The Palatka daily news. (Palatka, Fla.) 1884-1888, 1888-02-11
IN THE GENERAL COURSE OF
BUSINESS FOR THE WEEK.
Speculation During the Past Year is Bear
ing its Legitimate Fruit in the
Present Dullness of Trade


week say in the general course of bust
ness there has been no perceptible
change. The volume of payments, in
Guiding paper maturing February /, was
over 13 per cent. larger than last year
outside of New YORK. Railroad tonnage
is enlarged by the war of rates and the
ratio of expenses to earnings grows less
satisfactory. At nearly all interior
points reporting trade is dull or inactive,
though erceptable improvement with
in the past ten days is noted at st. Paul
and Omaha; but collections are slow at
st. Paul, Milwaukee, Detroit and Cleve-
land, and the number of failures iu the
Northwest beyond the Mississippi seems
larger than usual. The cold weather
evidently has retarding influence in
many quarters.
SPECULATION THE CAUSE.
The failure of bank at Cincinnati
with the arrest of its officers on account
of speculations in real estate. oil and gas,
and the failure Of Bensley Bros. at
Chicago, an old grain house with large
SiSuits Stsii itttiitiOi W bilt Cilltl cause
of hesitation in business. A vast amount
of capital has been locked up and vast
body of Indebtedness created in connec-
ton with real estate, grain and other
speculations of the past year. The in
debtedness based ON fictitious valuations
of property or commodities in not few
cases will have to be liquidated at loss.
On the chance of war in Europe, wheat
was suddenly advanced so far that the
peace prospects involve disaster to many.
THE IRON INDUSTRY.
The capacity of the iron furnaces in
blast February l was 16, ,406 tons weekly
less than January /, and, contrary to ex-
pectations, much more than half the de-
crease was in other than anthracite fur
naces. The effects of the strike in the
coal regions increase from day to day,
but are not as great as the depression
due to the shrinkage in demand. OF the
latter, part is attributed to tariff uncer-
tainties and part to the excess of railroad
building in the West and consequent
wars of rates. Including $4,000 tons de-
ferred from last year. the contracts for
steel rails so far reach about 500, 600 tons,
without any lifting in prices-$31. 80 at
the mill. Pig iron is weaker at Pitts
burg, but stiff at the East for the better
grades, on account of their scarcity. In
manufactured iron the slackened demand
still causes weakness. The effects of the
soft coal strike, which does not seem to
approach an end, are felt in slow collec-
tions and several failures at Philadel-
phia.
THE RAILROAD SITUATION.
The wars of rates between the West
| ern roads have now gone so far that the
| rates charged are said to be on the
whole not more than half those charged
before the trouble began, but no sign of
| settlement is seen in any quarter. Those
who have put money into many of the
! new lines. where new lines We're not
I needed, have no reason to expect re-
| turns until the business OF the country
has largely increased. Meanwhile the
Interstate law makes any settlement
more difficult, and places United States
roads at a disadvantage in competition
with Canadian. Through rates for ex-
port have been cut also, and the efforts
of trunk line managers to settle the
| difficulties have not vet succeeded.
| CONDITION OF MARKETS.
Nearly all markets are lower, stocks
| about 80 cents per share for the week,
wheat about cent per bushel, corn of a
cent, oats cent, coffee I cent per pound
and sugar, both refined and crushed.
cents, hogs 10 cents per 100 pounds and
tin t cent per pound. Cotton has been
held steady by the report of large con-
sumption abroad. The dry goods trade
| continues good for cottons, which are
steady in price, and slightly improved
for woolens. The woolen manufacturers
meet on Tuesday to consider questions
of credits and undervaluations, and to
perfect an organization. In groceries
there has been some improvement in
tone and in distribution. The tea trade
shows more activity and hopefulness,
but the demand for butter and cheese is
hotiuis oatiSldCIOif, anu lledtS are very
dull and weak
THE CIRCULATION.
The Treasury has added half a million
to deposits during the week, but other
wise has slightly diminished the circula-
ton.
BUSINESS FAILURES.
Business failures occurring throughout
the country during last week, number
for the United States 237, Canada 52. to
tai 2s9, against 279 last week A feature
this week is the unusual number of fail
ures in the Dominion of Canada, 80, be
ing nearly double the usual weekly av
erage.
Il WooIfolk's Execution DELAYED.
MACON, GA, February 10.-Tom Wool
folk, who killed nine members of hi
family and who was convicted of muir