The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-10-20
PRICES FAIL TO STIFFEN.
Consumption CuTtailed by the Lack Of
Buying Ability.

NY AhS -"Ae5'
The Low Prices of the Great Staples
Cut Down the Buying Power Of Mill
ions The Domestic Exports From
New York Still Smaller Than a Year
Ago-over $40, 200, 900 of Idle Money
Held by New York Trust Companies.
New York. oct. 19.-R. G. Dun & Co.'S
weekly review of trade says: Cotton be-
low s cents and wheat below So cents,
each lower than ever since the present
cIassiications were known. with exports
Of gold instead of products at such prices
I in October. are the salient features in
business this week Distribution of goods
to consumers goes on fairly, with gains at
nearly all points in comparison with last
year, but not yet at a rate to sustain the
present volume of manufacturing produc-
ton, so that prices weaken little.
with many features of encouragement,
business has not yet reached expectations,
/ and it is evident that the loss of part of
! the corn crop, and the unnaturally low
/ prices of other great staples, affect the
/ buying power of millions.
The domestic exports from this city
/ in the two weeks of October were is per
I cent. less in value than last year.
/ while the increase inthe value of i'm
/ ports has been q per cent, much of the de-
I crease in exports is in price, but in Au-
gust and September the quantity of wheat
! decreased over a third. Provisions and
cotton gained, but oil decreased, and in
minor products the exports in September
/ declined IS per cent. The increase in i'm
I ports, exclusive of sugar, was over IS
/ per cent. in September, and in two weeks
J nf at Npu TqT
/ With this heavy increase in purchases and
! a decrease in sales of products abroad the
market for foreign exchange is in a posi-
ton to be quickly affected by Withdrawals
of capital on apprehensions regarding the
! future peace of Europe. To half mil
lion gold shipped Tuesday it is expected
that as much will be added to-day.
! 1T appears that three trust companies
here now hold over $4O,COOOO0 idle money,
and that eastern mill loans are being TAX
/ en- from New York by New England
| banks, while the northwestern demand for
! money is unusually small.
| THE treasury is again falling backward
| in reserve, and large imports yield a lit
/ tie less revenue than last year, while the
internal revenue for the past three weeks
is 81, 500, 900 smaller than year ago
The dry goods business and textile in
| dustries were especially favored by the
| demand in August and September. Whole
! sale and then retail stocks have been re4
! plenished, and business waits for retail
sales, which are as yet slower than was
| expected.
In cotton goods the new business has
| narrowed and the resumption by the Fall
River mills has depressed prices to some
| extent.
THE iron and steel business makes a
| better showing this week, Bessemer pig
having stiffened to 5000 at Pittsburg,
| and at Chicago and New York further
| structural and bridge orders have been
| placed, but bar iron has fallen to SOC for
common and 81 for steel at Pittsburg,
| which are prices below those current in
| Great Britain. There is a good demand
for sheets, and some good bridge con-
| tracts are reported.
| . The failures in October thus far have
| been quite moderate in strictly CONNER
cial lines, the liabilities amounting to
| 81, S21 1887 of which 81 1893, 636 were of man
| ufacturing, and 81 1896, 636 of trading con-
Germs. Some failures of banking, invest
ment and loan concerns not here included,
have not proved of general Importance.
| During the past week the failures have
been 1853 in the United States against 3A
last year, and 43 in Canada against 20
last year
Bradstreets tomorrow will say: with
few exceptions the leading features of the
business situation this week have been
those of continued moderate improve
ment, although the total volume of
] business, so lar as lnulCdIeQ DN DdDk
clearings throughout the country, win re .
quire considerable expansion to compare
favorably with corresponding totals two
years ago. The volume of clearings for
the six business days ending with Oct. IS
is S949, 900, or 2.3 per cent. larger than
in the third week of October last year,
but nearly 81 per cent. smaller than in
the corresponding week in 1892.
This relatively favorable bank clear
ings report is offset in part by a decline
in the prices of staples, coffee alone scor-
ing a slight advance.
AT Louisville tobacco is easier under
promise of large crop, and hides are
lower in price at some of the more inn
portant markets, while leather is quoted
lower at western cities
THE competition of northern lumber
manufacturers has forced prices down at
Chicago, and all except the best grades of
live cattle at Omaha and Kansas City
have sold for less than a week ago, while
wheat and Indian corn have also shown a
decline.
THE production of iron and Bessemer
steel continues as heavy as heretofore,
and quotations have been further shaded.
Lard is lower in price, and the pros
pect for the cessation of textile labor diff
ficuties at the east has weakened the
, print cloth market.
! LAS serious as any other decrease is that
in cotton, the feature of trade south this
week being a check to purchases by in
terror merchants for spring delivery, and
slower mercantile collections, due to
Z lower prices for cotton.
AT four southern cities general trade
is reported TO have shown some improve
! ment. Memphis, Jacksonville, New Or
. leans and Galveston, but at Savannah
: Augusta, Atlanta and Nashville, increas-
ed cotton receipts and lower prices have
had an unfavorable influence.
> AT Charleston, Chattanooga and Biz
; | mingham business has been quiet.