The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-01-09
COTTON THE ONLY CLOUD
TaE OUTLOOK FOR LEGITIMATE
BUSINESS GOOD.

Speculative Markets Show Material
Decline for the Week-SelinR OF
American Securities by Londoners
Causes e Slight Slump IN the New
York stock Market.
NEW York, Jan. S-The business fail
ures occurring throughout the country dur
ing the eight days since Dec. 81, reported TO
r. G. Dun & Co.. number for the United
States. s93, and for Canada, AZ, e total Of
ASS. against $50 last week.
The first week Of the new year has been
marked by some striking events There has
been an important decline in the prices of
wheat and cotton, which have been held OF
late little too high for foreign estimates Of
value. so that exports vera some
what checked. The decline will
bring out larger orders for export.
In the stock market. also, there was the
beginning Of a reaction, London having
sold American securities freely for several
days. For time the speculative public
took all that was offered. apparently be-
heving higher prices certain 20 come, but
presently there began a natural reaction
from the great advance Of the past three
weeks.
LEGITIMATE BUSINESS NOT MEEACED.
These changes do not threaten, but prom
ise TO help the legitimate business Of the
country, which over-confident speculation
at this time might have embarrassed
Wheat hiss dropped 81 cents for the week
on sales OF only l5,0O0.0O0 bushels Oats
also dropped 21a cents, but corn rose Is;
large exports, actually exceeding those Of
wheat for three days of the week, sustain
ing the price. Pork products scarcely
changed. Oil rose 2S6 cents and coffee i
cent.
COTToN's TUMBLE.
Cotton has dropped to the lowest price
since early in 1919 viz, q. II cents for middling
uplands. The receipts at the south continue
greater than last year, and though exports
are also greater, the stock Accumulated and
largely carried by banks at various points
hos depressing influence. This affects
trade throughout the south, but the demand
for sugar aud rice is strong and active, with
slightly better prices. Trade In other parts
of the country Is fair for the season, the
New Years quiet not having entirely
passed. At Philadelphia liberal orders are
noted for spring materials, ana while trade
IN other branches Is now very light, the
prospect is considered good. Baltimore res
ports healthy money market. At Pitts
burg the outlook seems better; pig iron is
stronger and finished iron in good demand.
Collections throughout the northwest are
points.
THE GREAT INDUSTRIES.
The great industries report no important
change, though In iron a large business is
being done, and the tone is improved. Some
Improvement Ia seen in bar and plates, and
fair business in structural iron.
The money market has been we'll supplied
at this point, and other markets throughout
the north are easier. The treasury has
been disbursing freely during the week, and
while the sales of stocks on foreign account
have lifted the rate of foreign exchange
Il cent, the swelling exports appear 10 in>
sure further imports OF gold.
BUSINESS PROSPECTS GOOD.
In brief, the business prospects of the
coutry ore remarkably favorable for the
beginning OF a new year, excepting at the
south, and whilO the depression in that SEQ
ton may considerably affect some trades
and branches of manufacture the uplifting
influence of large northern crops, and Of
unprecedented foreign demand for northern
products, give substantial ground for the
great confidence which prevails.