The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-08-08
BUSINESS IS STILL DULL.
CONFIDENCE, NEVERTHELESS. DIS
TINCTLY INCREASING.

TINCTAI INCRE ASKING.
Crop Prospects Grow Clearer and
Brightsr-Tne Heavy Movement of
Wheat Not Depressing on Prices -
Money, Though Tight at Some South
ern Points, Shows an Adequate Sup
ply at Western Centers-Lsss Fail
ures as Compared With LAST Year.
NEW York, Aug 7.-R. G. Dun 81 CO.
weekly review OF trade says: Business
failures occurring throughout the countr y
during the last week number for the United
States 2O7, Canada "a, a total Of 231, against
247 last week.
with businessin many lines disappoint-
ingly duh, the feeling Of confidence never
theless distinctly increases. Its basis is that
the crop prospects grow clearer and brighter,
while the prospects of the foreign demand
for American grain expand with every
weeks news. Unless many concurring re-
ports, official and unofficial, are greatly in
error, the Russian crops have so far failed
that the exports from that country must be
small, while the requirements of England,
France and Germany must be unusually
large.
PRICES BUT LITTLE DEPRESSED.
"Hence the very heavy movement Of
wheat for the season. The receipts at the
western points exceeding ZOO, OO0 bushels
every day, depresses prices but little. The
belief increases that the country will be able
TO sell such vast quantities Of grain abroad
and TO draw so heavily upon the foreign
| supplies Of capital that all the home indus
tries will be greatly stimulated.
the cotton reports ars also most favora-
BILE on the whole, and corn is making ex-
cellent progress with an enormous acreage.
THE monetary difficulties are still in the
future, for, though at some southern points
the markets are tight, the supplies at the
western centers are adequate for legitimate
business. and mere speculation gets less
help than usual.
THE IRON MARKET.
"The depression in some industries con-
tinues and is real, but may be traced TO
causes obviously not permanent. Thus
iron manufacture is much set back by the
inability Of the railroads to make purchases
because they fail TO negotiate securities.
But when the large crops and profitable
business have placed the companies In a
stronger position they will be able to buy
freely again.
"Cotton manufacture, retarded by an
extraordinary fall in the price of cotton
and consequent losses on goods made from
material purchased early in the past year,
still finds fairly large demand, and, at
some reduction in prices, most goods are
moving freely Bleached goods are lower
and print cloths dun at PSF cents, but am
pie supplies OF cheap material promise
healthy business hereafter
wool manufacture is distinctly improv-
ing, and the sales Of wool at Boston rise to
5,lS6,O00 pounds, the sales at Philadelphia
and New York since Jan. being l4S, 000, 600,
pounds against 1873, 600, 900 last year to the
same date
TRADES OUTLOOK.
REPORTS from other cities reflect grow
ing confidence in future. At Boston trade
in merchandise increases, and is very good
for boots and shoes, with the factories well
employed, and western and southern re-
ports are quite favorable. At Pittsburg
manufactured iron is fairy active and the
glass trade good. but collections rather
slow. Chicago feels the effect of great
crops distinctly, the wheat receipts being
sovenfold last year, rye fivefold, barley two
fold, wool nearly double, aud in corn, beef,
butter and hides some increase appears as
also In all sorts of dry goods Sales of
clothing and shoes are larger than ever be-
fore at this season, and in all lines collections
aressatisfactory. At other western points
the crop prospects are almo st everywhere
mentioned as unsurpassed, and at st. Louis
the demand for money in the interior towns
grows more pressing and commercial bor-
rowers are held closely to their needs.
CHEERFUL REPORTS.
"At Minneapolis and st. Paul, Omaha
and Kansas City trade is generally good, at
Louisville and Nashville improving. and at
Montgomery demand is fair. but credits
very conservative, while at Memphis and
Savannah reports OF trade are less favor
able, and at Jacksonville business is very
dull
"Unfavorable weather has strengthened
the cotton at New Orleans, and the demand
for sugar is good, with rice strong and
money is in good demand but with supplies
ample for legitimate trade. Prices of COM
modities are down and for the first time this
year the general level is lower than
year ago, having declined one
half of l per cent. the past week.
Wheat has fallen three-quarters of a
cent in spite of the exports greatly exceed
ing last years, and the enormous western
receipts make the constantly repeated asser-
lions that the alliance can mold back wheat
appear ridiculous. Western estimates, not
usually extreme now allow 5S5, 000, 900
bushels or upward for the crop, while even
more moderate eastern estimates make
200 900, 900 bushels for the export.
Corn is Is cents lower, pork products are
a fraction lower, coffee an eighth and oil
cent lower.
Financial prospects have not changed,
and though money on call is cheap, com
mercial loans are made with caution.
Large failures have occurred, but none
threatening any financial disturbance. The
tone abroad is less strained, and the Bank
of France has gained gold largely, but
pressure in Europe must result If needs for
breadstuffs are as large as is supposed.
The foreign imports of merchandise
in New York in July fell 10 per cent. below
last year, while the exports largely are in
creased. The demand for money to move
the crops begins to be felt by many banks,
aud during the week the treasury has taken
IN from circulation 5000, 900 more than it
has paid out. Foreign exchange has fallen
from 4. S611 TO ASK, and some talk OF gold
imports is now heard
INGALLS, AT CHAUTAUQUA.
H. g. ~