The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-05-16
{ DAILY, SO A YEAR 4
5 CENTS A COPY.
I WEEKLY, LIS A YEAR
GOOD TINES JUST AHEAD.
THE IMPORTS OF GOLD THz ONLY
CLOUD ON TIE MARKET.

The Advance in tae Bank Rate OF
England Made to Draw Gold from
This Countrywide Panics In Por-
tugal and France Not Felt Here.
New YoRK, May 15.--R. @. Dun & Co.'S
weekly review Of trade says: "In every
respect the outlook Is more favorable, ex.
cepting the large exports Of gold, and the
advance in the Bsuk Of England rates to
per cent. obviously for thspurpose Of draw
ing moro gold from this country. South
American finances nre for the moment
less disturbing. The panios in Por-
tugal and France do not greatly
affect this country, except as they affect the
London money market. But the German
demand for gold has not abated, nor the
English, and the shipments this week seem
likely 20 be not far from last weeks in
amount. The treasury balance In gold Is
materially reduced, aud yet 10 is larger than
II was in 1885, when no disturbance followed.
The receipts for customs duties at New
York are largely in silver certificates
and new treasury nctes-no less than
"a u per cent, for the frat ten days OF May,
but 1t Is proper to remember that the new
treasury notes, being redeemable In ''in
gold or silver coinn with the provision OF
che law, empowering the secretary TO main
tain parity OF gold and silver, paper and
coin, are In practice redeemable In gold In
value equal to greenbacks. IL Ia a most
favorable symptom that the continued ex-
ports OK gold cause no panic in this market.
WHAT THE STREET COUNTS ON.
"The street counts largely upon heavy
| exports OF products In the near future,
reckoning that Europe Is short of bread
stutfs and ready to buy cotton indefinitely
ct the present. low prices II is Significant
fact that tho exports In April were about
double last years in value as TO cotton.
and showed an increase In oil and pro-
visions. but a decrease In cattle and
in breadstuffs. Yet in breadstuffs the de-
crease was wholly in corn, and the surplus
OF wheat available for export was May
about 100000 bushels. The exports OF
wheat from the Atlantic ports have boon
much smaller than a year ago until Iast
week, when an increase of 10 per cent. ap-
pears. In corn the decrease Is heavy, OF
course.
THE SPECULATIVE MARKETS.
"The speculative markets have acted
peculiarly during the past week. wheat ad-
Vanoing cents per bushel on reports, not
substantiated, of injury to the crop In the
northwest, while corn has declined cents
and oats ~ cents on moderate sales. Pork,
lard and hogs are also lower, and a heavy
| decline appears In butter. Cotton, coffee
| and oil are unchanged, and this Is more
| remarkable as to cotton, because much the
largest crop ever produced is going to
market more rapidly than ever before at
| this season. Foreign manufacturers ap-
| pear Ito bo laying I'm large stocks, because
! prices are close to the lowest known for
forty years, while the consumption abroad
| II enormous, and there are some signs that
| the production OF goods exceeds the de-
| mand.
BEssKMER IRON.
"Bessemer iron is a little more active at
steady prices at Plttsburg, and glass fairly
| active
"At the south trade is seasouably dull,
| with cotton In light demand at New Orleans
and sugar inactive
"The iron furnaces In blast May were
| OF about 200 tons greater weekly capacity
than on April Ill, 800 tons against
li,348 a month ago and 10, 800 a year ago.
Bat trade is less depressed, and the long des
lay In the settlement OF the coke strike tends
to strengthen prices.
I'm general industries are fairly active.
| except where interrupted BIZ strikes in the
| building trades, as at New York.
THE financial prospect just now turns
largely upon the export of gold; the mer-
chandtse exports are for a time compara-
lively small, S12, TAO, 900 ia two weeks from
| New YORK, against Sl5, 600 last year,
while imports continue remarkably large
"rhe business failures for the week num-
| her 2l2. For the corresponding week Of last
| year the figures we're 19l."