The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-12-25
CHEAP GOODS HAVE THE CALL.
CHRISTMAS SHOPPERS NOT MAKING
A sPLURGE THIS YEAR.

Observation-Disclosures Unsettled
i'm the West ny the Bank Failures.
Confidence of "a Revival ia Bust
ness in the Spring Less Pronounce
ed Than "A Month Ago.
New York. Dec A-Bradstreet's to-
morrow viii say: "The ARRIVAL of the hol-
days, the close Of the year. and the pc
Rod of annual stoektaking have further
checked the volume of the Wholesale busl-
ness. Only filling-in orders are being re-
ceived and trade is slow The retail de-
mand for holiday goods has been active,
but it is for cheaper grades than in pre-
vious years. In other lines the distribu-
ton of merchandise has been smaller at a
number of distributing centers. Failures
of important banking institutions at
northwestern cities tend to unsettle con-
hdence in commercial and banking cir
Giles.
THE moderate trade revival which fol-
lowed the last presidential election has
been disappointing in that, aside from the
Christmas demand, business has been
more unsatisfactory for a month past
than at corresponding period in many
years. The confidence with which mer-
chants and manufacturers have been look
ing forward to the arrival of the delayed
trade revival early in February next Is
less pronounced than it was, while The
prospect for legislation next spring and
summer looking to tariff revision and con-
gressional anxiety to take charge of az
fairs abroad, is more than likely 70 put
off a permanent revival in business here
until next fall
The shake up in tho iron and steel
prices is nearly complete, and quotations
for Bessemer pig iron and for steel billets
have gotten down TO the level of those
for other staples. The break last week
preciptated speculation in Bessemer pig
iron and bilIets. and large purchases for
an advance and for consumption have
been made-more than 30O0 900 tons of bill
lets-some OF IL as low as $40, a drop of
- ton: The billet pool has been patched
up nomlnally. Bessemer pig which went
off to $40 30 on the break and on the pros.
pect of readjustment of costs is nrmer
and has sold at $l1. Anxiety is felt in the
iron and steel trade as to the uncertainty
or the price of lake ore under the new
eomhlnation 10 control that staple A
HittSburg concern is shipping 1000 tons of
sheet bars TO the United Kingdom and
southern pig iron furnaces report further
sales in England. Sheet and tin plate
bars have sold down to $3.50. Rails are
hrm at S25, but that does not show the
'F'reer receipts of cotton tend TO en-
courage high crop views and account for
the reaction in price. Lard and petrole-
usn are also lower Unchanged oilofafions
are reported for wheat, flour. sugar pork
and coffee, as well as for print cloths
manufacturers of wool have not open
ed heavyweight samples yet and are not
hcHned TO BUY raw materials, except to
complete orders In hand. Some Massachu-
sets mills have booked fair spring orders
but the industry in Rhode Island does not
1nnpaE aft faH ttara.
large mills expect to shut down soon.
Ihere are ~ business failures report
ed throughout the United States this week
81 less than last week, and II more than
i'll the corresponding week year ago."
II. G. Dun & Co. will say tomorrow. in
their weekly review of trade: THE fail
ure of two important banks, the second
in size of business at Chicago, and the old
est at St. Paul. with some others depend
ent on them, closes not faVorably a month
which promised to end with only moder-
ate commercial disasters. IL does not les
sen the effect OF these failures that one
an electric railway and other concerns and
that the other appears to have resulted
from heavy ventures in unstable real es-
tate. Since several thousand business
men and depositors are for the time EN-
barrassed, as much as the SPECTATORS
that caused the trouble, the breakdown
is the reverse Of hopeful at
money markets are well sup
piled, and when no serious effect in DusI-
ness is to be apprehended. Other impor-
tant events of the week are the failure of
the billet and rail pools to find a basis for
agreement and the somewhat general dis
charge of hands or reduction of wages in
the shoe manufacture.
THE holiday trade has been fair but
generally in articles of medium grade. The
reports of earnings are not cheering, and
the aggregate for December thus far has
been AS per cent. less than last year, the
Granger and other western roads show
ing the most decrease.
THE fall in steel billets from over 500 TO
about SIG at Pittsburg, and in steel rails
from SIS net for mills TO S25, less brokers'
commissions, produces so great a change
in other prices and conditions of business
that the meeting held here this week for
the purpose of reviving pools and fixing
prices Influenced operations throughout
the country But no agreement was reach
ed, and meanwhile contracts have been
made covering the wants of most produce
ers for three months, and some for the
whole of the year 1897. and it is said that
several .arge contracts have been made at
SIS at Pittsburg and $3.50 at the east. Bes-
semer pig has declined to $11.15, and gray
forge to $9.65 at Pittsburg, while bar and
other finished products remain I'M
changed though 100000 bundles Of
cotton ties have been contracted for
at 60 cents per bundle. The production OF
coke increases rapidly, 1850 ovens being
10 blast, with an output of 81, 155 tons for
'Tn cotton manufacture there is a
further decline in some staple goods and
takings by northern spinners are disap-
pointingly light Print cloths accumulate
and prices do not advance Raw cotton
comes forward just as it did in other years
when official and other stories OF injury
ended in great crops. Sales of wool IRE
restricted by the general conviction that
the prices asked by interior holders can
not be realized, and there is considera bic
disposition to unload speculative pur-
chases at seaboard markets. Most manu-
facturers have more wool than they have
orders and others meet as yet no salts
factory demand for goods.
The volume Of business ali branches
considered, is not large Payments
through the clearing houses have been
for the week $50 per cent less than last
year, and for the month thus far the
daily average is 9s per cent. less than last
year.
Failures for the week have been 297 in
the United States, against 322 last year
and A In Canada, against 40 last year"
Philip Hines, los years old. and his
wife Rebekah, SO years old, of Delaware