The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-05-02
BUSINESS SLOW BUT BETTER.
THE GAIN LESS THAN THERE WAS
REASON TO EXPECT.

Stocks and Obligations Materially
Lessened by the Increased Activity
In Retail Business. Hut the In
crease not Sufficiently Large TO
Materially Help Wholesalers and
Manufacturers-Gen Range of
Prices Lower Than Year Ago.
New York. May 1.-R. q. Dun & Co.
viii say tomorrow. in their weekly re-
view of trade: The failures for the
week have been 23S in the United states,
against 81 last year, and 81 in Canada,
against % last year.
''As the season advances there is more
business, but advices indicate that on the
whole. the prevalent feeling is that the
gain is less than there was reason to ex-
pect While retail trade has been active
enough to materially lessen stocks and
obligations. and thus prevent great
many threatened embarrassments, IL has
not yet brought enough new business 10
mills or factories to prevent a decrease
of untitled orders and closing Of some
works. Substantially the same state Of
things exists in all the great Industries,
Notwithstanding the strong combination in
some, and evidence Of inadequate con-
sumption appears in the fact that the
general range Of prices for commodities,
farm and mine, as well as manufactured
products. is nearly per cent. lower than
il was April 1 last year the decline since
October. 1892, being 1861 per cent. Nor
can this be attributed 10 scarcity OF
money. which grows more abundant as
the liquidation of many dealers lessenS
outstanding obligations
Foreign operations have been OF no IN
huence n American securities, Dut snip
| ments OF silver have again pseh IdEse'
| Stfgks have remained practically WIN
out change.
Some cotton mills have ceased produc-
ton including one large printing estab-
lishment and the stocks on hand still IN
! crease, though for brown goods there has
been a better demand and great quanu-
/ ties OF ginghamS have been moved by
drives at prices low beyond al precedent'
Large purchases OF lake ore by the prln-
| cipal consumers, contracts securing con-
| troll of low phosphorus ore ana lower ali
1 rates TO Chicago for COnnelSVille coke IN
| order to compete with POcahontaS coke,
are the main features in the iron industry,
| but the revival of demand is yet deferred.
| Higher prices for nails have caused dc-
| tive buying for the week, but large con-
sumers decline to contract as yet for bars
and the rod combination has fallen
through. Middlemen sun quote steel biz
lets at $40 at Pittsburg, against so asked
by the pool but the stock available Is said
70 be only $4,000 tons. Structural pros
poets are good, but in other branches the
demand is less active and Bessemer pig
is weak at $l3 at Pittsburg."
New York, May l-Bradstreet's to-mor-
row will say: There is relatively less
Improvement in general trade this week,
the present partaking Of a between-sea-
sons character Wholesale merchants in
staple lines in many instances look ahead
with confidence to the autumn, and in
such departments as agricultural imple-
ments, building materials and hardware
there is reported a moderate demand.
More favorable reports are received
from Pittsburg, where merchants have
had the largest weeks trade thus far
this season; Buffalo, where the feeling is
one of more confidence, and from Atlanta
and New Orleans, where the request in
wholesale lines is more active.
AT Baltimore wholesalers announce
only fair business, and that interior
! dealers have not disposed of their stocks
| as rapidly as anticipated.
THE movement of goods from Calves
| ton is not active, but in view of the large
| Texas acreage of cotton more confidence
| lions. ~
"Bullish speculation in the New York
| stock market is checked by the renewal
| Of gold shipments and the halt in the
London market. caused by events in
South Africa. Declines are moderate and
traders, though expecting a reaction, act
cautiously on the bear side. Public in
terest is however, suspended and quota
tons are the result of professional ac-
tivity.
of strikes at this season.
In iron and steel there are advances in
prices for special grades of pig iron due
to the output of Lake Superior ores, re-
quired for their production, having been
practically taken up by a few interests.
| The so-caled steel trust is reported ex-
tending its territory. Quotation for south
ern pig have been cut, as are those for the
few sales of Bessemer pig and billets
made by middlemen. in addition to
changes in prices of iron and steel, higher
conditions are announced for coffee, cot
| ton, petroleum and anthracite coal, while
print cloths and lumber are practically
changed. Copper is easier, and wool has
| been sold at concessions.
Cotton goods are depressed, notwith-
standing the strength of cotton.
Lower prices are noted for wheat flour,
wheat, corn, oats, pork, lard and sugar.
The reaction in the quotations for shoes
has brought prices down to the level of
| 1894, 1t which the factories are fairly busy,
and have rather more confidence
The total bank clearingS amount to
1882 100000 this week, a decrease for the
last week of 3 per cent, and falling off
as compared with the corresponding week
last year of 10 per cent.
April bank cearings reflect continued
quiet business and speculation, the gain
being only nine-tenths of one per cent.
over April. 1895
The weekly totals of business failures
throughout the United States, while aver
aging fewer than in the weeks during the
first quarter of the year, still attract at
| tention. The total number reported is
25i this week, against $40 last week and 20G
in the last week of April, 1885,