The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-01-15
PROSPECTS MOST PROMISING.
THE NEW YEAR IN BUSINESS OPENS
WITH BRIGHT SKIES.

No wild Excitement in the specuIa-
tive Markets But the Feeling in
Commercial Circles One of Cheer
fuIness-RaiIrOad Earnings StiIl
Making an Exceedingly Good
shOwing-LuII in the Speculation
in Wheat-SpOt Cotton Slightly
Lower on Account of the Threat
rned Strike.
New York, Jan. AR. G. Dun & Co.'S
weekly review of trade will say in it's is
sue tomorrow: THE year has opened
with a very satisfactory prospect It is
all the better that there is no wild excite
ment in the speculative markets, and
while stocks advance a little, grain
yields little. The payment through the
principal clearing houses, Notwithstanding
a decrease at New York, owing to less ac-
tivity in stocks there, are 90 larger than
in 1897 and 10.2 larger outside New York
Earnings of all railroads in the United
States reporting for December, $4S, 1864, 279,
indicate substantially the same rate of in
crease, exceeding last years by 1915 per
cent, and the earnings of 1892 for the
same roads by 1.3 per cent. Since 1892
was the whole the most prosperous
year thus far, the comparisons indicate,
notwithstanding the lowest prices ever
known, that the volume of business is
large, and in spite of some cutting of
rates, the earnings Of railroads are larger
than in the best year of past history.
The wheat market has been curiously
languishing, yielding Ac, although Allan
tic exports amounted to 6.O56, 7SS bushels
for the two weeks of January, against g.
9S6,5l7 last year, and Pacific exports for
the week have been 1,197, SIS bushels.
Western receipts continue SO heavy that
with the greatest accumulation of wheat
at Chicago ever known, there is little en-
couragement for speculation. Receipts
were 5,727, $50 bushels for the two weeks,
against 9,O9S66S bushels last year.
Corn exports continue large, although
not equal to last years, amounting to
3,1S668S bushels, against 4,413,652 bushels
for last year, and the price declined about
&c.
Spot cotton is a sixteenth lower for
middling uplands, mainly because of
stoppage of some of the mills, because of
difficulty about wages. But nothing is def
initely known about the quantity of cot
ton yet coming forward, and one report
of creditable character puts the years
yield at 1850, $50. although receipts thus
far do not quite justify so large an
amount.
THE iron furnaces in blast Jan. re-
port an output of 226,608 tons weekly,
against 2O4 weekly in December, and
an increase of .4S1 tons in the unsold
stocks held by furnaces. While this shows
a consumption 521s per cent. larger than
year ago, there are discouraging indica-
lions of consumption because of the fact
that no less than forty of the furnaces
were stopped for the holidays and several
of these have started since jan l, while
the demand for finished products does not
diminish.
1.-THE Pennsylvania Railroad has order
ed 100000 tons steel rails and a new rail-
road in Maine 900 tons and other orders
for cars, railroad supplies, plates, bars
and structural material are unusually
large for the season.
1.-THE wooden manufacturers have been
buying wool largely and for reasons not
publicly explained. It is evident that large
orders have been taken by the leading
mills at prices which they find satisfac-
tory, and the rush of small mills to buy
wool has made most of the market during
the past week, though sales have declined
about 40 per cent. compared with the pre-
vious week. But there is decidedly better
demand for mems wear goods, and the
makers look forward to a good season.
The cotton manufacturers who have
been overloaded by an excessive overpro-
duction. are finding no increase in demand
and no gain in prices.
Failures for the past week have been,
$40 in the United States, against ASS last
year, and 40 in Canada, against Il last
year"