The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-06-06
MONEY GROWING EASIER
TAG BANK OF ENGLAND Lowers
ITS DISCOUNT RATE.

No Further Emergency Feared In
England-The Outgo of Gold From
This Country Apt to Continue foi
some Time Yet-Money Easy on Cal
in New York.
NEW YORK. June 5.--R. g. Dun's weekly
review of trade says: while the hesita
tion in business has not ceased and decided
activity is hardly TO be expected now until
after the close Of the fiscal year, 1t continues
to be a matter Of surprise and congrarula
tion that the money markets and trade have
been so well sustained in spite Of the heavy
exports of gold. AS has been anticb
pated. the exports do not cease
though the Bcak of England has reduced
its rate, indicating that no further emsrS
gency is apprehended there, and leading
financiers have predicted that the gold
movement would cease. The exports OF
products are indeed larger than year ago,
with not much difference In the imports,
but the excess Of imports was very large al
this time last year. Some sales of stock on
foreign account also appear. and 1t is hardly
to be expected that the outgo Of gold will
entirely cease until the heavy crop move<
ment begins.
OUTLAWS MONEY MARKET.
"The New York money market has been
sasy, rates on call dropping from 355 to 8
per cent, with heavy receipts from the in.
terror Reports from other cities show that
money is tighter at st. Louis. tight at Nashs
vile, frmer at New Orleans ard Pittsburg
In hardly adequate supply at Cleveland, NOT
stringent but affected by distrust on
account OF city finances at Philadelphia,
firmer at Boston, In good dema nd in Chicas
go and Milwaukee, but with supply foE
all legitimate needs, and easy at all otheK
points reporting. Trade Is not very active,
but almost everywhere hopeful. The ex-
posures Of the official and banking miscon.
duct at PHILADELPHIA tend TO make business
inactive aud no life ID seen in iron. Wool ia
dull, though some concessions are made by
western dealers. Worsted yarn spinners
are less busy and In woolen yarn the season
has been Improbable, while in carpets the
margins are undesirably narrow.
'At Pittsburg rise in iron is prevented
by the reopening OF some OF the Mahoning
and Shenango furnaces, and the preparaA
tions OF others. Window glass Is fairy
active, but flint is dull
FINE CROP PROSPECTS.
"In the northwestlc tlcontinuous rains have
made the prospect unsurpassed. Through
out the west and south flne crop prospects
give encouragement. Almost the only
complaint now coming Is from New Orleans
Of drought in adjoining regions.
"At Nashville heavy dry goods failure
causes some depression, and there is no i'm
provement at MsmphiA New Orleans
reports trade dull, cotton in fair demand,
sugar active, molasses and rice quiet
and lower. At Savannah trade improves
and at Jacksonville is quite steady. In the
great industries there is better demand
for iron, as yet without any change In
prices. Sales Of some cotton goods are
recorded at the lowest prices ever
made. Wool moves slowly, but yielding
at tho west gives better prospects.
In breadstuffs the decline continues. In
general, the approach of the harvest, which
is expected to be most bountiful, has it's
natural effect OH prices, aud trade is but
little embarrassed by speculative moves
ments.
1.-THE failures Of the week number 211,
For the corresponding week of last year the
figure was 49,"