The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-12-16
GOOD TINES NOT FAR OFF.
The Big Stocks Piled Up by Over
production Growing Small.

the Present Volume Of Business
Would Have Been Considered Large
Few Years Ago.
New York. Dec. l5.-R. G. Dun & Co S
weekly review of trade will say to-mor
row: 1t is proof Of the enormous vital
ity Of the country that, while mills art
stopping in every direction, and the army
Of unemployed is larger than it has been
for many years. other mills are constantly
starting up TO answer the demand which a
single year of unprecedented disaster has
only diminished. Industry is doing nothing
on speculation. but the needs which the
wonderful growth and past prosperity Of
the people have created are pressing upon
supplies exhausted by months Of reduced
production.
TRADE STILL WATTS.
'sTrade still waits as much as it can,
and yet the volume of business on mere
hand-to-mouth basis is such as would
have been called large few years ago.
Measured by clearing house exchange, it
is 10 per cent. less than a year ago, the
decrease being greater at the west and
south and less in the east. Measured by
railroad earnings, it is 1876 per cent. less
than a wear ago, the largest decrease of
any week Since lDEDDtuIDtIs purify Dt-
cause passenger increase no longer makes
Ireight decrease and partly because Of de-
moralization in trunk line freights, but
while the decrease on those lines IS l1.6
per cent, it is 23.9 per cent. on western
Sgheat-carrying roads, PSI per cent. on
Pacific roads reporting.
IRON WORKERS RESUME.
sTron workers have accepted lower
wages in the Pittsburg region and nu-
merous works have resumed. Thus the
output of pig iron suddenly increased
from so, 070 tons weekly on Nov. l to 93,-
Si9 Dec. 1, but it is yet only per cent. Of
the whole output, ISL, 55l tons, last May.
The fierce struggle of the Pittsburg re-
Rion iron business drives prices to the
lowest point ever known, 81 for Besse-
Iner iron and $3.50 for steel billets, and
takes away nearly all new work from the
east and west where the depression in
creases. Yet some additional furnaces
went into blast last week.
COTTON MANUFACTURE.
'In cotton manufacture there is much
hesitation, and prices of leading bleached
goods have been reduced, resulting in
larger sales, while other lines are in mod
crate demand.
NO SCARE OVER GOLD EXPORTS.
"The money markets have been scarcely
at all affected by the export of 81, 700 900
gold to Germany on gold bills, and it is
natural that bankers are willing, in the
present conditions, TO aid the treasury by
supplying as much as $40 900, 600 gold for
export. But larger movement DIust APP
pear before very long, unless trade con
ditions change In the exports of mer-
chandise for the half of Decem Der, the
decrease was 81, 900. 600, or ~ per cent.
while the decrease in imports was 81 900
900, or s per cent.
The week has brought fewer sales Of
stocks by foreign holders than usual and
some buying.
Commercial paper if bought at all goes
at lower rates, but there is much which
banks even though clOgged with money,
do not want. The banks have also aided
the treasury by keeping back due bills for
mutilated notes deposited virtual loan
which amounts to about 5000
month. But the treasury receipts do
not improve, and the banks here have
somewhat generally advised the admins
tration to provide without delay against
future contingencies by some form of
short time loans.
Failures are numerous and large, num-
bering 339 in the United States for the
week, against 279 last year, and 40 in
Canada, against 255 last year.
TRADE STILL DULL.
Bradstreet's tomorrow will say: aside
from moderate improvement IN demand
IN one or two pork lines in St Louis, Mil
waukee and Louisville and at Savannah,
Chattanooga and Houston, none of which
have special significance, general trade
remains as dull, in many instances duller,
than before. The interval for stock TAX.
ing and preparing for next years trade
is only in small part responsible. General
trade is of filling-in or recorder
variety, but smaller in volume than Gus.
~ l, 10 -
trade has fallen far below expectations in
all directions. At many points the onl y
commercial activity observable is at re
tail in holiday specialties Scarcity OF
funds among agriculturists and wage
earners in some portions of the south is
checking trade. In industrial lines al
leading eastern centers the distress
conspicuous, and demands fol-
contributions in aid of the suffering un.
employed are feature of the holiday
season at many cities and towns Work
is said TO have been resumed in whole OF
part at Is establishments this week, but
IL are reported shutting down, II have
cut wages from to 20 per cent, and 8
have reduced their working time or the
mum Der of employees. r
PRICES LOWER.
"The prices of cereals. pork and beef
B4O0uNbos nun anu oLtCl anu sugar are al
lower on freer receipts, present or pro
pective, and indisposition of purchasers
to anticipate wants. Further cuts in
iron and steel fail to stimulate consumers
and continued accommodations of bank
funds at the larger cities point to the ex-
IRENE shrinkage in the volume of trade
and the prospect of still greater stagna-
zion during the opening weeks of the new
year.
1.-THE increased strength Of cotton is
based on buyers discrediting large cror
guesses
Concessions on wool prices would not
induce manufacturers to buy for future
wants in view of the unsettled
position of trade. Eastern wool
men, as well as cotton mills,
expect in some instances, to shut down as
soon as the orders on hand are executed.
Mercantile collections west and east
are somewhat improved.
Holiday specialties monopolize what
activity there is in trade lines at Rich.
mond, which with sales of groceries is
true at Nashville, Memphis and Charles
ton. At Savannah there is an active de.
mand for cotton, and naval stores are
firmly held
Trade prospects for the new year al
Atlanta are believed to be encouraging,
but at present funds are scarce, which
with competition between bankrupt
stocks tends TO minimize profits
AT Mobile, the volume of trade has