The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-10-06
UPSANDD0W WINS OF TRADE
THE OUTLOOK BRIGHT IN EVERY
PART OF THE COUNTRY.

Southern Merchants over Their Fever
Fright ana in Trim for Lively Fall
Trade-Effects of the Speculativoi
Craze-The Democratic treasury
Policy Making Money More Pien-|
tiful.
New YORK, Oct 5--R. G.. Dun &, Co.'s
review of trade for the week says: The
great wheat speculation has been the alb
sorbing feature this week, for, though the
September corner came to an end with
heavy losses for the sellers, it left the mar
ket in such a state that much higher prices
for other options were easily obtained.
With December wheat at 81. IL at Chicago,
there came heavy selling and sharp reacton.
But the state of the market is still against
all reason. Cash wheat sells for more at
Chicago thai at Liverpool, and at one time
1t would have paid to ship wheat back from
Antwerp to New York. The effects of this
wild speculation will be injurious to legit-
innate trade, both foreign and domestic, and
to consumers in this country it has already !
brought dearer -four aud an advance in the
price of bread. At New York the sales OF
wheat amounted to los, ,463, 900 bushels,
more than three times the entire visible sups
ply, and prices closed S5 cents higher than
week ago. Corn advanced 2 cents, with
sales of Is, 600 900 bushels and oats irac-3
tion.
OTHER MARKETS AFFECTED.
The speculative fever was felt on other,
markets, and pork rose 81 per barrel, lard
81 cents and hogs 25 cents per 100 pounds.
Coffee rose ceut, with sales of 5l6 800 bags,
and oil nearly cent, with sales of 6, 73S, 900
barrels. Cotton was slightly lower, with
sales of 1000 bales. The wool market,
has been steadily strengthening, with ads
vances mainly in Ohio hesce and combined
wool, but the average OF other qualities is
hardly one-quarter of cent higher than
Sept l, and manufacturers continue to bs,
prudent in their purchases.
Reports from interior points are unf-i
forply favorable outside of the infiuencesl
of yellow fever at the south, and even fromi
that quarter the commercial accounts are!
more encouraging. The interruption OK
traffic has been serious and much harm he 81
been done. but the resumption OF
business is now general and merchants re-'
port improving collections.
COTTON RECEIPTS BELATED
The receipts Of cotton are behind lasS
year, because the crop is a late one, but are
steadily increasing. At Nashville and some
other points considerable stringency resulted
from the interruption OF remittanees and
the self-defensive measures of banks, but
many western points the present effect or
the advance OF wheat is to cause more
| active trade but the tenor Of reports from
that region Is generally encouraging.
| There Is less complaint as to
collections. Money Is In increasing demand,
and the volume of business is enlarging.
Outside of New York the bank clearings
show gain of 1915 per cent over last year,
with gain of 1913 Ter cent. here, but they
are greatly swelled by speculation at Chi
cago and other points.
The great branches of industry are max,
ing fair progress The reported dividends
of New England mills, mainly cotton, show
trat the past year has been decidedly pros
porous, and even in the woolen industry,
though there Is much depression, the pro-
duction in many departments Is still large.
IRON IN BETTER DEMAND.
The demand for iron increases, and at
Philadelpbia the advance in pig iron 10
deemed equal to about 81 per ton, while
remarkable imprEemenn is seen in the
market for bar iron, 10 long depressed
Steel rails do not advance, but sales OF
5000 tons and q, 900 tons by western mills
are reported.
In the boot and shoe trade the reports ara
growing more satisfactory, though an adj
vance of 10 to Is per cent. in hides and
leather is not yet generally answered by
Improvement in the prices of manufactured
goods, dealers being reluctant to pay nlghert
prices and lacking faith that an advance
can be permanently maintained,
The stock market has witnessed much
selling aud much reac ion, and yet the
average of prices Is a shade higher than a
week ago, but the advance of the Bank OF
England rate to per cent and by the
Bank. of France to ~ per cent. led to sons
liquidation of foreign accounts in Ameri-'
can securities, and may cause mo,e here
after.
THE FOREIGN TRADE.
The foreign trade docs not materially
change. The imports continue larger than
year ago, while material Improvement in
exports Is not to be expected with the specu!
lative prices now ruling here.
The treasury pours out money freelys
having disbursed during the past week
s., SOC, 900 more than it has taken in, and
large offerings of bonds indicate that the
Disbursements can be kept up for considS
cradle time without advancing the prices
paid much farther.
1t is also encouraging that while the nums
Der of failures is large, the amount OF habil4
tiles for the third quarter of the year shows
great decrease--from S73, ,022. .556 last yeas
to $22, ia. .254 for the quarter just ended.
The business failures occurring through
out the country during the last week num-
ber for the United States 1S4, and for
Canada %, total of 2l1, against 220 LAST