The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-05-23
GOLD STILL GOING OUT.
TaE EFFEJT DEPRESSING IN FL
NANCIAL CIRCLEs.

The Country in Good Condition to
Stand the Drsin-Money Easy ct
New York and the South the Only
Section Reporting Any ecarcity-
Collections Improving.
New York, May OR. @. Dun & Co.'S
weekly review of trade says: "The con-
tinued outgo of gold, in spite Of the rose
colored assurances by eminent foreign
bankers. has depressing influence. Since
Wednesday, when the exports we're as large
as at any other time, there have been hopes
that the movement would cease, but further
shipments for to-day are announced OF
$4,000, 600. making 81, SOC, 900 for the week
and dispatches state that Russia draws
a.. 1000 900 more from London tals week. It's
purpose in this large accumulation is nos
explained and II is therefore distrusted.
This country could spare many millions yet
without serious disturbance, for the treasury
now holds, In excess OF certificates, about
$50, 900, 900 more than it held when specie
payments were resumed. but the outgo has
a strong tendency TO depreSs the markets
and prices
STOCKS WEAK.
Stocks have been weak though with a
sharp rally this forenoon, and the produce
markets are much depressed, and the fall
IA the prices of all commodities has been
about 81 per cent. In two weeks. The local
money market is fairly supplied at moderate
rates, as other eastern and western markets
are almost without exception, but at q few
southern points money is close or tight, and
much caution in extending credits prevails.
At most places trade seems healthy and
there is not more than the usual complaint
about collections, but the disgraceful dis
closures regarding some banks and officials
at Philadelphia and the collapse OF some
'fraternal orders In that neighborhood,
locking up large sums invested by wage.
eatners, have made much local trouble.
EFFECT OF THE STRIKES.
''In this city tho great struggle between
the employers and the walking delegates in
the business trades arouses much uneasi-
ness, and similar contests at Milwaukee de-
press trade, in addition TO the heavy loss
sustained in the northwestern lumber region
by extensive fires But the great strike of
the coke workers at Connellsville appears to
be about ended, and speedy resumption Of
work by the Mahoning valley furnaces is
expected.
THE IRON BUSINESS WEAK.
1.-THE iron business is rather weakened al
Pittsburg by this prospect Of an increased
supply and is worry dull at Cleveland, but
somewhat more demand is seen at New
York and Philadelphia for the various forms
Of manufactured iron. Steel rails do not
share the Improvement and are fiat, nor Is
structural iron active on account Of the ar
rest Of the building, but there is more de-
mand for plates, and bar, which has been
sold at 81 65. now commands 81 7216. Pitts
burg notes that railroad orders are held
back waiting for crop results, and while
window glass does well, flint glass mas slack
business.
A RAIN WORTH MILLIONS.
''The rain OF Saturday last was probably
worth some hundreds of millions to the
country for an extensive drought seemed
near.
"Trade at Western cities is quiet but
very hopeful AT the south crop reports
are highly satisfactory, and trade, although
only fair, or even sluggish now and at Menu
phis generally depressed. is expected to be
excellent hereafter. No material injury
had been sustained from the drought
in the region tributary to New Orleans, by
cotton, sugar or rice, but heavy rains have
dore great good In general it may be said
that the crop outlook has rarely been
brighter than It Is now. and this gives the
strongest reason for hope that any present
depression in trade will be temporary
"The failures Of the week number 214.
For the corresponding week OF last year the
figures were lo0"