The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-05-19
GREAT DECLINE IN BUSINESS.
NOT ANYWHERE NEAR WHAT 1T
WAS A YEAR AGO.

There Seems TO Have Been an EN-
cessive Output of Products-Somc
Industrial stocks Have Fallen on
One-HaIf-In some Lines COnsump-
ton Has Becm Checked by the
Holding Up of Prices-Shipments
OF Cereals.
New York. May 1s-R. G. Dun Co.'S
Weekly Review of Trade tomorrow will
say:
Business is not what 1t was a year ago,
but men do not agree in defining the diff
ference. The working force, then increas-
ing fast, is now decreasing. Works are
stopping TO relieve excessive output in
manufactures of cotton, wool, leather and
some forms of STEEL while prices are sud-
denly reduced for the same purpose in
lead, wire and nails. What seems to some
merely spring dullness," others think
"the beginning of reaction" The remedy
for one difficulty does not fit the other,
and there is more need than usual for
close attention to the meaning of events.
In place of the wild speculation in Sc
curities which swelled exchanges year
ago, there has come such liquidation that
twenty preferred industrial stocks have
sold this week at prices averaging SS314
per share, though the same stocks sold in
April last year for $s9.66 per share, and
twenty common have sold this week for
SSS 40 per share which sold last year for
$685. double the price. Yet many of these
companies have earned and paid good
dividends and all have enjoyed year of
extraordinary business. The indusuials
have reached the lowest average they
have ever known, while the sixty most
active railway stocks, though depressed
about 81 per share since early in April, are
higher now than in most of January or
February, higher than early in December
and higher than year ago.
Checking of Consumption.
Business in some lines has been hinder
ed by the holding of prices so high as to
check consumption. The closing of works
by the Steel and Wire Company, followed
by the reduction of $40 per ton In the
prices Of its products; the closing OF many
paper mills because of overproducticn; the
sudden reduction of 70 cents per 100
pounds in lead from the price to which IL
was raised late In December; the report
that tin plate works may be closed a while
for similar reasons create a feeling that
some business no longer has the guarding
quickly 20 the demand for consumption
But progress toward a healthy adjust
ment has been rapid within the past
week.
Transactions at Pittsburg in Bessemer
pig seem to be largely al guaranteed
prices" so that definite quotations are
avoided, though much Bessemer from the
East is offered at very low figures. Grey
Forge Is a shade lower there, and local
coke at Chicago. while number one Lee
| high is quoted at $21 so here. Bars sell at
| Philadelphia for LIS, while the Pittsbdrg
Association reaffirms Its quotations OF
| two cents, which is shaded Plates also
sell there at II cents, with 1.75 quoted
at Philadelphia. The demand for struc-
tural and other products has been much
reduced in part by building strikes.
Cotton and Wool Markets.
Wooden manufacturers are not meeting
a very satisfactory market at the adj
| yaneed prices asked. and until q change
| appears in that respect. the holders OF
wool will need patience. Cotton has
broken in price, and may go lower as the
time comes for new crop prospects to have
weight but the decline of an eighth to a
quarter in brown sheetings and drills, has
! been largely due to opportunities in The
| export trade, which have been promptly
F.! met Large contracts for shipment 10
! China have been effected, said 10 cover
1900 bales, and for the first time since
August. the American outlook in that d.
rection is cheering.
The movement of grain continues large,
corn still rivalling wheat in quantity ex-
ported Atlantic exports Of wheat In
three weeks of May have been, -four in
cluded, S232.0f bushels, against 7,016540
last year, and Pacific exports 2,203 900
bushels against 1.367,906 last year. while
exports Of corn IN The same weeks have
been 1O,3S2 95S bushels, against 6914, 536 last
year.
Wheat has advanced over a cent, and
corn shows no change for the week, but
in both grains the prospect for the COM
ing crop Is excellent.
Failures for the week have been III in the
United States, against 147 last year and 30
Ia Canada. against u last year.