The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-01-08
PROSPEROUS TIMES PROMISED
NEW YEAR OPENS WITH A TONE OF
QUIET CONFIDENCE.

The Feeling Prevalent in Nearly
Every Branch of Observation-Disclosures
of Failures Largely Reduced ms
Compared With Previous Years
Industrial Activity Especially No.
ticenbIe in the West But Not Com
fined to Any One Section.
New York, Jan. 7.-Bradstreets to-mor-
row will say: 1.-The year opens with q
tone of quiet confidence prevailing in near
ly all branches of business, with encour-
aging activity in the iron trade, a resump-
ton of work by many thousands of in
dustrial employees in the western glass in
dustry, largely reduced volume Of BUSH
ness failures, as compared with CORE
spending periods in preceding years. and
a general outlook certainly not inferior to
any previous year at this time.
"Distributive trade has naturally been
rather slow, pending stock taking and the
return of statesmen to the field.
while the volume of distributive bust
ness is no larger. industrial activity is a
special feature unconfned to any one
section, but especially notable in the west.
The resumption in work after the holidays
has been generally encouraging in that
section. The autumn weather in the
Northwest checks distribution
SALES of southern iron are large
louisiana sugar crop returns have been
very satisfactory.
'Nine-tenths of Florida's orange crop
was gathered before the late freeze and
cotton is steady in good export demand.
wool has opened up actively at some
eastern markets and lower prices for cot
ton goods have stimulated some demand.
Naturally enough there is "A slight gain
in the failures this week over last week,
the total aggregating 1888, against 297 last
week, but showing a falling off from 1897,
when the total was ass.
"The holidays have exercised their ex-
pected effect on the export trade in &C.
reals. Wheat exports from the United
States and Canada for the first week in
January amount to 3,4Sl,756 bushels.
against 100000 bushels last week, Sl0S. GOO
bushels this week a year ago, and 341100J
bushels in the corresponding week of 1896.
Corn shipments show a sensible diminu-
ton, being 1,0S0,0O0 this week against 2G9S e.
2,246,0O0 bushels in the corresponding week
of 1896.
r. G. Dun & Co.'S weekly review OF
trade tomorrow will say: I'm respect to
failures, 1897 was not only the best year
since 1892 but on the whole the best ever
definitely known-only 1851 failures IN
number II % per cent. less than in 1896
and 1882, 5S1, III defaulted liabilities, pei
cent. less than in 1896. The years bank
ing failures accounted for S2S, 249, 700, and
the commercial failures were 1881, with
liabilities of 1854, 1892 OIL, the average PEI
failure being only $11559, the lowest ever
known except In 1892
''The new year began with disappont.
ment for spectators in stocks and grain
which is not a bad sign Prices of stocks
have gained a little, after yielding at first
and closed 70 cents per share higher fol
railroads and $1.05 per share higher fol
trusts.
wheat declined 1%c, owing to the ter
mination of the corner at Chicago, anc
western receipts were about double those
of last year, and Atlantic exports 2,S40,S1'
bushels, flour included against 2,150 500 las
year. The speculative estimate makes the
quantity still unmarked far less than n
per cent. of the crop, which is quite posi-
bic, when the consumption and exports ir
half the year ought TO take more than AZ
per cent. of the years crop.
Exports of corn for the week fell below
last years, although western receipts
were unusually large, and the prices fell
but &c.
Cotton was disappointment to many
but did not change at all in spot price
although the accounts of reduction ~
wages by New England works were II
hopes of larger business. But with the
certainty that the print cotton works are
to continue, prices further declined &c
21ac.
1.-THE wooden and worsted mills are botf
buying wool to-day at higher prices and
closed at the best, for reports which de-
clared that there were no concessions a
month ago are now noting that recent rag
gedness in prices has passed away. Be
hind all the market reports there is the
fact that the consumption of wool has foi
about five months been the largest ever
known, and the buying indicates, as does
the demand for such heavy weight goods
as has been opened, that a satisfactory
business Is expected.
Iron manufacturing has been further
encouraged by UNUSUAL business for the
season. Prices are generally unchanged.
1.-THE failures for the week have beer
322 in the United States, against 407 last