The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-04-07
DUN IN WITH THE BEARS.
A SLIGHT SHRINKAGE IN TRADE
THE BASIS OF A SCARE.

some OF the southern and Western
Centers, However, Report ans I'M
provement in Business-Money No
where Reported Scarce-Southern
Industries Too Much for Northern
Competition.
NEW YORK, April 6-R. G. Dun e. Co.'s
review of trade for the week, saws: Evil
dence accumulates Of shrinkage in busi-
ness during the past month, and it is still
uncertain whether it is not the beginning
of reaction. About half the Western and
Southern centres report some improvement
in business for the past week, but as many
report dullness, with collections somewhat
slow. Eastern trade is not up to expecta-
tions
or the great transporting companies, by
water or rail, those to New England report
larger traffic than that of last year, when
the movement was increased by the coming
enforcement Of the interstate act Those
to the South report traffic not as large as
that OF last year, but excellent, with hope
full outlook The Great Trunk lines from
New York shipped Westward 9S, ,454 tons in
March against l3O, LA last year, and the
eastbound shipments from Chicago for two
weeks have been l04,920 tons against 1885,
7O6 last year. Railroad earnings begin to
show more losses than gains on the whole,
the net loss for the roads reporting thus far
being about . per cent. for March.
sHRINKAGE IN THE EXCHANGES
The shrinkage in the exchanges in March,
outside of New York. was also about Q per
cent. These evidences of past shrinkage
are partly attributable to the great storm,
and partly TO the Western strikes, which
seem no longer likely to cause serious dis
turbance. But larger and more lasting
cause is the prevailing uncertainty as to the
future. The monetary anxiety is to great
extent relieved. The April payments
caused no pinch. The money marketsy
rather close at but few points, are no where
seriously embarrassed. Foreign exchange
is lower, with no sign of demand
for money from abroad Though tho
bond purchase bill, as it passed the Senate,
may be approved it assures the President
of ample power, and purchases will there
fore be made in case of necessity. But the
decline in merchandise exports for the past
four weeks has been 2015 per cent against
an increase of 3 8 per cent. In the imports.
OF -four and wheat the exports for five
weeks have been a shade less than half
those of last year. OF corn only 43 per
cent, and of cotton 6013 per cent
PRICES SHOW WEAKNESS.
Prices for three months of remarkable
steadiness were lifted by variety of specu-
lations rapidly, but they show weakness
again. The general level is now less than
three quarters Of per cent. above that of
Jan. /, with improvement in farm products
made scarce by last years drought, but a
general decline in manufactured products.
The Treasury increased its balances about
$40, 900, 600 in March without causing pres
sure For the past week it has taken In
81, 100000, while adding 100000 TO the
bank deposits.
MONEY NOT SCARCE.
Whatever it may be later, the monetary
supply is not now the cause of the difficulty.
The present shrinkage in the demand for
products may not last, but it is for the mo-
ment the chief cause of dulness
In the iron business depression exists
greater than has been felt for years. Sus-
pension Of work in ten more establishments
is announced, including the great Edgar
Thompson works near Pittsburg, and the
Lehigh makers at a meeting have decided
that, without lower fuel and freights. they
cannot meet the competition from the South
and West. The price of coke, now nomi-
nally 81, enables Western works to pro-
duce more cheaply. Mill pig iron at Pitts
burg is "A little lover.
Wool has also been weaker, with fair
volume of trade, but manufacturers buy
only for their present needs, and trade in
wooden goods is restricted.
m cottons the upward tendency has been
arrested and though the best makes are
firm and in moderate supply, other grades
are weaker
Print cloths are little lower, and the
jobbing trade is below expectations
COFFEE NO HIGHER.
Spectators in coffee lifted the price
little only TO meet a sudden fall.
Summer pork packing Is estimated at Is
per cent. below last years, but prices do
not stiffen.
In the hardware trade a Disappointing
slaclness is reported
Large transactions were prompted in
hides for the week by lower prices, but the
market is again dull.
Large offerings and lower prices are re-
ported in the tea market.
There is free supply of butter, with
yielding on the best grades.
The weakness in sugar is attributed by
some to the supposed ample supplies already
secured by the trust reflneries
The latest changes in the pending tariff
bill do not appear TO satisfy tbs trade.
The present slackness in the demand for
products is in part explained by the
unusual activity of last fall and winter, and
in part by the recent storms and strikes.
The uncertainty as to the action of Con-
gress is an influence Of weight Compare
tive dullness usually prevails in the year Of
Presidential election, and il would not be
prudent TO count upon speedy return Of
the great activity Of last year.
The business failures occurring during
last week throughout the country, number
for the United States 1919 and for Canada g.
a total Of 227, against 223 last year.
NO ST AGNATIoN AT CHATTANOOGA.
CHATTANOOGA, April Cone Of the steel
rail mills of this city will next week begin
running double time, and furnace whick
has been out Of blast two months will blow
in on April 20, with orders for year
ahead.