The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-06-13
ROUGH ON THE GAMBLERS
sPECULATORs TIE ONLY ONES
HURT BY THE SQUEEZE.

-
Legitimate Trade Reported Setisfac-
tory All Over the Country - The
Largest Drop OF Wheat Ever Grown
to be Moving to Market Within
Thirty Days-A Good Outlook.
NEW York, June 12-The failures
throughout the country during the last
seven days. as reported to r. G. Dun & Co.,
number for the United States 2f9. and for
Canada 25, a total OF 244, gainst 2l2 for
the corresponding week OF last year. There
is nothing rose-colored in our report
as respects the chances of spectators
and gamblers. Those who consider the
gambling end of business and no other may
well be disheartened. Prices are lower,
with prospects of still further decline.
The exposures and losses Of those who have
emptied their own funds and the funds of
others into Wall street are not rose-colored.
LEGITIMATE BUSINESS GOOD. -.
But the legitimate business of the coun-
try, though not as large as il was q year
ago, when crops had not failed and trade
was far greater than ever before at this
tanned and generally healthy. Very
D~S~N
put upon the productive industry
and legitimate business as by Ithe
enormous exports Of gold in May. 1t Is
most significant fact that after this severe
test the state of trade is better for the sea.
son and more hopeful than 1t was In April,
when the great movement Of gold had not
begun. Within thirty days the largest
crop Of wheat ever grown, 1t Is probable,
will be moving to market
Tuu rpoN MApEur
AT Philadelphia manufactured iron is
strengthened by orders from Chicago;
hides are quiet, with cheering prospects,
though the shoe trade is but fairly satis-
factory; the paper trade is fair and hopeful,
tobacco and drugs unchanged, paints dull
and the liquor trade good. In groceries
there 10 a dismal lack OF speculation, but tea
moves more largely than last year. Pitts
burg reports no change in iron, except that
Bessemer steel Is stronger.
At Cleveland, dry goods, groceries and
hardware are moving fairly, and manu-
factured iron is in fair demand, but coal
and ore are Inactive. Capable business men
In all parts OF the country look upon mod
crate shrInkage in the present trade as a
natural result of last years short crops, and
count with great confidence upon large
business with the full yield promised this
year.
PRODUCTION OF IRON.
The iron industry, for months exceeding
others in decrease of production, reports a
weekly output OF 146,7S2 tons, against
1l5,50O last month, with decreasing stocks
unsold, which is evidence that heavy de-
mand hereafter is ex ected. In bar, plate
and structural iron The demand 10 already
larger.
The wool sales are also larger here, at
Boston and Philadelphia, with moderate
concessions by holders. and manufacturers
show greater confidence by their buying.
THE MONEY MARKETS.
In ell parts of the country the money
market shows surprising strength, notwithI
standing the loss of gold to Europe. and
while closeness is reported at Detroit, st.
Louis, Nashville and Savannah, the reports
from nearly all cities show that nobody ia
suffering except SPECTATORS. In brief the
situation Is not good for gamblers, but for
producers and legitimate traders Is decid-
edly hopeful.