The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-01-30
BUSINESS STILL RATHER BAD.
II IS IMPROVING SLOWLY, But NO
BOOM IN SIGHT YET.


the Export Observation-Disclosures
Find Retail Buyers Extremely
COnservative-A sharp Falling Oh
in Failures.
New York. Jan. 29.-Bradstreets to-
morrow, will say: There has been
falling off in general trade, owing to the
heavy fall of snow and the cold weather.
There is a moderate increase in the dlstri-
button of heavy winter goods, but COM
mercial travellers very generally report
that buyers are even more conservative
than early in the month and that whole
sale trading in January, except in lines
specified, is smaller than for years. Mer-
camille collections are interrupted, and
the Improvement looked for in iron and
steel in not in sight.
1.-The most favorable feature of the bus
mess week is the sudden and sharp fall
ing off in the total number of business
failures in the United States, the aggre-
gate being S26 as compared with 1923 last
week, decrease of 1O3. When compared
with the corresponding week of 1896, this
weeks falling off is 81.
There have been increased sales of
hides and leather, and in some instances
of shoes. COAL fertilizers and southern pig
iron for export. At Boston, Charleston.
Galveston and San Francisco there are
moderate gains in trade compared with
last week.
THE feature of the Pacific Coast bust
ness situation continues to be the rela.
lively large proportion of foreign trade.
Eastern and middle states iron and steel
industries are in an unsatisfying condl-
ton. but southern furnaces announce
nearly 1900 tons of iron sold for export,
with Russia in the market as a would-be
buyer.
THE heavy business i'll raw wool within
fortnight continues, and there Is still
an active demand. Mems wear woolens,
heavy weights for next fail, are attract
ing attention, and good orders have been
booked. Cotton goods continue depress-
ed, notwithstanding efforts to relieve the
situation by reducing heavy stocks of
prints on hand.
Bank ciearings at cities throughout
the United States show a sharp falling off
from last week, about per cent. but an
increase of z per cent. compared with the
corresponding total one year ago.
The downward movement of prices for
some of the more important staples con-
tinues conspicuous, notably for flour.
wheat. oats, lard, coffee, petroleum, tur-
pentine, and tin plate. Quotations for In
dian corn, pork, sugar, cotton and print
cloths are practically unchanged. Con-
eessions have been made in prices for iron
and steel, yet quotations are nomnally un-
changed
New York, Jan. Or. G. Dun & Co.
will say tomorrow in their weekly re-
view of trade: January has been month
of disappointment. but of real gain. Near
ly everybody had promised himself a land
CT milk and honey after New Years, and
the slow progress looks like standing still
to men in such state of mind. Moreover,
there are multitudes throughout the coun-
try who have been taking large ventures
in advance of or apart from their regular
business, because they expected a rise in
prices. But prices fail, as yet, to bring
them profit. Wheat declined severely cot
ton has scarcely risen enough to pay
brokerage, wool holds steady in spite of
enormous buying. wooden goods hardly
change in price iron and its products de-
cline, leather is sluggish, hides are lower
for some, shoe manufacturers accept a
shade lower prices, the average of railroad
stocks is slightly lower than ii was Dec. 81
and the advance in trust stocks has been
small. To traders in such properties the
month has been disappointing. Yet, dur
ing the week the record shows that ten
stopped, thirteen wooden works have
started and nine more are about ready to
start, while three have stopped. Similar
things are seen in other industries and the
additional establishments are not starting
without some increase in orders received.
1t would do more harm than good TO ex-
aggerate the improvement. But study of
conditions governing business indicates
that the wheels are on the right track,
and moving in the right direction Men
talked of a possible drain OF gold d month
ago, but January has passed and the IL
quotation of foreign indebtedness to this
country seems farther off than ever. Mer-
chandise exports from New York in Jam
uary have been about 1 per cent. larger
than last year, and imports Is per cent
smaller than last year, when the excess
of exports was over $4,000, 900. while cotton
exports from other ports have also been
larger. The month has not diminished but
has increased the current balance due this
country. Money markets become more
easy and favorable to expansion of indus
tries and legitimate business.
''rhe decline in wheat over cents, in
spite of official report of a yield Gar
below the estimates generally accepted
reflects perception of the error of the re.
port and also of the influence of enor-
NOUS exports of corn instead of wheat
S000000 bushels in seven months. When
two bushels of corn can be had for less
than one buShel or wheat, 1t is largely
preferred in European markets. and On
Jan. z, S59,127 bushels of corn have gone
abroad from Atlantic ports, against $780,
$40 last year, while Atlantic exports of
wheat and flour have been $685., 154 bushels.
against S,l03,765 last year AS the great
crop of corn prevents much advance in
its price. its outgo affects the demand for
wheat and a heavy liquidation of specula-
tive holdings has occurred, with
tho price of corn scarcely chang
ing The largest article of ex-
ports at this season goes out freely,
but cotton looks less attractive to trad
efs, because American millers arc labor
ing over plans to reduce a great surplus
OF goods, and the prices of many have
declined. Takings Of northern spinnerA
have been IN FIVE months 1900 bales less
than last year, and $4,000 bales less |
than in 1S9i-95.
Sales OF wool in January have never |
been surpassed in that month. nor in any |
other month, except last November and |
July OF 1895 and 1892. The prices has re-
manned about seady.
1.-THE iron and steel manufactures show
little gains, production having increased |