The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-11-22
TRADE STEMS THE STORM
THE LACK OF DISTURBANCE SIM
PLY MARVELLOUS.


Cent.
NEW Yoax. Nov. 9l.-rhe weekly re-
view Of trade issued to-day by H. G Dan
q 20. says:
The marvel to-day is that the business
world has been able to stand, with so little
disturbance thus far, such shock and
strain as the past two weeks have brought
With the assets of the largest commercial
banking housein Great Britain turned over
to the Bank of England, with several large
stock failures here and one in Philadel-
phia, and some savings banks besieged
By ignorant depositors in a panic,
the legitimate business Of the
country has hardly been affected at all as
yet. Stringency has checked some buviug
difficulty Of making foreign exchange
threatens TO retard the movement OF cot
ton, and more conservative temper is
seen in trading, but everything thus far in
dicates a sounder condition Of Legitimate
business than many supposed.
COLLAPSE OF sPECULATIoNs.
The collapse of many great speculations
has brought heavy losses, but the public has
not been raking much part in such opera
tions. I6 may be hoped that the financial
institutions forced at last TO drop specula-
tlonS which absorbed enormous capi-
tai will have more funds
available after tue storm has
passed for the use of industry and COM
merce. The British losses by the shrinkage
in South American stocks, nitrates, cedulas
and South American securities are esti-
mated at S4S9, 900. The Barings had
also lost heavily in the copper syndicate, in
connection with the sugar trust, anu in
AtchiSon and other railways.
THE LOSSES IN THIS COUNTRY.
The depression in American stocks since
| the senseless silver "boom" last spring has
involved a loss OF more than $200, 900 900,
and in wheat and other products the losses
have been heavy. But the number of
failures up 20 this time have been smaller
than was apprehended, and the power of
the banks here and abroad has been promptly
| exerted 60 limit the mischief. Stocks
have. con slowly ralying this week, and
purchases by many investors have given
| aid. While the money markets are gener-
| ally tighU there is still no unusual complaint
! as to collections, though renewals and
rediscounts have been large.
THE VOLUME OF BUSINESS.
The volume OF business continues TO ex-
ceed that of any previous year at all the
clearing houses outside of New York about
lSla per cent. for the month thus far. Ex-
| ports have been checked at Newly ork falling
| 8 per cent. below last years. for the month,
| but the imports here In the first half of No
! vember exceed last years by 30 per cent
Prices are yielding, which will help exports
of products. Wheat has fallen cents
during the week, corn about 2
cents and oats 21S cents. The sales
of 45,000,0 900 bushels of wheat here
indicate large liquidation Cotton has
fallen One-eighth on sales Of $40, 900 bales
coffee half a cent; oil Az cents; pork 75
cents per barrel, aud nogs 80 cents per
100 pounds. Sugar is cent lower. Tin Is
demora!ized, and lead weaker. No takers are
reported for copper at 1874. The general
average for prices has fallen IA per cent.
this month, but is still about per cent.
above the same date last year Silver has
fallen back to the price of April 10, when
the "boom" started, and the output Of the
mines appears to increase.
THE TREASURY NOT DEMoRALIzED.
Yet neither the shrinkage in prices nor
the stringency in the money markets can be
attributed TO the operations Of the treasury,
which has put out during the week So, 300 :
900 more of new silver notes, while taking in
only $500, 900 Of other forms of money. The
volume of the currency In circulation out
side Of the treasury is now over 81 ,50O,-
100000, against $1,4l5,O00,0O0 a year
ago, but there are very few
interior markets at which more or less
Pittsburg and Galveston are exceptions,
but at Chicago and other points, while tho
demand is sharp, no trouble is reported.
The reports of trade from other cities are
encouraging.
DIXIE's COTTON CROP.
The south is moving the largest crop of
cotton ever grown. and, while exchange
causes some embarrassment, the movement
is rapid. Sugar comes In largely at good
prices and the receipts Of molasses at New
Orleans are liberal at some decline, with
moderate receipts of rice. Trade is healthy
at Memphis Louisville, Atlanta and Gal
cause some country failures. Baltimore
notes no disturbance because Of eastern
troubles, and at st. Louis tradein all lines
is good, with bright prospects. Cincinnati
reports manufacturers busy, dry goods
fairly active, and the carriage trade closing
a very profitable season. Pittsburg notes
fair business at all the mills. no change in
iron or steel, ana good trade in glass.
THE GREAT CENTERs.
Of the great centers, Chicago fares best.
The movement OF wheat aud corn is
slightly less than for the same week last
year; cured meats, lard, butter and cheese
larger, and oats nearly double; but in
dressed beef and hides there is heavy de-
cline. The dry goods trade equals last years.
and the trade in clothing and shoes is end
ing profitable season. Even at Boston
and Philadelphia the great failures are felt
less in commercial circles than might have
been expected.
At Philadelphia money is tight and COM
mercial paper almost Hnsalable, but trade
in wool improves. In dry goods there is
only uneasiness lest the mild weather
should last. In groceries trade is good,
though in tea and coffee dull. In carriages
the trade is dull, and harnessmakers are
fearing mild weather again, and in shoes
buyers are conservative. In produce trade
is fair. In tobacco active, and in chemicals
good, though collections are slow. The
jeweiry trade is extremely quiet, and in
paints there is excessive competition, but
building is very active.
Boston notes very quiet wool market.
THE OUTLOOK FAVORABLE
On the whole the commercial outlook is
decidedly more favorable than might have
been expected, and while the demand tor
iron and rails is slack, buyers holding off as
far as possible. the producers OF finished
forms Of iron and steel are generally well
occupied and prices do not decline. But,
while the outlook Is generally cheering, IL
is wise to remember that all difficulties have
not been overcome.
The failures for the week are 247. For
the corresponding week of last year they
| tuara oAS