The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-10-09
BUSINESS is BUILDING UP.
CUBA. FEVER AND NEW YORK'S
ELECTION AGAINST TRADE.


Keeps Business On the Increase.
Bright Prospects For the Future.
Wheat Production Estimated Be-
tween 5S0,OOO,OOO and 10000
OO0 BushCIs-Large Consuming De-
mand for Cotton-Fewer Failures.
New York, Oct. S-R. c. Dun & Co.'S
weekly review of trade will say, in its is
sue tomorrow: while failures were the
smallest ever known in any quarter since
1893, and business payments through banks
the largest by $26S 5000 ever known in
September, the spectators who profess
anxiety about Cuba, or fever at the south
or a municipal election, stin have some
influence. Helping them just now is the
fact that after extraordinary purchases
for replenishment of stocks from any sec
ton or town there must necessarily be for
a time less buying from that quarter. Yet
business is still increasing, the productive
force steadily enlarges, the distribution Of
wages affords an increasing fund for pur-
chases and the foundations are laid for
a larger business hereafter The weeks
exchanges are SIS per cent larger than
in 1892
Crop reports. which have widely diff
fered, now agree in putting the yield of
wheat at about 5sO,Oo00OO to 59O,O0OOO0
bushels, which is nearly 2OOOOO,OOO more
| than will be required for home use, keep
ing stocks as they were July /, the low.
est for seven years. AS foreign reports
| indicate a larger demand and exports
since July 1 have been nearly as heavy as
in the best past year, with 1885, 7S4 BUSH
els from Atlantic ports, the recovery Of
| ~ cents in price for the week is not
tinue to exceed last years, 500, POI bush
els. against 7,243, 1863 for the week.
with less favorable reports of yield,
| corn exports fall short slightly with small
| differences in price. Cotton is unchanged
in price, with larger consuming demand,
| though big crop estimates do not appear
/ to be disputed.
Large increases in the production of pig
! iron and heavy realizing sales of lots
/ held on speculation have caused a decline
! of Is cents to $3.50 for Bessemer at Pitts
! burg, though Greyforge there has advanc-
! ed . cents and pig iron is stronger at
| Chicago and eastern markets. But finish
| ed products grow stronger, with a demand
! outrunning the capacity of works in oper-
! alton in many branches, so that delays in
| delivery of sheets and tin plate bars are
! embarrassing, and in some other branches
| orders cannot be filled within one month
! or two months. Building of more vessels
| on the lakes and sea coast heavy order
| for sheets, bars, rods and pipe have caus-
| ed. advances averaging y per cent for the
| week on all classes, but the general gain
! is yet not quite 10 per cent. from
| the lowest points. Reports of combina-
! lions in steel rails are denied, and 1t is
| said that only three large producers will
| agree on prices. while the rod and wire
! compact appears TO be still in the future.
wool has now reached an average of
| 20.37c per pound for 100 quotations of do
| nestle by Coates Brothers of Philadelphia,
! showing a rise of cents since a year ago,
| with a much heavier rise on some quail
ties, but following an average decline of
| II cents from March, 1898. Speculative
| sales still account for most of the aggre-
| gate, which has been at the chief mar
kets H.SS4,OOO pounds for the week, of
| which 1856, $50 were domestic, but manu-
factureTs are purchasing some wool for
! mixture with the cheaper wool held for
| some months past. The rise has so greatly
exceeded the advance in prices of wooden
| goods that the mills might have TO pause,
| but for the very large stocks purchased
in advance. Goods are strong, with a fur
Their advance in some grades, but in the
! aggregate thus far not 20 per cent. from
| the lowest point, against 60 per cent. adj
vance in the price of wool. Dealings in cot
ton goods are delayed by the weakness in
raw cotton, but neither print cloths nor
other goods have declined since last week,
and, though the mills are not quite fully
employed. a continued increase In con-
| symptoms is with reason expected
Failures for the week were 2l2 in the
United States against 296 last year, and %
in Canada, against 46 last week"
New York, Oct. S.-Bradstreets to-mor-
row will say: distribution of general
merchandise in the central west and
northwest Is further checked owing to
the prolonged drought in Kentucky. Hi
nois, Kansas, portions of Missouri, Ne
braska, Iowa, Minnesota and the Dakotas
Telegraphic advices to Bradstreets report
serious damage in Kansas and parts OF
Nebraska and Iowa. where early planted
wheat is up, and budding out and that
planted later is not likely to sprout Fall
blowing is now impossible. Six weeks
without rain have dried up pastures and
compelled farmers to feed stock. Manu-
featuring industries throughout the cen
trail west, particularly iron and steel con-
tinue active, and there is an increasing
tendency on the part of the interior mer-
chants to remit promptly While the vol
1
is ahead of the like record in recent years,
There is a moderate Improvement in
business in the south, Alabama having
raised the quarantine against Georgia ci-
ties and Central and Northern Texas
points having resumed commercial rela-
tons with Galveston. Planters continue
to hold cotton, which delays collection.
Higher prices this week are reported
for cotton, which has been declining for
some time; coal and clothing in sympathy
with wool; for naval stores, under heavy
purchases by large traders wheat flour
and eggs. Print cloths, lard, beef and
sugar have declined. Hides are weaker
lead is lower and Bessemer pig has sold
off 50 cents a ton under heavy speculative
offerings, Notwithstanding the iron and
steel markets as a whole remain active
and firm.
Exports of wheat (flour included as
wheat from both coasts of the United
States and Canada this week show n
s X: 5s ~ S;'; y MniharY