The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-02-16
BONDS BRACE UP BUSINESS.
CLEVELAND'S BOLD STROKE RE
WIVES CONFIDENCE.


Rate of Exchange Controlled by
His ActiOn-American Securities
in Better Favor AbrOad-The Low
Price for Farm Products and Re
stricted Operations fn the Indus
tries the Only Obstacles blocking
the Road 10 Prosperity at the
Moment.
New York, Feb. l5-R. G. Dun & Co.'S
weekly review OF trade tomorrow will
say; Another week has passed and ex-
ports OF gold and Withdrawals from the
treasury have been almost entirely stopped
by the contract for purchases Of gold
from Messrs. Belmont and Morgan.
Though its details only became public
Thursday and were quite sharply oriu-
cized by many, the fact should not be for
gotten that the rate Of exchange was in
fact controlled, gold was actually start
ed hitherward from Europe. and there
was entirely arrested. at least thus far,
the outward movement which seemed
within forty-eight hours Of emptying the
treasury. Close criticism OK things done
In such a stress comes later. For the mo
ment business only waits TO know whether
sales Of American securities and with
drawals OF gold from the treasury have
been lastingly stopped by the remarkable
increase OF confidence.
''The reviving confidence has not only
prevented Withdrawals OF gold by Ameri-
cans in the main. but sales Of American
aass #a..-
~, II not quite, balanced by purchases
Two obstacles which block the path
just not are the exceeding cheapness OF
farm products and restricted operations
In the industries. Restricted purchases
by the west and south naturally result.
''The output OF pig iron Feb. ]. was 49,
29l tons, against l6S,4l6 weekly Jan. I, but
the stocks remaining unsold are already
7lS,073 tons, against CAS-, 45S Jan. J. and in
dictate decrease OF 1917 tons in actual
consumption weekly during the month of
January. The severe storms in Febru-
airy have further curtailed production.
The sales of steel rails were only 10000
tons in January, and the weather has ar
rested structural work and retarded de-
liveries Of all kinds. But there appears
a better inquiry for some finished pro-
ducts. especially in wire, wire rods, nails
and barbed wire. The business is encour-
at the west, though northern sales are
pressed, and the demand for bar iron is
about the same.
CONTINUED dullness is reported in cot
tons and reduction Of prices by the
Amoskeag mills causes some hesitation.
In the main the works are well employed,
but with extremely scanty profits and con-
siderable doubt whether a market VIII be
found for accommodating stocks of some
goods.
THE money market shows a tendency
TO strengthen, and somewhat larger offer
ings of commercial paper appear, though
not in proportion to the reported activ-
ity of the mills. Doubtless many are work
ing only short time, but any improve
ment is encouraging. A somewhat closer
market is expected as a result of the
bond transaction.
'rhe failures for the first week of Feb
ruary show liabilities OF only $2,9Qg, 500, Of
which $729.3iS were OF manufacturing,
and 1884, S9l of trading concerns. The
final report for January shows an aggre-
gate of SIS 637, 1913, against S29 SAG, OBS last
year: S. 992, 22S We're of manufacturing
concerns this year, against 1853, us last
year, while 81. SIG. lO5 were of trading con-
Germs. against Slz2345S7 last year. The
failures for the week were 210 in the
United States, against 1928 last year, and
81 in Canada, against % last year"
Bradstreets tomorrow will say; mild
er and pleasanter weather following tho
severe storms and extremely low temper
ature have with few exceptions, failed to
stimulate orders for seasonable goods, or
the distrlbutive movement generally. The
exceptions include a revival of demand in
a few lines at Boston and New York and
in drugs, leather and paper at Philadel-
phia, and i'm general merchandise at Sa-
vannah and Jacksonville. the only south
ern cities reporting trade better and mer-
camille collections good.
AT the west there are improved sales
by Chicago jobbers in dry goods, clothing,
furnishings, shoes, and rubbers, and Kan
sas City announces a larger volume Of
business. The demand for staples has
increased at Milwaukee, as at st. Paul,
pointing to small stocks held by country
dealers Elsewhere general trade remains
at a low ebb.
Mercantile collections south and west.
with few exceptions, are slow and unsat-
isfactory. Southern merchants in some
instances are making greater efforts to
collect amounts due than to sell goods
LAS one consequence Of the recent ex~
IRENE weather, trade at Augusta has fallen
off to a marked degree, as at Birming-
ham, Chattanooga, Atlanta and New Or
leans, merchants at the latter point find
ing an unfavorable influence also in the
stoppage Of the payment OF the sugar
bounties.
Word comes from Texas that snow
throughout that state has checked the
volume of trade in all directions"
....,-.-..,,,.vyr,r 90 - rcr .,r