The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-09-14
A TRADE SCARECR0W.
WALL STREET RAISES THE OLD
CRY OF SCARCE MONEY.

-
Plenty OF Money! for Legitimate Bust
ness If Speculation Does Not Absorb
t-Railway Wars as Numerous as
Ever-Business on the Coast Dis
turbed by the storm.
NEW YORK, Sept 13-R. G. Dun & Co. 3
review Of trade for the past week is as
follows:
Scarcely a week has passed since the
government purchases of bonds a ID heavy
crop movements made the street cer-
tam that there could be no none
tary pressure this fall Now people
are talkng again about possible
exports OF gold, foreign excha ge is higher,
ana rates for money have advanced, the
beSt commercial double-named paper selling
al 10 per cent, and p line single named
at TO per cent. Over So, 100000 has
been absorbed, of which none has gone
abroad, and scarcely any to the west or
south, aud the question is again Just what
1t was some weeks ago: "Will the treasury
be able TO get bonds enough to prevent
monetary pressurew
ABSORBED BY SPECULATION.
Then there was known to be more than
S20,OOO,0OO locked up in bonds held on specu-
atton, that resource has gone, but addi-
tlonal money has been abs rbed by specula-
tion In stocks AS was said before. is to be
said now, here is money enough for all
legitimate business--when speculation does
not absorb 1t. Heavy sales OF 81 cks on
foreign account have caused a little re-
uclon and raggedness but the general
average OF prices Is sCill nearly half dol
lar per share higher than W elk ago.
RAILWAY WARS INCREASING.
wars OF the railways do not cease, but
on the contrary are increasing in number
and Importance
Exports of products are remarkably large
Tor the season, for two weeks 40 per cent.
above last year, but the imports II mer-
chandise are also very heavy and unre-
corded imports Of securities returned from
abroad tend TO turn the scale
AT every western and southern cepter
money is in fair supply, with the demand
generally good.
EFFECT OF THE STORM
violent storm has disturbed business
not little along the sea coast aud effected
purchases for the interior, but in all other
respects the week has been one Of satisfac-
tory business. Nearly all interior cities
report trade as active or improving, and
clearings through all the banks outside Of
New York still exceed last years by 81
per cent Though the government crop
report was thought slig atty unfavorable,
other accounts all concur in very satisfac-
sorry views, and the course of trade at
interior points manifests the confidence OF
local dealers. The trade in cottons has
been fair, though much affected by the
storm, while the market for wo lens is
Inactive, as 1t has been for several weeks.
OUTPUT OF THE IRON FURNACES.
The weekly output of he iron furnaces
in blest Sept was 144, 065 tons against
| 1889 Aug. l, and 1876, 500 year ago. In
spite of the increase OF IA 4 per ce {. in pro-
duction for the year the tone Of the market
is strong for the best well-known grades,
but while such iron sells at $1S for No. /,
new makers are sellin other iro claimed
to be- equally good at $l7, ID failure TO sell
No. southern at SIS is noticed Rails do
not rise; 10000 tons were sold during the
week at S2S
COLLAPSE OF THE COPPER SYNDICATE.
The An eiican copper sy dicate appears
to We collap7 d. and la is quotel at
$40 5 for = mber. y, crst sales mere by
the Roth Ids re rumoIed. TIE i ,ndon
STRIKE Jreve ting shipments, permitted q
corner in tin here, but the price has reacted
to II = cents, while lead is strong ut cents.
Coal is dull, orders from cansignors are
still anx ously aN al ed, and the threat of
nigher prices, like the old cry of "wolf,"
has lost its power.
WOOL NORMALLY FIRM.
The wool market is uominally firm, but
IL manufacturers refuse to buy expected
lower prices will come
The grocery trade has been much affected
by the weather, and suga is also weakened
by conviction that a fall impends.
Breadstuffs have been comparatively in
active. Wheat is a half cent higher with
sa es for the week of only 1900, 900 bushels,
and corn one-quarter cent lower with sales
OF $500, 900 bushels.
Coffee Las advanced another half cent.
and oil 2 cents, but hogs and lard are lower
SPECULATION NOT CAUSING DISTURBANCE.
On the whole, speculation in products Is
making unusually little disturbance this
year, and the large GRO. are therefore all
the more likely TO go into consumption
promptly and at moderate prices.
The business failures during the last week
number, for The United States l70 and for
Canada %. In the corresponding week last
year the figures were 100 in the limited