The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-02-01
BUSINESS A LITTLE BETTER.
BOND BUYING NOT To TIGHTEN THE
MONEY MARKET.

Operations Checked Somewhat by
DimcuIty in Making Commercial
Loans-The Market Easier ns Re
spects Loans on CoIlateralS, How
ever-Debts Failing Due in Janu-
AIRY Met More satisfactorily Then
Was Expected.
New York. Jan. SIR. c. Dun & Co
will say tomorrow in their weekly re-
view: The failures in three weeks Of
January show liabilities of Sl7.S365u.
against SlO,6S5.06O last year; in manufac-
turing 1901. i29 this year. against S2.479.lS3
last year; in trading SloSl7.3j0. against
S. l65 26T last year. The failures this week
have been 4Oi in the United States. against
S54 last year, and 20 in Canada, against 81
last year.
Business is still waiting, though there
are some signs of definite Improvement.
1t is now believed that the first payment
for bonds will cause no further pressure.
and the money markets are easier as re-
spects loans on collateral though the diff
hculty of making commercial loans still
checks operations. But large maturities
at the end of January have been met more
satisfactory than was expected and mer-
chants and bankers report that the signs
promise a good spring trade.
mo increase appears as yet In the de-
mand for the principal products. unless
for some forms of iron and steel, in which
good contracts have been made this week.
Domestic trade recorded through clear
in houses is 6.5 per cent smaller than a
year ago.
The signs of Improvement in the iron
and steel business are gratifying, even
h.avr rr,~fra NH N n ON
| which have raised the price OF coke and
| allotted the output Of lake ircn ore. A
| contract for 10000 tons of rails, Pacific
| delivery, taken by an eastern concern IN
| competition with foreign makers, con-
| tract for 5000 tons of plates for the East
| Jersey water works, contracts for Loo
| bama works, with contracts for the COM
mercial cable and other buildings here
| covering $500 tons, are the main features,
| but there is also better demand for wire
/ nails after long stagnation, and also Tor
| sheets. Pig iron is rather weaker, SOUTH
! ern works competing sharply with spec
/ ulative buyers of some months ago are
/ selling below present furnace prices, but
/ the average for all products is practically
| unchanged and ia per cent. below the
| highest last year. Coke production has
/ again been cut down 1910 tons in sim
/ gle week.
/ THE cotton mills are discussing cur
/ weak with an output largely exceeding
| distribution, though the week has brought
/
] trade is still hoped. for Noolens are
| practically unchanged. Cotton is shade
/ lower than a week ago, notwithstanding
| strong arguments by Neill and others,
| but receipts from planters go on at near
| ly the same rate, spinners takings tall
| behind last year as before ana the mar
| keting of goods does not support the bril-
| liant estimates of increased consumption
| this year The exports In January have
| been 50 per cent. less, spinners takings 81
| per cent. less, and receipts from planta-
| tions 80 per cent. less than last year and
| the receipts have been larger but spinners
takings and exports both smaller than
| in 1923 from crop of 6,1Ol0O bales
| BradStreet's tomorrow Will say: The
| features of the week are continued re
tarded demand for merchandise and
| checked industrial operations. Least sat
| isfactory is the waiting attitude or some
| of the more important industries. Shoe
factories at Philadelphia are shutting
| down or running on part time; cotton
| goods makers regard the outlook for theli
| product as unpromising; there Is reac'
ton in the price of steel billetsi amone
| fifty pig iron furnaces in the Ptttsburg ano
| Shenango districts fourteen are idle, am
the position Of woollen goods manufac'
| turers is shown by the fact that foreign
| Woollen goods are relatively most active
| IAN indication of the continued shrink.
| age in the volume of business in Deem
shown by the prolonged decline in the
totals of weekly bank clearings, that foI
| this week-SS91, 000,000-being the smallest
| since the last week in November, and o.
/ per cent. smaller than one year ago.
| General trade at the close Of January
| proves disappointing, particularly in cen
! trail western, western and northwestern
| states. where the movement of merchan.
! disc from jobbers has been slow and un-
/ satisfactory, it being only fair at few
| points.
Relatively, most of the favorable fea.
/ lures of trade are found in the continued
strength of prices of leading staples. the
| conservative attitude of wholesale dealers
/ and, aside from the Improvement in the
| outlook at Pittsburg and Baltimore, the
actual gain in demand for staples al
| Charleston, Atlanta, Augusta, Chattanoo-
/ ga, Nashville and Memphis. The extra
| ordinarily heavy movement of wheat and
| Indian corn from southern ports and the
| newly developed South African demand
| for flour on the Pacific coast remain fea-
| lures at Newport News, Galveston, New
| Orleans, Tacoma and Seattle.
| THE prospective success of the govern
ment bond issue, the absence of disturb
| ance in the loan market and the decline
| of exchange below the gold shipping point
! com bined to create a bullish speculation
/ in the New York stock market The new
/ government loan will, 1t is thought be
over subscribed, and intending bidders
! generally seem to have completed their
| arrangements. The disposition of Wall
street professionals is to discount the re-
sulting improvement and manipula tive