Newspaper Page Text
PART TWO.
/ ECONOMY /X
jr Is a very Important considera- / ■ X^
y tion these days when every man feels / ffj
/ that he must Ii, & X
MAKE THE MOST / k/ & /
OUT OF EVERY DOLLAR. £ P? /
By carrying out this Principle / X & /
we were able to strike on to / fff /
some * / rj /7 s /
Hmm / § & $ /
fiaaffi / £&// *
In CLOTHING / g, < <9 / u
* /,v :>P *5) <?■ / From Manufactu
,j / 0 / rers whom the
/ / hard XIHES
/ jD (u Co' Q /
/ -C O / Squeezed; therefore we say
/ K O' & P / to you, in this trade issue,
/ tty / look t 0 US
/ P & X / This Coming Season
tj
( ff £ /SOMEIMMENSE VALUES y
X 0 / li7 yr
X & / And Mens’ Fixings of Every /
X. / Description. y
X. / BEST CLASS WINDOWS./
THE YEAR WITH THE BANKS.
By Pursuing a Conservative Policy
They Tided Over the Stringency.
Thev Found it Unnecessay to Call for
Aid During the Dull Season -Savan
nah’s Clearances Wav Dp In the List.
Short Crops Decreased the Volume
of the Business, hut a Better Outlook
Ahead—The People Did No}; Need
Safety Depositories.
With all the dullness of the past sea
son. Savannah's hanks have found very
little difficulty in meeting the demands
that were made upon them, and. com
-1 natively speaking, the year has been
hotter with the Savannah banks than
with those of any other section of the
south.
During the first part of the year busi
ness was undisturbed by any financial de
pression and no setbacks were experi
enced. As the yoar advanced, however,
the situation became worse and worse,
until during the summer Just past the
financial st ringency bordered on panic.
This, of course, cut heavily into the busi
ness of the banks here as well as else
where, and. together with other causes,
laid its marked effect.
As to a comparison! with the busi
ness done by the other banks of the south
-1 ni cities the clearances of the Savannah
hanks show for themselves, being for the
lest eight months from January 1 to Au
fhist 31, *43,511,034 a alight increase over
"hat they were for the same time last
liar, while the aggregate for all the
clearing houses in the country exhibits
u loss during that time of 4.3 per cent,
from what it was during the same time
last year.
effects op the dull season.
The effects of the dull season on the
c i' annah banks have been to greatly de
a.se the volume of the transactions
noth in number and amount. The banks
have found it necessary to protect them
selves, and while they have been as lib
eral as it is possible for them to be under
tne circumstances they have used every
legitimate means of doing so.
A general conservative policy was pur-
K | ed by all the bunks during the monetary
R'ringency. and in fact it has not vet been
relaxed. They have made their loans
' --t'efully and have supplied money only to
"•*' customers for legitimate business
transactions. All specualative loans have
J "’‘ declined and the money formerly
C'.iici on Central railroad bonds and
L has been cut out entirely. In fact
! "n has been no demand for stocks or
1 ads during the dull season, and the
BjJ Uesj of the brokers with the banks.
fftje Jtouinjj peta^l
which is usually a large one, amounted
to nothing.
effects of short crops.
The shortness in the cotton crop has
also had a great deal to do with decreas
ing the transactions. The amount of
money handled by the Savannah banks
depends almost altogether on the condi
tion of the lumber, cotton and naval
stores crops. The amount of naval stores
handled up to April was the largest ever
handled at any port in any one year.
Since then, however, there has been
somewhat of a decrease. There was a
natural decrease in the cotton crop over
that of the previous year, and the dull
ness of the times cut the lumber trade
down enormously.
The wholesale and retail merchants,
however, form a class who, while they are
more or less affected by hard times,
rarely vary in the amount of their bank
ing transactions. Their profits may be
smaller but the bulk of their business av
erages about the same the year round.
This class, therefore, has had no apprecia
ble effect upon the amount of banking
transactions.
WENT THROUGH THE SEASON UNAIDED.
The banks have been compelled to pur
sue a conservative policy during the
whole of the present year. The dull
times were anticipated and they of all
others had to be prepared. Anticipating
a stringency, they were prepared and had
all the reserve they needed. They did
not have to call upon New York lor loans.
They had all the cash they needed to sup
ply the wants of their customers and the
necessity of issuing clearing house certifi
cates or any other substitute for their re
serve was obviated.
The time when an individual check on
a Savannah bank has been repudiated
for any other reason than that the drawer
has no funds in the hank is yet to be
seen. Checks were always paid in cur
rency ami all the banks here shipped
money to their correspondents in the in
terior whenever a demand was made by a
correspondent who had a balance against
them.
NEVER HAD A BANK FAILURE.
Although the oldest city in the state
and one of the oldest in the south, there
has never been a regular bank failure iu
Savannah. Two or three banks were
closed up during the war, but so far as
outright failures are concerned, there has
never been one. and the banks are strong
er to-day, as the maintenance of their
standing' during the stringency shows,
than they have been before in years.
Savannali ranks seventh among tho cities
of the southern states in the volume of
banking business done. This is irom the
showing made by the clearances and it
may be that iu the actual volume of busi
ness done, she is still nearer the head.
In good years the banking business is
nearlv the same in volume the year round
The general trade varies very little and
the lumber and naval stores business is
very nearly as large in summer as in win
ter. The main difference in the business
of the seasons is In the difference in the
cotton receipts, which amount to almost
nothing in the summer time.
RECEIPTS NOW LARGER THAN AT OTHER
I'OKTS.
A revival in the naval stores and lum-
SAVANNAH, GA„ FRIDAY, SIC IT KM] HU! 15, 1893.
ber trades is looked for as soon as the
tight times are over, and this, of course,
promises an addition to the volume of the
banking business.
Even now, as the stringency is abating,
and while it was at its hight, the re
ceipts of produce in Savannah have been
larger than at any other port on account
of the fact that the Savannah banks have
at all times furnished the, currency to
pay for and to move products of all
kinds. On this account products are
coming here from all sections that form
erly went to New Orleans. Norfolk,
Charleston and other iwints. Nearly all
the Florida trade is passing through Sa
vannah for this same reason, and this
port is drawing largely, also, from South
Carolina and Alabama. This state of af
fairs is simply due to the fact that the
Savannah banks have the money to han
dle the business.
EXCHANGE AND SAFETY DEPOSIT BOXES.
So far as exchange is concerned the
banks here have handled an enormous
amount of it during the year. In rates it
has gone back now practically to where
it was last year, but during the time that
nfone.v was selling at a premium, the
banks took it only at a discount of one
half of 1 per cent. The banks are taking
it now, however, at a discount of one
eiglith of 1 per cent, and are selling at
par. The banks were ever ready to ex
tend all the accomodation possible to
their customers, and they accepted all the
exchange offered by them, paying cur
rency for it.
Another evidence of the faot so often
repeated that Savannah has suffered as
little as any city in the country from the
depression is that very few people em
ployed safety deposit boxes in which to
keep their money during tight times. A
considerable money was withdrawn and
deposited in these boxes at the time of the
slight run on the Southern Bank, which
was scarcely felt by that institution. But
both before and after that time the money
was in circulation, and the lioxes aroused,
when used at all, mostly for the purpose
of securing jewelry aud valuables.
A NEW CURE rOE ASTHMA.
Lightning Cures a Boy and Restores
His Breathing.
From the Philedelphia Press.
Wilkesbarre. Sept. 8. —The severe
storm that swept over the Wyoming
valley yesterday performed a sort of mii-a
cle at Pond llill in the house of Mrs. Sieg
fritz. She and her children. Mrs. Maybee
and two children and another neighbor
were gathered around the kitchen stove.
Lightning struck the house and descended
to the stove and thence to the floor, tear
ing anew oilcloth to shreds and shocking
the inmates into insensibility. One of the
children had a shoe tom off and the feet
burned. t
The most peculiar incident is that a son
of Mrs. Malice who had been under treat
ment for some time for asthma, and was
almost dead with it, gave no evidence
after the effect of the shock had passed
that he had ever known any ailment of
the sort. Ills speech and breathing were
restored. 1
G EORCI A,
Her Advance in Ten Years Has Been
Marvelous.
Gov. Northen Points Out Her Many
Advantages Natural Resources
That Are Inexhaustible Perfect
Climate and a Very Fertile Soil.
From the Tlmes-Democrat.
To portray adequately the
progress of Georgia in the last decade,
and to review her vast natural resources,
would require a volume of description
and statistics; while to forecast her
great possibilities would demand the
gift of prophecy.
To begin with her progress; Ten years
airo Georgia was impoverished. Like her
sister states of the south, she hud not
yet recuperated her wealth or her ener
gies. What the war had spared, the
spoliation by carpet-baggers had swept
away. It was not until ufter 187(1 that
tho state began to recover from those
twin disasters. Since 1880 her material
development has been rapid, and her
social and intellectual progress has been
marvelous.
In 18(15 Georgia owned but $120,000.000
in personal and real property. In fifteen
years she had doubled this amount,
although it was a period of phenomenal
advance in all values.
In 1893, when we must begin our de
cade, her real and personal property
amounted to #285,000.0(H), in round num
bers. In 1884 it was <1995,000,000; in 1885,
$299,000,000; in 188(1, $306,000,000; in 18,87.
#317,000.000; in 1888. #328,000,000; in 188(1,
#34(5,000.000; in 181(0, #377.000,0CX); ill 1891.
$4iF2,000.U00; in 1892, #421,000,000. Her
other properties not included in the above,
will bring her wealth to more than half a
billion dollars. So that in ten years her
real and personal property has nearly
doubled its value. In the same period,
her population has grown from I,(HH>,IXK)
to 2,000.000. We can thus see that, while
I lie increase in |>opulation has been great
$25 per centum i. the increase in wealth
has been four times as great, or 100 per
cent.
In this increase all classes have shared
equally. The farm lands have nearly
doubled in value, increasing from #90.-
000,000 in 1882, to SIB2JXXM)OO iu 1892.
The property of negroes has increased
from #O,iXX),MX) in 1882, to SI3,OIX',UO(I in
1892.
The railroad property in the state has in
creased at the rate of nearly 250 percent,
or from about #1.000.1XX) in 1892. to about
$43,(XX),000 in 1892.
Ho much for the general increase of
wealth, which may be set down as hxt icr
cent, in the decade, or at a rate of four
times the increase of copulation.
These values, be it remembered, are tho
values as set down for purposes of taxa-1
tion. The real values are at least two
and a half to three times as much.
In regard to manufacturers: In 1882
Georgia had not more than $3,000,000 in
vested in cotton mills. In 1892 her in
vestment in cotton manufacturing is not
less than $12,000,000, or an increase of 400
per cent. To-day Georgia lias more
money in spindles and looms than any
other southern state.
In iron manufactures, in 1882. she had
not more than half a million invested.
To-day she has not less than #2,000,(XX), or
an increase of 400 per centum.
Mining interests have increased in like
proportion, growing from about $100,(XX)
in 1883 to about #3.<XX).IXX> in 181X2.
A gentleman from Wisconsin has Just
invested SIOO,OOO in mining for gold in the
northeastern part of the state A capi
talist thoroughly familiar with gold min
ing in the west lias just assured rno that
( he knows no state with better prospects
for gold mining.
The manufacturing and mining inter
ests of the state may be set down as
showing an increase of from 300 to 400
per centum, or from 12 to 1(5 times as
great as the growth of population in the
same period.
The increase in the commerce of tho
state may be Judged from the develop
ment of trade at the sea ports. In Sa
vannah the exports have increased more
than 50 per centum, and imports inoro
than (X) per centum; while at the smaller
port of Brunswick, where 1 the growth of
traffic was naturally more rapid, the in
crease has been :xx) per centum in five
years, or from #1,700.(XX) in 1885, to $lO,-
(500,000 in 1890, the only period in which
figures may be given
The natural resources of the state are
manifold and exhaustless The hills of
Georgia are ribbed with iron and marble;
and this great natural wealth lies ready
at hand awaiting only the time when it
will be appropriated and used by man.
The Marietta and North Georgia railway
has its roadbed resting upon marble of a
quality fit to ornament tHe Pitti Palace
or the gallery of the Jxmvro. Iron ores
are found in exhaustless beds all over
the northern section of the state. Exten
sive coal fields are found in Northwest
Georgia; corundum and asbetos in the
northeast: bulhlkig stone and slate in
vast abundance, fire-clay, bcauxite, and
a dozen other minerals and materials
used iu trades and arts are to be found in
paying quantities. In the southern part
of the state arc phosphates and marl
for the manufacture of fertilizers. Gold
has been mined continuously in the
northern part of Georgia for 100 years,
and the national mints have coined mil
lions of dollars from the mines of the
state. Tho gold mines are now being
successfully worked, and there is a vast
store of this most precious of metals in
the soil of the state.
From end to end of the state stretch
valuable forests of timber, hickory, oak
and pine. Ail her goods are valuable,
but the “yellow pine" of her virgin for
ests is famous the world over. It is used
for more purposes, perhaps, than any
timber iu the world. The curled pine—
found in occasional “cuts" of timber Is
one of the most beautiful and durable of
ornamental woods. Tho car sills of the
country are largely made of Georgia pine
while tho “frame house” and cottage of
the poor and comfortable mansion of the
rieh are alike made from the yellow pine
of Georgia. The forests are still ap
parently exrtaustless, and where they
nave been decimated, a latercare has
spared tho young growth, and new forests
are springing up to enrich the coming
generation. It is said that more money is
invested in pine manufacture and in va
rious industries connected with it than in
any other industry of the State.
Two of Georgia’s great natural resources
should not be overlooked. They are her
climate and soil. Nurtured by her pro
ductive soil, and tempered by her sun, the
fruits of the state are proving to be a
great source of wealth, rivaling her mines
and forests. Lands that were on the
market a few years ago for $lO an acre
are now yielding in peaches and grapes a
profit of SIOO an acre. Millions of peach
trees and millions of grape vines have
been planted within the last ten years,
and fortunes have been made, and the
value of the lands has frequently ad
vanced as much as 1,000 per centum. To
her soil and climate are due also the great
variety in our crops and farming re
sources. We can raise with profit every
thing raised in the north, from horses
anil Jerseys to clover and potatoes, and
we can raise dozens of crops unknown in
the north and west. With our propitious
seasons we can ship peaches and straw
berries to New York before the snow has
melted from the hills of New England.
If space allowed I could give the re
markable results in fruit farming in the
state and the large amount of capital al
ready in vestcil from the outside in this
business. Strangers passing through our
state cannot believe those results possible
from the exhausted and worn appearance
of the land.
Under the earlier system there was
great wealth in cotton, and other lines
were not investigated. Under our pres
ent system of labor no general changes
have been attempted, and there are no
general results to be reported.
Col. George Scott says Georgia is the
best clover country he knows. The first
crop matures so early it is not damaged
by the spring drouth. Wo are always
certajn of a fair second crop, and in wet
seasons we can count on three good cut
tings.
Stock raising is rapidly tiecoming one
of the valuable resources of our farms.
The next ten years will make astonishing
developments on this line. Keeent experi
ments iu cattle feeding have brought as
tonishing results iu the use of cotton seed.
Years ago wo did not consider
cotton seed worth the handling
for any purpose whatever. First
we found they were good for man*
ure. Next we discovered they contained
a valuable commercial product in their
oil. This has been wonderfully remunera
tive and lias enriched largely those who
have handled the seed. Without destroy
ing either of these valuablo elements we
now find we can get from the cotton seed
fine products in beef and mutton and still
preserve all the oil and most every article
of fertilization. Sir J. B. Lawes is au-
PAGES 9 TO 1(1.
thority for saying that one ton of cotton
seed meal fed to a steer will produe S3O
worth of manure.
Another great natural resource is the
network of streams, which afford a great
number of sites for manufacture and a
vast power to be utilized. As an illustra*
tration, the water power of the Chatta
hoochee river, near Atlanta, may be
taken. Lowell, Mass., has spent more
than a million dollars improving her
water power, which now runs about $14,-
000,(XX) of machinery and supports a 17,000
operatives; and yot her water power is
not two-thirds that of the CHattahooeheo
river near Atlanta, while the Chattahoo
chee is nover blocked witli ice. What is
true of this river is true of others, and,
in less degree, of thousands of streams
that rush from the foothills and spurs of
the Blue liidge.
The progress of intellectual things
should also be taken into account. Witn
in every county education has been made
free and placed within reach of every
home, illiteracy has decreased, and the
people everywhere are availing them
selvorfof-their new advantages. Our in
tellectual progress has been fully as great
as our material progress; but it cannot be
reduced to figures and per cents.
What must be said as to the possibili
ties of a patriotic and industrious and an
energetic people amid such lavish wealth
of nature, and in such a climate, and
possessors of such a soil? Everything is
possible. The rate of progress made by
Georgia in the past ten years, if merely
maintained, would soon place her in the
front rank of our states. But the signs
of the times point to greater develop
ment, greater utilization of her resources,
and to a greater advance along every line.
Immigrants fleeing from the wrath to
come, fleeing alike from anarchy and des
potism, fleeing from ice and snow, fleeing
from pestilence and famine, will seek her
fruitful soil and 'her sunny fields. Her
abandoned farm lands, where the plow
was left for the sword aud the pruning
hook for the bayonet, will be cultivated
anil yield abundant harvests. Her vine
yards aud her (>euch orchards shall be as
famous as the gardens of Sicily in ancient,
or the Guernesey iu modern times; and
will send their fruitage to delight dis
tant and less happy lands. Her streams
will be busier than the waters that turn
tho spindles of Lowell, aud her mineral
wealth will be converted into those great
nerves of peace and war—“iron and gold.”
Such will be. I am assured, the future
of this happy people. They are working
out their destiny with patience, hut with
thoroughness; and, despite the lowering
of occasional clouds, they can see the
dawning of their day. As they havo
striven, so may they enjoy the rich fruits
of their labors.
We will be glad to welcome to Georgia
many times the amount of capital we
have and multitudes of good people who
come to identify themselves with our in
terests, while they seek for themselves
satisfactory and profitable investments.
Very respectfully, W. J. Noktubn,
Governor of Georgia.