The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-10-20
EVILS OF SPECULATION.
THE EXPORT TRADE SERIOUSLY
RETARDED BY HIGH PRICES.


indications that Provisions VIII Soon
be Cheaper-The Reports from Every
Part OF the Country ENCOURAGING
Concerning Legitimate Trade -
Money Everywhere Abundant.
NEW York, Oct. 19.-R. G. Dun g. Co.'S
review OF trade for the week says:
Another months official returns show
that the export trade is seriously retarded
by the prevalent speculation. The exports
OF breadstuffs, cotton, provisions, petroleum
and cattle from the principal ports in
September were $33, POS, 679 in value, against
S37 ,O49,7 6l last year. The decline indi-
Gates an excess of imports over exports in
September as in previous months, probably
amounting to $5,0O0,00O. But since Oct.
the breadstuffs movement has been almost
entirely arrested, as is natural, with prices
at New York higher than at Liverpool, and
December wheat as high in Chicago as New
York. '''
ON THE DOWN GRADE.
The proportion of the unnatural state OF
the markets has led to some decline in the
speculative markets during the past wees,
wheat having fallen Az, corn 25E, hogs
nous supplies Of money still facilitate great
speculative activity. During the past week
the treasury has reduced the cash ON hand
81, 600 900 in gold, 81, 400, 600 in silver, aad
$500, 0Oo in legal tenders An addition Of
over Sl5, 100000 to the circulation in week
would tend, in ordinary conditions, to lift
prices in speculative markets, and yet the
tendency of prices has been downward dur
ing the week, and even the stock market
has yielded a little, prices averaging a
shade lower than a week ago, though some-
what stronger on Friday.
RAILROAD STOCKS CHEAPER.
Notwithstanding better news in regard to
Northwestern rates and favorable reports Of
earnings, it was seen that the shrinking in
exports would effect traffic, that full re-
ports for September showed a decline of q
per cent. In earnings per mile operated, and
statements considered disheartening APP
peared regarding Baltimore and Ohio AMI
Missouri Pacific finances, while the large
decline In Atchison stock had some infiu-
ence. But it is held encouraging that
prices are so well maintained in spite Of
some adverse influences.
LEGITIMATE BUSINESS BETTER
Domestic trade continues large and the
hopeful feeling does not abate Every in.
terror point reporting represents business
as improving, and not few points larger
than year ago.
The increased transactions at speculative
centers swell the bank clearings so that the
increase outside Of New York over last
year Is about 10 per cent, but
with full allowance for the influence Of
speculation, it is evident that the volume Of
legitimate trade is also very large. No
complaint of a scarcity of money is heard
this week from any quarter, and the de-
mand from this city. though still large,
shows some signs of abatement. Nor are
complaints of hardness in collections al
frequent as they were recently. At nearly
all points Improvement in that respect il
noted.
THE IRON MARKET.
A decrease of 1000 tons in the weekly
output of charcoal iron makes the net in
crease during September in iron of all kinds
3,645 tons weekly, or 3 per cent. The
market for pig is waiting one, without
change In prices.
Bar iron is rather less firm. owing to
western offerings, and in rails no eastern
sales are reported, and only 10000 tons at
Pittsburg and ~, 600 tons at Chicago. The
official report shows that the sales for the
nine months ending Oct, /. were Lib, $50
tons, against 1888, 1876 last year, and the
deliveries 92l, 1853 tons, against 1,390,S35
last year.
COAL TRADE QUIET.
The coal trade is now quiet, the autumn
purchases having been largely anticipated.
In lead fall OF 40 cents per 100 pounds
in day was attributed entirely to specula-
ton. and the same influence lifted coffea
slightly, though the distributive demand is
still restricted.
The sugar market favors the buyers, and
in groceries generally there is some evidences
of a slackening demand
The wool market continues strong, with
the best grades scarce, and prices have again
slightly advanced.
A firmer feeling is noted in dry goods.
though the trade at present is only moderate
in volume, and buyers continue to operate
with caution.
HOLDING UP VERY WELL.
In the light of the reports received it will
be seen that the volume of busine SIS is re-.
markably well sustained on the
whole, Notwithstanding the influence
OF political excitement. With many
persons deferring operations because
OF uncertainty regarding the future
policy OF the government. and with many
others devoting much of their time to po-
litical activity, some diminution In the vol
ume of trade would be natural But dis
patches indicate that in all sections of the
country the impression prevails that mora
active and prosperous trade may be ex-
pected after the election.
The business failures occurring through
out the country during the past week num7
Der, for the United States 202, and for Can!
ada %, total OF. ga. against 227 last