Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1894-02-24
WEEKLY TRADE REVIEW.

Prospects Are ny No Means Rosy-A Wesh
Of Record breaking In Low Prices-
Wheat Lower Than II Has Been In
Seventy Yeas. Cotton Declining. Stocks
Ditto and Textile Industries About ~ =
standstili- business Failures, Etc.
New YORK, Feb. 11.--R. q. Dun b
Co. S weekly review Of trade, issued to-
lay, says:
This has been week OF record breaking In
wheat, In silver In some forms OF iron and
'teel, In Connellsvile coke and in well.known
.otton and wooden goods the lowest prices ever
known have been made, and II is gratifying
hat failures Of importance have not resulted
The great fall In wheat had pcrceptible in
ducnce upon the tone OF business generally,
and there was less confidence 10 Wall street,
less Improvement In manufactures and
greater decrease In the volume Of payments
through clearinghouse which were :ti per
cent. less than q year ago outside New York
and 1871 per cent less than year ago here,
Notwithstanding unusual transactions In grain.
While ro action especially bearing on business
prospects was taken In Washington, the con.
tinued discussion Of revenus and monetary az
fairs iS' the uncertainty regarding them have
constant aud unfavorable influence, and In
different markets have caused sudden fuctua.
tions In prices.
Wheat AT 6)s is not only lower by Y thnn II
was for single day last year but lower by TX
than II had been in the previous seventy years.
A visible supply OF over 10000 00J bushels. Feb
ruary !, with sales and receipts from farmers
continuing large, have completely destroyed
faith in the Official reports OF the yield last
year and caused enormous liQuidalions. Re.
ceipts last wesk were 1891 1884 bushels, against
2,a0l 0i8 for the same week last year; but Az
lantic exports were only $50 96 bushels against
30l5 last year. and the recent decrease In
foreign demand has been an important factor.
Some trust companies have arranged TO ad
vance money against wheat as collateral So
curity. hut with results not as yet encourag-
Jug.
Cotton declined an eighth. with increasing
distrust OF short crop estimates. The receipts
from plantations this week have been larger
than year ago, and at no time small enough
to support the idea that the crop Of 1899 was
but 900 bales. which would mean that less
than 100000 bales have yet to come into sight
In over six months.
The slight recovery in prices OF iron prod.
nets has not been maintained. Bessemer pig
has declined mt Pittsburgh to $40 e5 md gras
forge to 10 s., and steel bilets are sold hclor
sl6 there. while at Philadelphia most rolling
mill products are lower thun ever The de.
crease in demand is reported, both in western
and eastern markets, especially in structural
forms ut the west and here, where several
large buildings are projected The demand
for wire rods, nails and fence cont Iues re.
marhably large and sustains prices nut nails
are stagnInt
Connellsvile coke sells at IS cents, the low.
est price ever made, and while the output In.
creased for the week I6lS tons, oniT 81 per
cent. OF the ovens are in use.
Heavy reductions IN the p.!ce Of lake ore
s report ed. with large contracts ats Is, Cleve'
land delivery Minor metals nre weaker, with
restricted consumption
Shipments OF boots AMI shoes from the east
are 10 per cent less than a year ago, with
cheaper grades predom'nating in orders and
IN manufacture. and not so many factories fully
employed
Textile industries do not seem to have
gained within the past week for as many
works have closed as have resume work, aud
In wOoen and cotton manufacture more There
has 1een shurp break IN print cloths TO ~
cents, some OF the hestknown cottons have
been put AT the lowest prices ever made. and
there Is more talk OF general closing OF mills.
Some woolen mills Of large importance have
stopped, one because reduction Of wages was
resisted. ana in textile works such reductions
have been more numerous and larger than In
any previous week
The demand for woolen goods does not I'M
prove, and sales Of wool decreased sharply az
ter the brisk activity two weeks ago, being
only 4ll,,5qi pounds for the week. against
bs.6.300 last year. Though some grades are
scarce and prices relatively higher west than
here. the markets do not advance.
Stocks have been weaker with the falling OF
wheat those OF granger roads declining over
81 per share In most cases, and the New York
Central also, in spite Of the fact that trunk
lines and granger roads showed much less de.
crease in earnings than in any other recent
week. Tho average decline In railroad stocks
was II ,nts per share, and the decrease In
earnings OF roads reported for February is
but per cent, though tbs decrease in
east bounl frelghts from Chicago are 3q.l per
cent. The weakness in railroad stocks is in
part due to violent fluctuations in trust stocks
and the break in sugar, which fell S' per
share, with heavy transactions. The average
for such stocks declined $40 % per share being
especially influenced by reports regarding
legislation. London bought some shares, but
not enough TO affect exchange materially and
the rates for stocks advanced with few com.
mercial bills offering, nearly to the gold
exporting point.
Exports OF merchandise were abou. tS)0O00
smaller for the week than last year aud for
six weeks the increase has been only s.. 100, ,0J1
or7,s per cent; but imports eastward were lit
tie more than half as large as last year, and
for the year thus far the decrease is about t2
per cent.
There is no change OF importance in money
markets, vita no increase In commercial
loans
Failures FOR the week have teen 432 in the
United States against Iq' last year, and IS in
Canada, ayHinst 30 last year.