The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-04-28
DUN SAYS TRADE ISDULL.
THERE ARE SPOTS WHICH ARE
EXCEPTION TO THE RULE.

Tho Advancing Market for Stocks
and Grain Declared Contradictory of
Each Other-Prices for Manufactured
and Imported Articles Little Low
er-The Weeks Failures.
NEW YORK, April 27-R. G. Dun &
CO.. review of trade for the week says:
The situation is unusually CONFUSED. The
advancing markets for stocks and grain
contradict each other. Western reports as
to the probable crops are more definitely
unfavorable, but buying of stocks, no
longer 10y professionals entirely, continues
as if much larger traffic for the future were
assured. Nearly all the recent
railroad reports have shown gains
in the gross earnings, though
the Pennsylvania Western lines show losses,
and the Reading Coal Company reports a
decrease Of over $500 900 for March and
81, SOC, 600 for three months, in the net earn
ings. Western roads show a more peace
able disposition, ana exchanges at Western
cities generally indicate larger volume of
business, while the large Eastern cities, and
Cincinnati Cleveland and New Orleans, all
report smaller clearings than last year.
Until within the past year or two, it has
always happened that shrinkage in trans
actions at the Western centers was followed
by decreasing trade elsewhere But there
are many who believe that q new state of
Of things has come in that respect.
BUSINESS TRANSACTIONS.
The reports of business transacted are by
no means uniformly favorable At Boston
the distribution has not improved as was
expected, and q scarcity OF commercial, and
| g specially OF manufacturing paper, is
noticeable. At Philadelphia there is no de
cided activity, but trade is thought to be
| improving at Baltimore and Charleston.
| At Savannah there is lack Of activity,
and at New Orleans the movements light.
Detroit and Milwaukee report quiet trade,
| but at most other western points some inn
| provement is noted.
| There is a prospect that the output of
iron will now improve, though prices do
not. Lower wages at many points, reduc-
| ton in the freights on fuel, the fall in the
price of coke below a dollar, and the
decline IN the prices of Lake ore, all point
to lower prices OF products. Bessemer iron
is again lower at Pittsburg. Southern No.
l is offered at $40, delivered at Albany, and
sales Of bar iron at 81 so are reported. No
large contracts for domestic rails are noted,
but the Mexican National railroad is said to
have made heavy purchase in England.
A DOWNWARD TENDENCY.
The whole market still tends downward.
and manufacturers act with exceeding
caution, but accounts of the boot and shoe
trade, are a little better, though the de-
mand of buyers for lower prices appears to
cause hesitation. There have been con-
siderable sales of leather at some concessions,
and hides are still weak.
Wheat has advanced Ic, and corn 15c.,
with hogs and pork products weaker. Cot
ton and coffee are a shade stronger, and
oil he lower. The general average of
prices is now little lower than it has been
at any other time since Jan. l, notwith-
standing an advance of per cent on
breadstuffs and q per cent. on meats.
Prices for manufactured and imported
articles are generally about 4 per cent.
lower than at the beginning of the year.
1t becomes more clear that the prevailing
tendency of prices aud of wages is toward
lower level though an actual or appre-
hended scarcity of farm products affects
prices in some speculative markets.
EFFECTS OF THE ADVANCE.
The advance in these markets arrested
exporters to marked extent in March, so
that the excess of reported imports over
merchandise exports for that month was
$l2, PCS, 1874, and of specie only 81, 11,212
more went out than came in But for the
large transfer of foreign capital to
this side, gold exports would doubt
less have occurred in considerable
amount. The movement in April has been
of similar character, indicating thus far an
excess of imports not materially differing
from that of last April, which was sic, 0O0,-
900, but the rate of exchange has stiffened,
so that all outward movement of specie
might commence before long.
The business failures occurring through
out the country during the last week. num-
ber for the United States, 1913, and for
Canada, 80, total of 223 against 1876 last
week.