The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-01-26
{ DAILY, $40 A YEAR, \
( 5 CENTS A COPY.
| tWEEkLY,SL.25 AYEAR,h
COMMERCE AND FINANCE
THE VOLUME OF BUSINESS FULLY
UP TO LAST YEARS,

General Complaint of Dullness Not
Backed Up By Figures-Stocks Six
ty Cents Lower-Money Plentiful at
All the Large Centers-The Iron In
dustry stin Clouded
New York, Jan. 25-R. G.. Dun & Co.'S
review of trade for the week SAYS: The
state of trade is unusually perplexing, for
with general complaint of dullness there
arc evidences that the volume Of transac-
tions is large The payments through banks
last week were 25 per cent. larger than for
tho corresponding week last year at New
York aud l6 per cent. larger at all other
cities, and while speculation in stocks and
products accounts for much Of this increase
and another part is but the reflection
of heavy business done last fall, gains ap-
peared at so many cities and are SO largo
that the new transactions OF tho week can
hardly have been below last years ma kat
Railroad earnings also show that the frnl1lc
is large, though apparently but little in
excess of last years
| DEMANDS FOR MONEY.
Tho demands for money is sufficiently
| active at nearly all interior points more
| over to indicate that large business is i'm
y
vailing temper is one Of disappointment at
! the result of business since the now year
| began, and this is not wholly explained by
| the steadily declining prices Of products Tho
| reports from commercial centers arc far
from gloomy. At southern points, ter
some depression, trade appears 70 be Inn
proving, and it is hoped that liquidation is
about over The supply Of money seems
to be everywhere ample for ! riti-
| mate demands, and while collections
| are rather duh, or but fairly
satisfactory at many points, complaints are
| on the whole rather fewer than usual
| Much Of the existing disappointment is
undoubtedly due to the arrest OF ra road
| building and to the stoppage of Vh at
exports, which are traceable to speculative
| influences.
IN THE IRON INDUSTRY.
In the great iron industry the consump-
! tion for all other than railroad purposes
! appears TO be larger than ever, but there is
| serious disturbance because fully third of
| the former enormous demand for rails has
| ceased. In consequence the Iron AGE re-
| ports general weakeningn which "there
is no use in blinking att and holds
that furnaces which cannot face without
serious loss q decline Of fully 81 from pres
ent prices may wisely suspend produc ion.
At western points sou thorn iron Is offered
at prices equivalent to $12 at Birmingham,
which is considered equal TO Sl7 for Penn
sylvania iron and large sales are reported
| at prices below the published quotations.
| Last year the deliveries Of rails were but
! 100000 tons, about 60 per cent. OF the Ca
| pacity Of the works Bar iron is weak, but
| the report that the steel beam combination
| has broken is contradicted.
COAL AND COKE.
A decline In price of coke Is considered
probable, and the anthracite coal market
continues weak.
The decline in wheat continues; prices
have fallen 2M cents for the week. The
record Of 81 20 for wheat Oct s, looks
rather absurd in tho light of subsequent
events, but at the prices reached this week,
9315 TO 93T, there has been some buying for
export, though not as yet for Great Britain
Corn has fallen l cent and oats are a
shade lower.
Pork products have also declined mess
about 30 cents, lard 20 and hogs 10 cents.
Cotton is shade lower, with sales of
42l, 900 bales, and coffee IS Of cent higher,
with sales Of 233, 900 bags.
The oil market was dull and compare
lively unchanged until Friday, when a
sudden squirt lifted the price 2 q cents in an
hour.
GROCERIES NOT ACTIVE.
There is little activity in groceries, but
the sugar market favors holders. though
5,240 600 tons against ,945, 900 last year.
The general average Of prices has fallen
$40 Of one per cent. for the week and moro
than 2 per cent since January 1, with
little prospect Of an upward movement at
present.
The supply of money here increases both
by remittances from the interior and by
the excess Of the treasury disbursements
over the receipts, which reach sl,700.000
for the week.
The foreign trade at this port continues
TO improve, and while imports thus far this
year exceed last years by per cent, the
exports Of merchandise from New York
show gain Of II per cent. for three weeks.
WEAKNESS IN STOCKS.
Lower foreign exchange would naturally
result but for the weakness in stocks and
sales Of securities for foreign account. But
with many depressing eve Is and reports,
the stock market is nevertheless so firmly
sustained that the average decline in prices
has been only 60 cents per 800 for the
week, and later the tone has been more
hopeful.
The business failures occurring through
out the country duri1g last week mum er
for the United States 3l0 and for Canada
81 q total OF 342 against 3S7 last week