The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-10-21
WAITING ON THE SENATE.
Much Cain in Hope and a Little in
Business This Week.

Assurances That the Senate Will Pass
the Repeal Bill Accepted By Traders
As Reason for Making Purchases.
Pork Lifted So High That Another
Collapse is Feared Speculation in
Stocks and Products Stimulated By
Easy Money.
New York, Oct. 2O.-R. G. Dun & Co.'S
weekly review of trade says: There
has been much gain in hope and little
In business. Assurances that the repeal
bill will soon be passed have again been
accepted by traders as reason for buy
ing things speculative at higher prices,
and with money abundant on cali,
SIS, 100000 having been received
in this city within ten weeks,
speculation in stocks and products
had an unusual stimulus and would have
expanded even more but for the continued
embarrassments of industries. Wheat
has risen nc, helped by heavy foreign
purchases, and in spite of better crop
prospects. Corn is nothing stronger. Pork
has been lifted so far that another col
lapse is feared by some. Petroleum
has been advanced 1c, and Brazil specu-
lators are supposed to be utilizing bonn
bardments to increase the value of coffee.
RENEWALS OF NOTES.
with these good signs, there are some
not so good. Renewals of maturing
no ties to a large extent are forced upon
the banks here, though practically all
the clearing house certificates have been
retired here and at Boston. Business is
so slow that merchants are asking for few
new loans, and yet the aggregate of
commercial Indebtedness must still be
large. This shrinkage appears
less in cotton than in some other branches
of manufacture, and during the week
there has been slight improvement in the
market for some goods. But some large
mills, which recently resumed, have
stopped again, and while the number re-
ported in opera ton increased the condi-
ton Of the markets indicates plainly that
few are working al their full capacity.
IN THE STEEL MILLS.
"The reduction of wages has been gen.
eral, and does not tend to increase the
consumption of goods
The starting of the Edgar Thompson
works for two weeks and the announce
ment that the Joliet steel works will soon
start are more hopeful signs, and the
shipyards and agricultural implement
makers are increasing their purchases,
but the.demand for building purposes is
remarkably small, and there is more
weakness in Darbed wire, wire rods and
steel billetS
The failures this week number 346
IN United States, against 210 last year,
and 20 in Canada against 25 last year
The list includes one large bank at Provi-
dence and three southern banks, but the
hon T.
liabilities is somewhat less than usual
For the previous week, the statement of
Liabilities is S5,727, 1856, against 3,491 ,292
Tor the preceding week"
PARALYzED BY THE SENATE.
Bradstreet's tomorrow will say: "Still
another business week is rendered con-
splcuOus owing to the paralysis imposed
on commercial and industrial operations
by the revolutionary policy of the mi
no1ty IN the Senate. Larger representa-
tive manufacturers, jobbers and other
wholesalers in leading lines have
been unable to operate with ref
erence to the future supply or
demand, and the result is that the great
IRON and steel industries remain practi-
caIly on their backs, with no signs of a re
VlVaI IN either the demand or price; in
IRON alone there is probably not more
y
WlIhout its being sold at concessions
from quotations, and mill owners are tax
1ug raw material for actual needs only;
!He&Iue industries, generally, are not find
ing The better demand expected at this
IImei the leather industries continue
uuch depressed; clothing manufacturers
make unfavorable reports on the
business thus far this fall, and
az some industrial ceuters, nOta-
NY -, Paterson, n. j., home
u slIk and iron factories and mills, the
ttuuustrlaI situation has advanced steadily
1IOul pad to worse, and the end is not yet.
~ Uhe other side of the account may be
paced the relative activity among whisky
anu toOacco dealers at western centers,
anu IN rice and cotton and fertilizers at
11oue southern centers, together with
ncaVy output of wheat flour at northwest
IN points and large shipments of wheat
~ market within week. The prices of
, 1ao staples show an upward swing of the
PeHdulum with reference to wheat, corn,
49, pork, coffee cotton, rice, phosphate
roGk and naval stores"
Drdustreet's estimate of the domestic
oo ne 55 crop this year, amounting to 440,-
TP2o,ygO bushels, has been accepted by
oeefoohm, the first European authority
On cereal statistics, and is corroborated
~ special investigation by western
FaPer. II official estimates are to pre-
,,it.iI, our available export surplus is now
.LLHl1 l3,OOO,OO0 bushels of being all eX-
foIyed' The exports of wheat and wheat
IT,. as wheat, for both coasts Of the
IIHlyea States and Canada this week
i ~ qai :, 100000 bushels against 1852, 600
bushels last week.
,ro mere Is slight improvement in trade at
floulo, Offset in part by pra ctical
generalization Of the exporting trade.
Editor mcclure Very III.