The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-07-28
IPRICE $40 4 YEAR,
tCENT5 A COPY.
BUSINESS ON THE MEND.
CROP PROSPECTS HELP ALONG
THE IMPROVEMENT.

1arlH Uncertainties Wearing Away
Effect of the Collapse of the Western
Iron Manufacturers Association
Securities Stronger-An Increas in
the Insolvency of Railroads.
New York. July Pr G. Dun & Co. s
weekly review of trade says: Improvement
continues as the crop prospects are still
good.
The labor troubles diminish, and the pros
poets of a change in the tariff lessen The
decision that the senators will mature bill
is generally supposed to insure no agree
inent at this session.
The collapse of the Western iron manu-
facturers' association has set nearly all the
mills at work, and makes pig iron firmer
but bar iron weaker The official report
shows a decrease of $40, 900 tons III the out
put of piS iron for the half
year with an increase of 63, I24
tons in stocks unsold. The southern
states produced ABB, 796 tons against 433, $50
| for the last half of 1897, with l3, 1876 tons
more unsold, SO that the great increase
which was expected IN tine supply from that
quarter has not been yet reaIlzel
The decrease IN Bessemor pig production
was lS2, 553 tons, and in the rails produced
! 53l, l23 tons, SO that the production aud con-
sumption of other iron was fairly main
tanned.
STOCKS STRENGTHENED.
Stocks have been strengthened by the de-
cislon arresting the enforcement of Iowa
rates, according to report on the broad
ground that legislatures have no power to
! fix such rates that companies cannot
earn their fixed charges and something
| for dividends besides. Wars of rates do
! No 4 aA., ..~t.,f -
| important cases are deferred, but the net
| earnings of eighty two roads IN May showed
a loss of S.4 per cent, though their gross
| earnings gained 6.4 per cent. and the gains
In gross earnings for July have been loss
than half as large.
IN THE HANDS OF RECEIVERS
Statements show that Q, ,42S miles of road
have been placed in the hands of receivers
during the half year, with $l53, $50 900 of
bonds and stocks, against only 42S miles
and S2S, 3OO. 900 of bonds and stock for the
first haf of last year. But the average
price Of stocks has risen about 81 40 per
share, though less strong of late
| ~ The reports of domestic trade are almost
uniformly encouraging. for, though dull
ness yet prevails, Improvement appears at
many points.
| INCREASED CLEARINGS.
The clearings at all the cities exceed last
| yetti o ny lO.o per cent. ana OUTSIDE OF New
! York by per cent and with larger
gains at Boston. At Chicago and New
Orleans complaints of slow collections in
! crease. However, especially in connection
with the distribution Of manufactured
goods and the covering" OF the sugar
trust by Spreckels has taken the profits
from that trade for grocers
At Philadelphia and Pittsburg better feel
ing appears in the metal branches and at
Baltimore and Detroit in dry goods and
| boots aud shoes, but eastern manufacturers
are still retarded by tariff uncertainties
IMPORTS FROM ABROAD.
The foreign trade for June showed inn
ports exceeding the exports by $l8 ,206, $40,
and for the half year the excess was S81.-
| 463,2 ,22O Against this the not exports of
! gold and silver for the half year were $l7,-
4dS, S3l SO tnat when interest and under
! valuations are coneidered, the movement Of
! foreign capital this way appears to
have exceeded 300, 900, 900 for the
half year. The TACT that foreign exchange
I is low and declining, and money 80 abundant
that per cent has been the ruling rate on
call, makes the conclusion inevitable that
| foreign buying of securities and lending in
this country have not ceased.
EXPORTS FROM NEW YORK.
| The exports of merchandise from New
| York in July show decrease Of per cent.
| III Nhiue hEtlJnL ! per CBhJ increase IN I'M
ports, and for the past year the exports
have been smaller than any other year since
1878, except the year 1886, while the
| imports have only been exceeded in one
! year, l8Sl-'S2, aud then by less than
81 ,00O,000
Speculative markets are not active, and
wheat has changed but little.
Crop prospects have caused corn to de-
cline | = cents and oats u cent, but lard.
pork and live hogs are stronger.
Cotton and coffee are unchanged
PURCHASES or BONDS.
The treasury has taken in during the past
week 81, 100000 more money than It has
paid out, but reports from all interior points
represent money in ample supply for all
Legitimate business with a general de-
ficiency Of demand. Once more the coun.
try closes crop year with
surplus OF over 81 100000 bushels
of wheat on hand and unsold, and the latest
reports Indicate that the supply for export
during the coming year will exceed las, ,0OO.-
600 bushels, the exports for the past year
having been less than l20 1000, 600 bushels.
THE FAILURES.
Failures attending the half yearly settle
tnents have been numerous for four weeks.
The number in the United States has been
s2l against 594 last year, but in Canada only
81 against 95 last year.
The business failures throughout the
country during the week number for the
Unitod States 1919 and for Canada %. a
total Of 22l against 22S last week. For the
corresponding week Of last year the failures
numbered 1872 in the United States and %
in Canada