The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-02-01
DUN FINDS TRADE DULL.
WARM WEATHER AND DIsTRUST
OF CORPORATIONS HIT HARD.

The Weeks Bank Failures at New
York and Recent Operations in
Reading Affect the Timid-5tocks
Nevertheless a Little HiZher-Heavy
Exports from New York.
NEW YoRK. Jan. 31.-The weekly review
OF trade Of r G.. Dun &y Co. for the past
week is as follows:
The closing Of one considerable bank and
two smaller ones, in consequence Of Il bold
conspiracy to abstract their assets, does not
appear to threaten any financial disturb
ance. But it tends TO impair public con-
fldence. and coming after several recent
defalcations and performances Of question:
able propriety in tho Reading and other
corporations. it weakens faith in the sound =
ness of corporate management. In
other respects the news is less
favorable this week. The financial
pressure at London does not abate, and there
are reports that heavy Withdrawals OF gold
for South America or for France will soon
be necessary. Foreign exchange here grows
stronger, having risen from 4S6s@ to 4S75k. 4
Sales of bonds have been small, and toe
treasury has taken Ia nearly $1,000, 600
more cash than it has paid out Hardness
Of collections at various interior points
causes more complaint, and the unssason-
ably mild weather once more depresses
many lines of trade.
HEAVY EXPORTS.
The exports for December proved much
larget than had been expected, with the
surprisingly large increase Of 81 per cent. in
minor items, and an excess of $37, 600 900
over the imports. But after an almost un-
precedented excess of exports over inports
for tue past quarter, foreign exchange has
risen from 4S31S to 4S756 during the month
Of January, which appears 60 indicate that
the movement of commodities has only
served to liquldate indebtedness or to
balance the return OF securities to
this country. The exports in January
from New York have been smaller
than last year by S1s per cent., and while
this indicates some excess over the declared
imports for the month, that excess Is likely
to fall below the sum allowed for under
valuations OF imports and interest due
abroad. Hence the prospect Of a decrease
in produce exports, which is TO be expected
at this season, renders exports of gold at no
distaut day possibility.
MONEY ABUNDANT.
Money at New Yo~k is abundant and
cheap on call, and the demand for CONNER
cial paper is now strong here and at PhiIa-
delphia. AT Chicago rates are unchanged
with n fair demand. At st. Louis the,
market is stronger at Z to 8 per cent, with
a good demand At Cleveland aud Nil
waukee the market is fairly active. with an
ample supply, ana at other western points
somewhat easier with "a moderate or fair
demand. These facts suggest doubt
whether large supplies will bs available for
the east, If the business activity continues.
From reports telegraphed, it may be in
iferred that trade since the new year began
has not answered expectations, and there
are some signs tnat the mild weather is not
solely to blame. In the iron business the
mills are fully employed at Cleveland, but
sellers make better offers at Pttsburg and
some reductions occur, and at Phiade Dhia
large lots, which had been hypothecated,
have been sold at some concessions, frghten-
ing timid buyers The indications are that
the excess OF production begins to be felt.
PRICES LOWER.
The general average of prices is again a
shade lower and has declined more than
per cent. in the month of January. This
is largely because exports of breadstuffs
have fallen Off and the markets react
sharply from the recent ill-founded ad-
vance. Wheatis Is cents lower with sales
Of 10000, 600 bushels; corn ] X cents lower.
and oats L. cents lower for the week
Cotton is held by speculation, but the sales
for the week we're over 100000 bales.
products are lower
THE STOCK MARKET
In the stock market a considerable ad-
vance occurred because of covering short
sales, but the bank failures came to increase
the reaction which the monetary situation
at London and the withdrawal Of the Union
Pacific from the presidents association had
commenced. The average Of prices for stocks
is still little higher than a week age, and the
reports OF earnings are highly encouraging,
but sense Of uncertainty as to the monetary
future andEof distrust as to corporate
management does not tend to encourage
purchases by the public. 1t "a generally
realized that continued monetary pressure
abroad may send more American securities
hither, and ii gold exports begin, sus-
tanned advance in stocks would probably
be deferred.
The business failures occurring through
out the country during the last week mum
Der, for the United States, 246, and for
Canada 45, total Of 291 against 335 last