The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-08-31
LOOKS LIKE GOOD TINES.
THE COMMERCIAL SITUATION
VERY SATISFACTORY.

Bond Purchases by the Government
to Add $2o,Ooo,Ooo to the Money
in Observation-Disclosures IS Continues
to Improve In Every Part of the
Country.
New YORK, Aug. SO.-Following is R.
G. Dun & Co.'s review of trade for the
week ending Saturday, Aug. 81:
Last weeks suggestions in regard to the
monetary situation have been entirely sus-
talned by the events Of the past
week Those who hold large amounts
OF government bonds were induced
to sell freely at the prices formerly
paid by the treasury, which has thus been
enabled to pay out about $20,OO0,O0O for
bonds. But these heavy disbursements have
scarcely changed Mt all the ma ket for COM
merclal paper here, at Boston or mt Phila-
delphia though speculation has been rem
dered more active and sharp advances in
stocks and wheat have resulted.
WINDOW GUESSED RIGHT.
The secretary's belief that bonds to
large amount could be obtained at the
prices offered has been justified, and he has
done what he could under the law to pre-
vent monetary pressure. But the money
WA SSSAho iAhti1 W IHibNb bptCu-
latlve rather than commercial needs,
at least until other operations
besides the.one in government bonds have
been liquidated. Stocks have advanced lust
81 30 per share in the week, and 10000
shares have been sold already at the rising
prices. AS yet the money for the bonds has
not actually gone out of the treasury,
and its cash holdings are a little larger than
week ago, but its deposits in banks are
$500, 200 less
BUSINESS CONTINUES TO IMPROVE.
Business in all parts of the country con-
tinues to improve with the Stimulus of large
crops. Chicago reports an immense in
crease in the receipts of grain and
provisions with considerable gam
in the sales of dry goods and
clothing Milwaukee finds trade
improving. At Detroit and St Paul, the
previous improvement Ia maintained. At
Omaha business is very good and though
trade at Kansas City is rather quiet. the
demand for money is enlarging At Glove
land and Pittsburg the iron business is ex-
panding, and at Philadelphia improvement
is noted in wool, groceries, iron and steel
and their products, and in coal,
with a good trade in drugs iand chemicals
and tobacco. At Boston the sales of wool
are larger, reaching 2, 100000 pounds for
the week, and the dry goods trade is large
with prices well maintained. A heavy de.
mand for export il observed in leather,
both sole and splits, and there is a good
home demand, while the boot and shoe fac
tories are well employed at last years
prices, and largo building operations make
the Lumbar trade more active.
THE IRON INDUSTRY.
The situation in the iron industry is sur
prisingly encouraging, for a weekly pro
| duction hardly ever surpassed appears to
| be met with a wonderful demand, although
| the deliveries OF rails continue below last
| years. The Tennessee Coal and Iron Com
| pany gives notice of an advance of 25 cents
in its prices for pig iron, and rise in the
| price Of coke at Plttsburg insures some
| advance in pig iron there, while bar, plate
| and structural irons are in strong demand
and the works better employed than
they have been before for several years
| An increase of wages is reported at several
establishments and the building of several
more furnaces--two by the Carnegie works
| at Braddock. Wool Is not yet freely taken
by manufacturers at the current prices, but
the demand is better on one side, while
holders seem little more ready on the
| other to mako the concessions required by
| the present state of the goods market.
The high price and inferier quality Of
| cotton embarrasses the manufacturers, but a
large new supply Is now at hand.
| INTERIOR MONEY MARKETS.
The intsrior money markets are so well
| supplied that the lack Of supply for com
| mercial purposes at the chief eastern cities
| is the more noticeable. At Milwaukee there
| is more activity and a strong demand, and
at Chicago the demand is good, but in gen.
eral the supply is ample at the usual rates.
| Collections are improving at Omaha a d
rather better at Philadelphia, but at most
| points absence of complaint is noteworth y.
| The movement of money through the
treasury to the interior continues, and
| would doubtless have caused some pressure
! here but for the liberal sales Of bonds.
ENGLAND's GOLD.
| While the Bank of England has raised its
! rate of discount, thus evincing a disposi-
| tion to prevent any outflow Of gold to this
country, sales of commercial bills against
| cotton and other crops have been large, and
exports from New York forl the four weeks
| exceed last years by nearly % per cent
the increase on imports being little
| larger. 1t Is an encouraging
fact. also, that the important features Of
| recent weeks have not produced the large
| crop OF minor disasters by many appre-
| hended. II is reported that the creditors
| will grant an extension TO the Wauregan
mills and statement comes from Phila-
| delphia that Lewis Bros. Will pay 30 cents
on the dollar, but neither in number or
magnitude have the failures Of this week
| been unusual.
TRADES VOLUME LARGE.
The volume of trade is still much above
that of last year, and clearings show gain
| Of 81 per ce t. outside of New York.
In the speculative markets the general
tendency has been toward lower prices.
though wheat advanced on extraVagant
reports of shortness IN Europe. But the av-
erage prices for all commodities is about
Der cent. lower than q week ago, and even
in wheat later sales indicate a declining
tendency as in other grain aud provisions.
The business failures occurring through
out the country during the week, number
for the United States lS9, and for Canada
twenty-five, or a total Of 2l1, as compared
with a total of 2O6 last week, and 21l the
week previous to last week. For the cor
responding week Of last year tie figures
were 226, made up of 202 failures in the
United States and twenty-four in the Do
minion OF Canada.
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