The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-07-06
BUSINESS on THE BOOM.
SIGNS THAT FALL TRADE WILL
OPEN EARLIER THAN EVER.

]
OPEN EARLIER THAN EVER.
Even the Weeks Holiday Failed in
ANY Way TO Cloud the Bright Pros
pects-June a Month of Exceptionally
| Large Transactions - Commodities
Slightly Cheaper - The Half-Year's
| Failures.
NEW YORK, July 5.-R. G. Dun & Co.'S
review of trade for the week says:
Though there has been the dullness usual
on holiday week, business has been fairly
maintained in volume and is gradually i'm
| proving in prospects. The fall trade is ex-
| pected to commence earlier than usual, and
the local indications in all parts Of the
! country lead dealers to anticipate al active
season.
June has been a month of exceptionally
large transactions, and while speculation
has so swelled bank exchanges at New York
that they exceeded last years by Sc per
| cent, and at Boston, Pniladel phia ana Gil
cago so that they showed gain Of Isl per
| cent, the increase at all other clearing
houses also averaged 145 per cent.
COMMODITIES VERY LOW.
The prices Of commodities, in spite of the
rise in some speculative markets, have on
| the whole fallen during the month about
| : per cent, and are now hardly IL per
| cent above the lowest average ever re-
| corded. But there are signs of substantial
! Improvement in the most important
| branches of Industry which impress OBJ
| servers with confidence in the future.
The monetary situation, though threat
ened by large exports of specie, remains as
yet undiSturbed. Nevertheless, the stock
market, by many considered an indicator
! OF the future, has been sinking. The aver
age OF prices has now declined 50 81 per
| share since June 10 and while fear of mon
etary pressure hereafter has been factor
OF some Importance, it Is clear that the wars
| Of western, and to some extent of eastern
railroads have dlShe rtened many invest
! ors and caused much selling
A FICTITIOUS RISE.
| 1t is felt, too, that the rise stimulated by
| sudden advances i'll trust stocks was not Of
| a substantial character But there has been
| much confidence that the enormous half
| year by disbursements by the govern ent
| aud corporate MS would cause a new demand
| and an advance in better securities, and
| while the mOveme t thus far in July has
| not answered expections, holders are still
| hopeful. Reports from interior points are
| generally favorable, both as to the volume
| of business for the season and as to the
| prevailing estimate of prospects. Collec-
| lions are nowhere seriously disturbed, and
the money markets are everywhere fully
| supplied, though with a light present de-
| mand at IN st cities.
| FAILURES OF THE YEARS FIRST HALF.
The half yearly return of failures shows
a relatively larger increase in New England
| than in any other section-about 2S per
| cent.-and next in the Trans Mississippi
| region, this side of the Rocky mountains,
about 20 per cent. In the Middle states the
increase has been but AZ per cent,
thence to the Miss ssippi, about per cent,
and at the south about 81 per cent.
Against general increase of s per cent. in
| number, there is a decrease of 81 per cent.
In the aggregate Liabilities. The losses in
| cldenJ TO speculation have been heavy, but
| as to the number of failures, probably the
! disappointing trade of the last open winter
was the most important cause.
| LIES STAPLES.
| The markets have not changed greatly
| during the broken week. Wheat is about
| % cent higher owing to accounts of injury
| from prolonged drought aud heat in Da xota
| and Minnesota, where heavy rains have
| Just improved the outlook considerably.
| Other crop prospects continue favo able,
| but IN some quarters too much rain has
| injured corn, and the price is Is cent higher.
| Pork products are weaker, and dairy pro-
duets are coming forward in consid-
! cradle quantities., so that prices
| are depressed. Leather does not
| change, but revised quotations
of wool for July l show an average advance
of about l cent per pound, and it is be-
coming serious question whether the
| hopes of improvement in manufacture may
not be defeated by an advance in the in
terval which may keep many of the mills
idle. AT present many of the mills are
working short time and buying seems only
sufficient to meet immediate needs The
price of cotton mas advanced $40 in
| part because of the scanty supply of de-
| slrable grades, and later returns induce
| general modification of the estimates as to
| last years crop.
STRONG LIKE SAMSON.
The iron market remains strong in tone,
! but 60 further advances in prices have
been realized. Southern iron is still offered
| in large quantities at $40 80 for No. l, and
the demand for manufactured iron is less
active. Sales of about 10000 tons of steel
rails appear to have been made on the basis
| of S2S at eastern mills
| MONETARY PROSPECTS.
The monetary prospect is clouded bv ex-
| ports of Sl7,507. $40 in gold and 81, 345, 344
in silver from New York alone since June
! l. In consequence the circulation OF all
kinds has been reduced $4,000, 900 in June.
and though the aggregate is even now
| $8O00,00O larger than a year ago, it is felt
that continued outgo in July would be
| apt to cause a pressure in September New
York bank reported last week surplus of
only S7,500,0O0, and the actual surplus prob
ably was not over $4,000, OOO which is rot
a large preparation for an active fall de-
| mand
The volume of foreign trade has been
largo, with the exports for five weeks ex-
ceeding last years by II per cent. at New
York while the imports show an increase
of Per cent; but the excess of imports
last year was very heavy Unless grain
exports are fastened by the cut in eastern
| bound rail rates, or foreign holders cease to
realize on securities, the outgo of gold may
continue. Thus far the treasury disburse-
ments for the week have exceeded the re-
ceipts by only 100000, but they will be
much larger for the week TO come
The business failures occurring throughout
! the country during the week number for
H.. Aal