The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-06-03
MARKETS TONE STILL STRONG
.,,rroAYs HAVE REDUCED sPECU-
LAFIVE DEALINGS.

Eut the Retail Trade Has Been GOOD
and There Is Promise of Great Ac-
.t,itV-No Let Up in the Demand
,or IRON and SteeI-Lumber Is Gen
rally Actfve-Trade Advices From
,ne south Are Fairly GOOd-Fewer
business Failures.
New York. June 2.-Bradstreets to-mor-
row VIII say;
Holiday observances and warmer wealth
=, have worked toward a smaller aggre-
e,rs of speculative transactions and less
.-,oounced activity in some lines of
5l.-,le trade this week, while naturally
combating retail business at most CEN
,.rs p point which is full of interest to
wholesalers. in view of a possible reas-
s.r,.nq demand and new business for fan
account.
current bank clearings reflect the form
~ Influences in considerably reduced to-
tsIs for the week, while cheerful advices
a.. TO trade in May, as whole. con
armed by very large bank returns for
chat month. second only, in fact, the
,nontsl,v totals of January and March,
,5a latter holding the record in this re-
spect.
.rb- favorable effect of the immense cur
rem, Industrial activity and consumptive
demand ofsettng the smaller tonnage of
rs,47ls now, as compared with a year ago,
is found in the continued good Increases
in gross railroad earnings. Net returns
are j, is true, not quite so relatively
favorable. but it is TO be recalled that
COMPARISONS now are with specially good
reports a year ago.
strength in Iron and Steel.
IF, Industrial lines the demand for and
strength of iron and steel are the most in
,a,s-.ug features Heavy sales of the
sruJer forms are reported this week for
fan delivery and prices are higher all
around, from 80 cents to 81 per Ton on pig
ron. nearly all classes of steel, rails and
finished products generally. Further prog |
ress in the consolidation movement is re-
portable in this industry, number of tube
mills having pooled their interests.
Fears that recent heavy price advances |
will dsastrously affect our export trade |
in manufactured iron and steel stin lack
confirmation, a feature, in fact, being the |
placing of a good-szed order for pig iron |
az fun rates for export TO Germany. Re |
ports that prices have checked domestic |
industry seem to be rather the question
OF delivery than of enhanced value.
In the Cereal Market
Rather more speculative interest has
been observable in cereals, particularly |
wheat, this week. a sharp advance oc-
cured early on reiterated reports of in |
sect damage to the winter wheat crop and |
less favorable advices from Russia and |
other countries, but a reaction occurred |
later on thus pointing to the speculative |
position having temporarily been over
bought
Heavier shipments from Northwestern |
points are taken 10 Indicate confidence in |
q iuH Yield of spring wheat. Cotton has |
been rather dun though firm, the strength |
Of manufactured goods acting as a balance |
10 rather better crop advIces, though it is |
to he noted that too much rain is COM
planned of in some sections. and too little |
moisture is reported in others.
Adyices from many cities of great activ- |
fly in building find confirmation in the |
confined heavy demand for lumber |
building hardware and other materials. |
Prices of the former staple are firmly held |
and the only indicated changes are in an |
upward direction.
Advices from the shoe trade are favor
able and leather and hides are firm.
With the Wool Trade.
The wool trade is in an interesting posi-
ton just at present because manufacture |
ers are sun backward in placing orders |
anu tll0 recent cptNuHdliNt blAyIlB Alds irOl |
reduced domestic stocks materially. The |
reverse is true. however, OF stocks of for |
eisn wool, which have been depleted by |
recent re-expOrts of Australian ports.
Refined sugar is in especially good de
mand, and the advices of the fruit season |
thus far reshadows a large business in the |
near future.
Business failures are down to a low |
summer minimum numbering only 1923, |
against 1853 last week, IT'S in this week a
year ago; 1872 in 1897; 2S6 in 1896 and 1895.
In Eastern Markets.
In the Eastern markets lumber is very |
generally active at wholesale, but scarcity |
OF material, and in some cases the higher |
prices demanded, are reported to have !
checked operations at Philadelphia.
Wool is steady at Boston, holding add |
Vances made earlier, and cotton goods are |
qmet, but strong. The same is true at |
New York. where confidence and salts |
Idcuon are features noted in many lines |
Of business. Business in lumber at Pitts
burg passes all records and all the iron |
ana steel mills are on double time.
FEATURES at the West are the strength |
OF ron at Chicago, where 100000 tons of
pig have been sold in two weeks, and lum- !
Der prices are at the 1892 level. st. Louis |
reports a satisfactory volume of jobbing |
lSide IN May, cattle active at good prices |
ana satisfactory summer business in dry |
goods is foreshadowed. Metals are
slrohs and active at Cleveland, while |
h'nsdS City reports generally good trade |
ana collections. but agricultural imple- !
"enls rather slow of sale.
Trade in the south.
southern trade advices are fairly good.
Auanta reports ain increased business in /
NAY over year ago, except in fertilizers. |
I'll winch sales for the season are 20 per |