The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-11-23
A GOOD YEAR FOR RAILROADS.
THE EARNINGS so FAR THIS
MONTH THE BEST IN YEARS

The Temporary LuII in Certain Other
Lines of business Caused by the
Marketing OF Holdings nouEht for
Speculative Purposes-GoId IN
ports Result Rather Than the
Cause OF Existing COnditions-The
Cotton Market Assisted by Small
Receipts.
New York. Nov. pr. c. Dun & Co.
will say tomorrow, in their weekly re-
view of trade: THE failures for the
first half OF November amount TO S6.145.-
sos in liabilities. against s5612,3Q3 last
year and S724S219 i'm 1888 The failures
for the week have been 30 in the United
States, against 322 last year. and 80 In
Canada, against 81 last year
Reaction in business there is none. Eff
forts to explain it, or TO attribute it TO
this or that temporary influence. are
wasted. When stocks bought in advance
Of consumption have been worked Off.
men will be able 10 Judge what final dis
tribuuon is to be expected. and meanwhile
prices are depressed by the selling OF
quantities bought for speculation, by the
pressure of stocks for which consumers
nave not yet been found, and by the idea
mat prices may so stiu lower.
OoA" N@lfollo nave been large, amount
ing to S2,251050 last week and presumably
TO $l,350000 this week, but are rather q
result than cause Of existing conditions.
A hlUe selling of American stocks OF.
european account has followed forced
4Cdil1ilS IN foreign stock markets, but
tne new compact of the trunk lines prom
lseS better earnings for the railroads.
though il has no speculative effect and
meanwhile the corn carrying roads are
dong especially wei. The earnings for
the nrSt half of November are the best
reported Tor years, showing a gain Of lo.6
PeI cent over last year, and only per
cent decrease compared with 1892.
IFoducJs are lower, without disturb
ance or sign of panic.
The cotton market has been assisted All
me week 10y small receipts and remarka-
bly SUN statements OF scarcity, but has
gained only a sixteenth, though some think
Inc receipts were deliberately organized
by planters.
1t begins to be a decisive fact that ex-
poIis are small, partly because the stocks
ABROAD are heavy. and partly because the
manufactures abroad does not find a mar
ket Tor the usual quantity of goods, the
Brltish being especially embarra ssed.
IN this country the cotton manufac-
turer has Jared better than most others
escaping an excessive rise and the result
ing decllne. w hlle some prices We're mark
ca TOO nigh when cotton was above Sc and
are lower most goods are held at quoted
prices. and the mills generally have or
qers to cover work into next year, but IL
is becoming question whether the retail
Qlslributlon has kept pace with the manu-
tailers.
Iron and steel products are lower. aver
aging per cent fer tho week and per
cent. from the highest, bessemer. anthra-
cite No. ] and bar being quoted lower.
while sales below quotations are frequent
Ihere Is frequent competition for orders
most works having little ahead. and new
business is remarkably small Structural
work is cut down by the strike of house
workers mere, and quite number of mills
pIihclpally Oar, have stopped within few
DAYS. The associations reafirm prices. but
40 nor sell enough TO Keep works busy
Bradstreets tomorrow viii say: THE
check to general trade, which has been
conspicuous for the past few weeks still
continues. Unseasonably mild weather
and rains have intensified this feature
Whlcn IS more conspicuous south. where
the decline in the price of cotton and
consequent check to shipments are held
10 be partly responsible"
But the demand for staples increases
on the appearance of seasonably cold
weather, the result being larger orders
Tor Woolens, shoes, rubbers and holiday
specialties.
Complaints are made in Texas Of re-
Quoted shipments of cotton and crop es-
Inmates there are again lowered. This
is i'm contrast TO later reports of the prob
able size of the wheat crop, which now
place the amount nearly 100 OO3.0J0 bushels
larger than the crop report last spring.
while Philadelphia textile manufac-
turers are fairly well employed. they de-
clare IT is without much profit. Woods
remain quiet with fair inquiry, al
though manufacturers are not adding to
their stock.
"Uncertainty as to prices of leather
checks buying Of shoes by retailers, which
depreSSeS the manufacturing industry.
There is less demand for iron and steel
and prices for standard varieties are low
er, about one-half Of the years advance
having been lost.
The business failures show another
marked increase, numbering 1913 through
out the United States against 279 last
week, Z93 in the week a year ago, and
- in the third week OF November, 1893.
and western states.
Notwithstanding continued evidences
of moderate reduction in the volume of
/. business in recent weeks the total value
OF the bank clearingS continues of large
proportions-$l,l 26, 000 O00-which, while 1t
is 91 per cent. less than last week, is
fully 10 per cent larger than in the cor
responding week last year, nearly Is per
cent. larger than in the third week of
November, 1898, and per cent. more than
in the corresponding week of 1892.
mo less striking than a week ago, is
the comparatively long list Of decreases
OF prices for staples, among them Besse-
mer pig iron and steel bilets; wheat
corn oats pork, lard and coffee, among
food products; and cotton. petroleum,
hides and live cattle and hogs. Practi-
cally unchanged quotations are reported
for turpentine and rosin, tobacco, leather,
Net railway earnings reported to
Bradstreets by roads representing Is per
cent. of the railroad earning capacity of
the country point TO steadily sustained
growth in the volume of net receipts for
the nine months of the year as compared
with q year ago.
The gold shipments to Europe this
week have been very heavy, amounting
10 $3.50 600. The outflow of specie was
apparently swollen by calling in balances
due in Europe by bankers here Foreign
political, financial conditions have inn
proved but their effects supplemented
the disturbing effects of the gold move
ment in the New York stock MARKET
CONVICTED OF ARSON.