The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-05-13
MARKET HOLDS STRENGTH.
PRODUCTIVE INDUSTRIES STILL ON
UPWARD TREND.

bcctine IN MnnutncturtnV stocks
Has No Relation to Them--incrense
In the Iron Output-COttOn Is IA
shade Stronger, and the Purchases
OF Wool Have Been iEnOrmOus-Esf-
feet of Government Estimates.
business Failures.
New York. May l2.-R. G. Dun & Co.'S
weekly review of trade will say:
ITO speak truly Of business this week.
one must free the mind of stocks. For
a severe decline in manufacturing stocks
has created an impression that it has
some relation to productive industry. but
1t has none.
There was no change in the money
market worth mentioning. and the vol
ume of business shown by payments
through the principal clearing houses was
Il per cent larger than in 1892. the year
of greatest prosperity hitherto, which is
more than double the gain anybody con-
sidered possible a year ago.
"Never before reaching a quarter of
turers report May l an output of 25oO59
tons weekly. which, with A,455 decrease
in warrant and furnace stocks, indicates
a consumption of 1882 tons daily. against
S7,OS5 in March, Ssh in February and
1854 in January. The average for four
months is S7,O27 tons daily. against S2,3Oo
last year An increase of 16 per cent.
in the year would be less interesting IL
consumption a year ago were not far be-
You'd anything previously realized
yet proposed combinations hinder large
orders in bars and sheets, while the struc-
tural business is as heavy as ever in small
lots. with big contracts about to come at
Chicago for the drainage canal; and the
plate business too big for all the works
TO handle. invites consolidation. the Chi
cago aud Philadelphia works being behind
in deliveries, and Plttsburg works trou-
bled by demands for 1900 tons of vessel
plates and 1900 more closed ahead of the
government docks at Algiers.
"Only pig iron advanced, Bessemer, 50
cents, and grey forge. % cents, and lo-
cal pig so cents. at Chicago. In minor
metals tin declined in London and copper
is weaker at 10 cents for spot and 1Sla
cents lot futures.
Sales of Boots and shoes.
Greater than in any previous year Nv 81
per cent, the actual shipments of booty
and shoes from the East reflect heavy
business, with a general advance in prices
Hides at Chicago rose about 1 per cent.
with actual receipts of cattle i'm four
months 100000 head less than last year and
over 900 smaller than in 1893 '9i not
with e4a In he n, ft,
Cotton is a shade stronger at 6.25 cents
with government and other evidence that
the reports of decrease In acreage have
been somewhat exaggerated. Mills are
well employed throughout and single sale
of over a million pieces print cloths give
great assurance to the market.
Nobody who has studied statistics can
tell why purchases OF 100000 pounds Aus
tralian wool in bond for export this week,
following others In previous weeks should
advance prices of wool, nor were purchases
of 5000 900 territory wool by speculator
readily explanable. But 1t Is Just the time
for growers to ask all they can hope TO
get. and just when the largest manufac-
turers were ready to buy only the smaller
were buying. Prices are said to have been
generally advanced, with higher demands
from the interior holders. s}ut IL remains
a question whether sales of 10 .499 900 pounds
for the week. against 5,2G9,550 In 1892 and
only a little more in 1897, will prove profit
able The market for wooden goods ~
waiting for evidences of demand which
do not yet appear. and the delay in getting
the new combinations into working order
causes some hesitation.
As 10 Wheat Estimates.
IF the government estimates were con-
sidered reliable one based on entirely I'M
known acreage of wheat and cotton would
be everywhere resented Thus with Of
fetal returns pointing 10 great decrease
in winter wheat production the price
dropped / cent. and cotton declined for
options, though retaining the advance OF
a sixteenth for spot which was establish
ed before the government report appeared.
NohodY can base q sensible estlmaia on