The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-01-21
DIGEST OF TRADE.
GOOD MOVEMENT IN MARKETS AT
BEGINNING OF THE YEAR.

Small Gain in Produce Speculation,
But the activity of the stock Mar
ket Keeps Prices Up-GOod De-
mnnd for Wool and COttOn-NeVv
Iron and Steel Mills Necessary to
Keep Up With Orders-Week's Ex-
ports.
New York. Jan 2O-R. G. Dun & Co.'S
weekly review of trade will say to-mor-
row:
"A new year rarely opens brilliantly.
Too many traders have to wait for the
demand which in winter comes slowly.
The Industries resist fairly well the ten
dency to unlimited expansion which some
have to meet. Speculation in produce Is
gaining but little, while in stocks, an enor-
nous volume of business results IN con-
tinnally higher prices.
The volume of payments through clear
ing houses is extraordinary, APT per cent.
larger than in 1892. even the transactions
outside of New York showing a gain over
1892 of 46 per cent. Speculation at New
York. therefore cannot be the main cause
of gain. Difficulties between holders OF
material and manufacturers continue 10
hinder in some Industries, and IN some
way prove seriously embarrassing, put the
activity is on the whole unsurpassed hlth-
ertO, and the volume OF tidlilC - NNJN'i'
all expectations.
I'm some branches consumption is run
ming beyond the producing capacity, but
in others it is hindered by doubts about
the future supplies and prices of materl-
ais.
with Wool and Cotton.
1.-The woolen manufacturer is still walt
ing, with only a moderate demand Tor
goods as yet. The production is large and
considerably larger than in recent years.
but does not nearly approach the capac-
ity of the mills. Sales of woolens Tor the
past three weeks at the trading centers
Of the Eastern markets have been $685.
800 pounds, against 22,S22,97 last year, and
prices of domestic fleece are lower, WIN
present demand running largely TO quarter
and half-blood and Australian cross-breo'
But there is not enough change IN ma
terial, or in demand for goods to encour-
age heavy buying by manufacturers as
yet.
The cotton manufacturer has large
demand for goods, but raw cotton mas so
rapidly advanced that possible buyers APP
prehend a fall and there is hesitation In
the purchases of staples. With the re-
CENTS of cotton far ahead of last year s.
the greatest crop ever raised, there is now
Apprehension that good qualities may ran
short before the year closes. Much COT
ton remains in the fields yet unpicked on
account of bad weather, and is deteriorat-
ing in quality The silk mapufacturer,
Notwithstanding many threats of interior
ence and disputes about duties, seems 70
be making steady progress.
big Run in Iron and Steel.
The iron and steel manufacture leads
all other in the volume of new business.
While production is much the largest ever
known. many of the works are Withdraw
ing all quotations or naming prohibitory
prices in order to check orders which they
cannot fill for months to come, and do not
want to accept al current prices.
The number of such works is rapidly
increasing as the heavy demand for ma
terials covers many months capacity
Bessemer pig is a shade higher at SlOSO
with sales of 25. 600 tons at Pittsburg, and
there is something like a famine in grey
forge. with sales at 1915, although one
sale at $3.50 in the valley is reported
While finished products are in very great
demand especially for car building and
special works at the West, the week shows
no advance in prices excepting fifty cents
ner ton in steel rails at the East.
wheat and Corn Exports.
These conditions favor continuance of
| the extraordinary foreign trade, which
| resulted in the greatest balance in favor
of this country ever known. January this
year indicates a similar excess of exports
over imports, and while wheat exports
! have increased every month since last Au-
/ gust, there have been in three weeks To-
! O7SO77 bushels, flour included, from both
coasts. against Ii S99, 952 bushels last year.
! Corn exports have been quite up to last
! years unprecedented record, amounting to
! 900 .S99 bushels, against 927O,1S9 for three
| weeks of January last year. Although
/ prices have declined about one-half of a
cent, the contest between spectators in
wheat at the West aud at the East, has
| held prices fairly steady with an advance
! of only an eighth for the week.
Cotton fell to cents, but afterward rose
to 6.12 cents. without satisfactory reason
in trading. but because of apprehension
that supplies of good quality might fall
| short.
Failures for the week have been 249 In
the United States, against 374 last year,
| and % in Canada a0aipS( Ia