant to the accomplishment Of any
satisfactory outcome that these two mat
tiers, of such great importance to business
interests generally, and so peculiarly SEN
sitive in themselves finance and tariff,
should be treated with great caution by
our legislators, and be not made sub
jects of partisanship or played for pOlit-
ical purpose. We earnestly urge upon
our representatives in congress that the
financial situation be not disturbed to
carry out any idea of a policy but that
il be treated as a slowly cOnValescing
patient who needs nourishment of very
careful kind and to whom a relapse would
in all probability be more serious than the
original sickness. BY reference to the
figures, as prepared by your superinten.
dent, our port can congratulate itself
upon a most satisfactory showing OF cot
ton movement. This is particularly SC
when the sharp and desperate, and We
may almost say INSCRIPTIONS, railroad
competition of the past year is considered
The over-construction Of railroads in tn,
boom era has brought about a bitter fishi
for existence among many OF them dur
ing the recent scarcity Of business Pirat
ical proceedings on the part of some road!
made legitimate competition almost i'm
possible, and in consequence Savannah
lost some business which properly be
longing to her. We believe that 70 a grea
extent those methods have been abol
ished. and and yet we are still facing
serious situation. AS the able reports O
your transportation committee shows tn
questions of how much cotton Savanna
should handle is not entirely a matter O
her facilities nor the energy and enterpris
of her merchants but is largely dependen
upon the division Of spoils" so TO speak
among the railroads comprising the South
ern Railway and Steamship association
BY an arbitrary and absolute assumption
of power this association divides the COZ
ton from all competitive points TO each rail
way leading from such points and bold