The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-02-11
TRADE AWAITS SPRING.
NO CHANGE IN THE SITUATION
DURING THE PAST WEEK.


The Volume of Payments 13 Per Cent.
Larger Than Last Year-A Few
Clouds Give Rise to Little Distrust
Failures Unusually Numerous in
Canada.
New YORK, Feb lO--R G.. Dun e. Co. g
review OF trade for the week says:
In the general course Of business there
has been no perceptible change. The
volume of payments including paper
maturing Feb. /, was over 13 per cent.
larger than year outside of New y ork
The railroad tonnage is enlarged by wars
OF rates, and the ratio Of expenses to earn
ings grows less satisfactory.
AT nearly all interior points reporting,
trade is dull or inactive, though perceptible
Improvement within the past ten days is
noted at st. Paul and Omaha. But collec-
tlons are slow at st. Paul, Milwaukee, De-
troit and Cleveland, and the number Of fail.
ures in the Northwest beyond the Mississippi
seems larger than usual The cold weather
evidently has retarding influence in many
quarters
CAUSES OF DIsTRUsT.
The failure of a bank at Cincinnati, with
arrests of officers on account of specula-
tions in real estate, oil and gas, and the
failure of Bensley Bros, at Chicago, an old
grain house with large credit, call attention
TO the chief cause of hesitation in business
A vast amount of capital has been locked
up, and vast body of indebtedness
created, in connection with real
estate grain, and other specuations
of the past year. Indebtedness based
ON fictitious valuations of property
| 4 IA
have to be liquidated at less. On the chances
of war in Europe wheat was suddenly ad-.
vanced so far that the peace prospects in
volve disaster TO many.
The capacity of the iron furnaces in blast
Feb. | was 49, 406 tons weekly less than Jan.
|, and, contrary to expectation, much more
than half the decrease was in other than the
anthracite furnaces.
sHRINKAGE IN THE DEMAND.
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 att
tributable to tariff uncertainties, and part
to excess of railroad building in the Vest
and consequent wars Of rates Including
$4,000 tons deferred from last year the con-
tracts for steel rails 50 far reach about
100000 tons, without any lifting of price,
S3l 80 at the mill. Pig iron Is weaker at
grades on account of their scarcity.
In manufactured iron aslackened demand
still causes weakness. The effects of the
coal strike, which does not seem to approach
an end, are felt in slow collections and sew
eral failures at Philadelphia.
FIGHT OF THE RAILROADS.
The wars of rates between Western roads
have now gone so far that the rates charged
are said TO be, on the whole, not more than
hal oh hafora ha 10
but no sign Of II settlement is seen in any
quarter, Those who have put money into
many new lines, where new lines were not
needed, have no reason to expect
returns until the business of the
country has largely increased. Meanwhile
the interstate law makes any settlement
more difficult, and places United States
roads at disadvantage In competition with
Canadian, though rates for exports have
been cut also, and the efforts of the trunk
line managers 70 settle the difficulties have
not yet succeeded.
Nearly all tta markets are lower; stocks
about SOC. per share for the week; wheat
Gbout 1c per bushel: corn Nc; oats nc;
coffee nc. per pound; sugar both refined
and crushed, 1c. hogs 1Oc. per 100fbs. tin
nc. per pound.
COTTON STEADY.
Cotton has been steady by the report Of
largo consumption 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 con-
sder questions of credits and undervalua-
tions, and to perfect organization.
In groceries there has been some improves
ment In tone and in distribution, and the
tea trade shows more activity ana hopeful-
ness, but the demand for butter and cheese.
IS hardly satisfactory, and meats are very
dull and weak.
The Treasury has added $500, 900 to the
deposits during the week, but otherwise has
but slightly diminished the circulation.
The business failures occurring through
out the country during the last
week number for the United States 237 and
for Canada SO, a total Of 289 against 278
last week. The feature this week is the
unusual number of failures in the Dominion
of Canada, SO, being nearly double the
usual weekly average.