The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-09-30
A HALT IN THE ADVANCE.
The Senate'S Hardness Checks the
Return Of Prosperity.


will say: "A complete statement of the
/ failures for the quarter which closes to-
night is not possible, but the number thus
I far reported is about 600 and the aggre-
/ gate of the liabilities about $50, 100000,
/ greatly surprising the record Of any pre-
/ vious quarter. For the past week, the
/ failures have been 329 in the United
/ States against III last year, and in Can
ada "a against 81 last year. Hope de-
! ferred' explains the past week in part and
/ it is doubtless true that many INDUCED
unreasonable hopes, but business has not
entirely answered expectations.
AFEELING OF DISAPPOINTMENT.
"A feeling Of disappointment is COM
monty ascribed to the delay Of action on
the silver bill in the Senate. 1t is also
true that many works which have re-
sumed operations do not find orders as
| large. or the demand from customers
/ as vigorous as they anticipated, and
with some it is a question whether
they viii not close again. While
money on call has been abundant
and cheap, and about S4.5OOOOO clearing
/ house certificates have been retired, there
/ is perceptible greater caution in making
/ commercial loans here and al some west
/ ern points. Confidence. prOverblally of
/ low growth, has been somewhat dimin-
| ished, in part because advancing exchange
/ suggests the possibilities of gold exports.
! COTTON MANUFACTURE.
/ ''The cotton manufacture is gaining more
! than any other and there is a stronger
market for print cloths and prints, while
some reduction has helped to stimulate
/ trade in other goods. The enormous de
crease in production for the past two
months begins to be felt, and sales are
| large. though much below theusual guam
/ tity. While IS manufacturing con-
| Germs are reported as starting wholly
or in part, against 20 closing or
1 reducing their force more than third
/ of the increase has been in cotton mills
/ and another third in machine shops, nail
mills. manufacturers of stoves and hard
/ ware. tools and cars. while in the iron
| manufacture proper only seven concerns
/ have started, against three that have
/ stopped, and the outlook does not seem
/ brighter
/ CLOSING OF THE NORRIE MINE.
"The closing of the largest iron mine in
/ the country the NOrrie, which ordinarily
/ produces a million tons yearly, indicates
/ the limited character of the business.
! At the east the demand for products is
! painfully inadequate, even for the scanty
| force now at work, and the
lowest prices on record attract little
! business 1t is said That one sale of steel
rails has been effected by sharp reduc-
! tion in price The contest between the
! amalgamated association and the works
/ in the Pittsburg region has been settled,
! but too late for most of the men.
Clearing house exchanges indicate
/ little gain in the volume of business,
| being for the week 1875 per cent below
! those of the same week last year.
EXPORTS HEAVY.
''In foreign trade exports again exceed
last years and for the month about 246
per cent. while imports show a decrease
for the month of about 30 per cent. Yet
! foreign exchange has risen so far that eX
ports of gold to Germany might be made
with little loss, and ii is believed that
| calls for repayment of gold obtained
on loans from Europe in July
and August affect the rate
more than current business. Though
a return of part of the gold has been eX-
pected. and the banks have now on hand
more than they need, the treasury stock
/ is so low that a renewed outflow would
| be regarded with some apprehension
The return of money from the interior
continues large, and plainly reflects less
activity than usual at this season in do
| nestle trade and industry
BRADsTREET on THE SITUATION.
BrdQSbfeeJ IO-uOITOW Will say.
| aside from increased sales and ship
ments of merchandise at a few widely
separated centers, there has been no gem
| eral improvement in the commercial sit
| uatiOn this week The reports of the
starting up of cotton and wooden mills in
New England are qualified with eXplana-
tions that in almost all instances it is on
short time, with reduced forces and on
orders.
dallas, Atlanta and Savannah have
felt the stimulating Influence of a heavy
movement of cotton, although there still
appears to be sufficient doubt as to the
near future of trade generally to warrant
special interest in the extent to which
notes will be met on Oct. l and Nov. l.
'The iron and steel industries show no
signs of revival, and even the demand
for Bessemer pig iron has dwmdled dis
approximately.
"A significant feature is found in tn,
closing down again of industries at a mum
Der of points in the west where they re
Gently started up after prolonged idle
ness.
MOVEMENT OF THE CROPS.
''But on the other hand the Texa
drought has been broken, northwestern
bankers are advancing funds freely Il
handle the grain crop, and the south i
taking care of the cotton as it gets t
market, while in Louisiana the suga
crop is claiming, and rice will soon claim
} financial aid.
Some results of the recent monetar,
; stringency are found in the extraordinar,
total number of business failures during
= the past nine months, ll,174, which il
fully 81 per cent heavier than in the min,
months year ago, and 20 per cent. heav
Ter than in a like portion of 1891 The
liabilities Of the failing traders this yea
have run up TO the unprecedented tOta
of 1924, 0S7 900, about four times wha
the like debts were last year auC
= "a per cent more than the total indebted
ness of nine months of business failure.
in 1884 the next preceding year of sever,
panic. The ia business failures dur
ing the nine months of 1898 may be com
pared with only 1920 failures for Tho
> twelve months of 1892, and with less thar
1000 failures in each of the twelve
months of 1890, 1884, 1856 and 1888.
General trade at Baltimore is called
fairly satisfactory, but other trade j:
quiet and transactions are small.
1.-The promised reOpening of one of the
recent suspended banks at Louisville OF
Monday has served to encourage better
2 feeling there.
collections are better at Charleston
: and fertilizer travellers are going on the
road