The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-03-21
BUSINESS DON'T GROW BETTER
THE GENERAL TENDENCY OF THE
MARKETS NOT ENCOURAGING.


The Industrial Reaction Ascribed 10
the Unnatural Expansion of De-
mnnd and Prices n Year AgO-COt-
ton Goods Lower Than at Any Time
since Last AIay-FaiIures Rather
Numerous.
New York, March Or. G. Dun & Co.'S
weekly review tomorrow will say:
the failures for two weeks of March
cover liabilities Of $685.. s97. against S3.S7S-
All last year. The failures for the week
were POI in the United States against 27S
last year and forty-nine in Canada, against
thirtv-ffve last year. Movement toward
better things IS stin the exception. There
s better business in shoes and small in
dustries and there has been a squeezing
of short sellers in cotton. But the general
tendency of the industries and prices is
not encouraging, and those who were most
hopeful month ago are still waiting. not
so hopefully, for the expected reaction.
Constructions to recovery are not to be
sought primarily in the investment or the
money market, but in the industrial re-
action after the unnatural expansion of
demand and prices last year. A sharp de-
cline in the prices OF cotton goods is the
comment of mills on rising cotton. Goods
now average lower than since May, 1895,
having declined ~ per cent. for the week,
print cloths to 2ls cents. which is only a
sixteenth above the lowest price on re-
cord. The accumulation of goods in the
face of the slack and rapidly diminishing
demand has brought about the closing
of one of the largest mills and others are
considering closing.
.aThe iron Industry shows but slight
average decline in prices. AS com blna-
lions still insist upon the highest prices
of last year, quotations are comparatively
steady. But with ore and coke cOmbina-
lions demanding high figures, hesitation
is inevitable. Minor metals change little
but aluminium, BY misprint quoted here
enormously last week, sells at 50 cents.
Speculation in cotton has caught short
sellers in trouble and just as they thought
forced to put them up. Such a rise may
go on without regard to supply or demand,
hut neither the government report of last
week nor the fan in goods or closing of
mills give rise to more than speculative
rise
THE week in wheat was rather stag
nant, but the weight of the facts is felt,
as the western receipts for the three weeks
of March have been S,S92, 4S1 bushels,
against 1924, l29 last year. Atlantic exports,
flour included, also show a decrease,
amounting to 4048,064 bushels for the
three weeks. against 5,O970lS last year.
1.-The movement of corn continues very
large and prices have declined l cent on
cash values. Another unfavorabIe feature
of the situation is the stringency in com
mercial loans, not because of the scarcity
of money, but because banks are disturbed
by failures of some importance"
Bradstreets review of trade tomorrow
will say: General trade throughout the
United States for the first quarter of 1885
is disappointing. The most favorable re-
ports this time are those which declare
the volume Of business only equal to, and
in a few instances in excess Of the like
time a year ago. The fact that interior
merchants are buying more freely in Mis-
souri,, Kansas, Oklahoma and parts of Ne
braska, where the snow and rain have inn
proved the prospects of the crops, cOnsti-
tutes almost the only favorable announce
ment of the week. In almost all other parts
of the country east of the Mississippi
stormy weather has tended to 7curtail the
volume OF business, and cause still fur
Their restriction on mercantile collections,
which have now been exceptionally slow
for more than month.
THE winters jobbing business in sta
pie lines with few exceptions, was I'M
satisfactory, as has been that of the
coming spring. The prolonged falling off
in the demand in the iron, steel, cotton
wooden and shoe industries presents no
Sign of early improvement. AS a conse-
quence hides, leather and shoes are all
Weaker-in some instances lower. Cling
hams and print cloths have sold for less
money, while 1.-THE weeks demand for
American wooden goods remained in
marked contrast with the active request
of like goods of foreign makes, and quo
tations for some grades of iron are low
er than last week, without prospect Tor
immediate Improvement
wholesale trade in mems wear includ-
ing clothing, is depressed by heavy stocks
carried over, and low quotations for do
nestle wool have sent some abroad.
THE unusually large number of bust
ness failures taking place during the first
quarter of the current year promises to
make a record. The total for the cur
rent week throughout the country is
300 or IS more than last week, and As
more than in the like week of 1895.
while the distribution of merchandise
at the northwest is not as active as a.
few weeks ago, it is of larger volume
than a year ago. Country bankers in
that and in regions further SOUTH have
been Withdrawing Chicago balances, but
northwestern jobbers continue confident
of the revival of country demand.
General business at the south remains
unchanged.
In addition to the reaction in the quo
tations noted, prices for wheat flour,
wheat, pork and lard are lower, while
those for Indian corn, sugar, both raw
and refined, cotton and for crude and re-
fined petroleum, are higher.
The continued advance in the price Of
cotton in the face of reductions in quo
tations for manufactured products there
of during the past week, indicates that
expectations of a large crop of cotton
have been permitted to unduly attract
attention from the comparative shortage
a n1af zlrra ipest