The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-10-02
BUSINESS ON A SOUND BASIS.
A GRATIFYING REVIEW OF THE
COUNTRY's COMMERCE.

L1ab1ltt1es IMAM Tor twenty ears
Past-Thc Quarantine In the South
Seriously Intcrferes With Trade
Hut Our NeighbOrs In the North
Are stiH Enjoying "A Season OF
Prosperity Farm Products Fall
Slightly in Value.
New York, Oct 1.-R. C. Dun & Co.'S
weekly review of trade will say in its
issue tomorrow: The failures during the
third quarter of 1897, obtained yesterday
by telegraph, were 1893, with Liabilities of
$25 1868, 261, of which % were in banking
for $3,397, O69. Commercial failures, 2,S74,
with liabilities of $25,O56 1872 average only
$3.50 each, lower than in any other quar-
ter for twenty-three years. The amount
of defaulted liabilities is the smallest in
any quarter for five years, and In fifteen
years only six quarters have shown small
er liabilities. Manufacturing failures, col,
with liabilities of $9431. 191, average but
3l4,4S7 each, and trading 2,614wi Liabilities
of $l2 825,O65, average but $5,927 each both
smaller in average of liabilities than in
any previous year. of which classified re-
cords exist.
The volume of legitimate business CON
tinues a little larger than in the same
month of 1892, for while the great increase
of ia per cent. at New York for the
week might be supposed due to specula-
tive activity, In spite of the establishment
and growth of the stock exchange clearing
house, yet payments through the princi-
pal clearing houses outside of New York
exceeded those of 1892 by 3.5 per cent. for
the week and % per cent. for New York.
New York makes settlements for a large
part of the country and the daily average
including this city, was, in September,
$2O636i000, against 1874, $4,000 last. $l33 &c.,
GOO i'm 1894; S122. 1913 eco in 1898, and $l76,327,
COO in 1892, so that the gain over the same
month in the best of these years was 10
per cent. These evidences of reviving
prosperity are the more important because
prices for most manufactured products
have advanced but moderately, and are
much below the level of 1892, while specu-
lative markets are all declining with Gu
rious unanimity as If the large crops
which make grain and cotton weak, would
not insure increased business to railways
and warrant better prices for stocks.
Speculation in wheat and cotton has been
set back by bright crop prospects. The
wheat estimate of 500 600, 900 bushels about
lVV,uUU,UUG DuSnelS IHOIe IMAM Will ne TO-
qured for food and seed, having the small
est stocks for six years without replen
ishment, was followed by decrease in for
eign buying and caused weakness. Yet
western receipts for four weeks were but
q ,S25554 bushels, against ,044 for the
same weeks last year. and Atlantic eX-
ports, flour included, are 1926 118 bush |
els, against S,176,364 last year while Pa
ciic shipments are also heavy, and corn |
exports continue over 20 per cent. more |
than last year. The price of wheat has
declined cents and of corn nearly 2 |
cents for the week.
Turning from speculative markets to
productive industry the change in tone
is striking. All industries are pushed to
increase working force with occasional
rise in the rate of wages by the growing
demand. This is largely for a replenish-
ment of stocks but the dispatches show
that the retail trade at nearly all north
ern points continues 10 expand and deal
ers well know that increase of working
force and of wages ensures a larger dis |
tribution of goods. Anxious appeals for
speedy deliveries disclose more rapid dis |
tribution already than had been expected |
In textile manufactures the works are !
hindered from taking as liberal orders as
they might by doubts about future prices |
though having enough to do for some time |
The advance in cotton goods has been |
checked by the decline in material, out |
in woollen goods the advance in prices
has been small compared with the rise
in wool, which is helped by stronger
prices at London sales The dealings, |
mainly speculative, have amounted to
1891, 100 pounds in four weeks As, 572, 20d |
being domestic, but recent sales of very |
large lots suggest that profit taking may
have begun.
Slowest to gain, because less affected |
by replenishment of dealers stocks than |
other industries, the iron manufacture has |
been pushed to further expansion by |
growing demand for finished products, |
which has caused a little further advance |
in prices while pig iron is also higher 20 |
cent. for Bessemer at Pittsburg, with pur- |
chases of 80, 600 tons by one concern, and as
much higher for anthracite No. l at the |
east, with No. 2 advanced by the associa-
ton to $780, and southern No. no longer |
offered below S. at Birmingham. The av- |
erage advance in all iron and steel prices, |
SO per cent. from the lowest point, is still |
restricted by the addition of many fur |
naces and other works to those in opera |
ton.
Failures for the week have been 1874 in |
the United States, against 299 last year, |
and "a in Canada, against 46 last year.
New York, Oct. 1.-Bradstreet's to-mor-
row will say: General trade is marked |
by increased activity in wool, hides, iron |
and steel, and their manufactured pro-
ducts, but business in the quarantined dis
tricts remains at a stand still, and al all |
except a few northwestern distributing |
centers in spring wheat states, where bus
mess is relatively most active, there is a |
check to the demand for dry goods, hats |
and clothing. Favorable reports come from
a region extending from Knoxville to St |
Paul and from Omaha to Milwaukee, The |
tendency is to- increase estimates of the |
wheat crops and increase the probable
yield of cotton.
The prices movement shows long list |
of unchanged quotations this week in
GLIDING various iron and steel staples, wool,
hides, print cloths, lumber nails, copper. |
pork beef, coffee and sugar Increases are
confined to a nominal advance for Anthra-
cite coal 25c for Bessemer pig iron, frac
tional gains for leaf tobacco naval stores,
butter, lard and another advance for