The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-06-24
BUSINESS IN A BAD WAY.
No Improvement in the Situation
During the Past Week.

Gates Has Not Improved Matters
Much as Yet-Money Reported Tight
All Over the Country and Collections
Slow.
New York, June 23.-R. G. Dun & Co.'S
weekly review of trade will say: "The
improvement expected from the issue of
clearing house certificates, thus utilizing
credits instead of cash in local dealings,
has not yet been realized. Other cities,
especially of the west, have not taken
similar measures to relieve pressure and
the demand for money from the interior
continues unabatod. The failure of banks
at San Francisco has led to heavy de-
mand from that quarter, 81 800, 900 having
been sent in single day. Distrust of
the weaker banks was avoided by the APP
plication of the Bank Of Commerce for ST.
100000 certificates and ~ 1850, 900 were is
sued Thursday, but the pressure for re-
discounts for interior banks Is beyond the
ability of New York to meet. Imports of
Sl,000,OOO of gold gave quick increase Of
confidence for time but with the actual
issue of certificates, foreign exchange
rose cent. chilling the hopes Of further
movement this way.
The Secretary of the Treasury has
given notice that he will anticipate the
payment of interest, July /, amounting to
S7,50O,O00 but only 81, 100000 is on boards
held by banks, which will be Immediate
ly discussed.
TRADE REDUCED.
1.-THE volume Of trade Is certainly re-
duced by the monetary stringency. Bank
clearings, outside of New York, are do
clining materially in comparison with
last year, In some departments of bust
ness orders for merchandise are deferred,
since there is no assurance of ability TO
carry the goods until they are sold, while
in other departments orders are not re-
ceived because the future is distrusted.
1.-The effect on the great industries has
been less thus far than might have boon
feared, as most Of the works are employed
on orders booked before the trouble began,
but many works are now reducing the
number Of hands and others must soon
suspend operations unless the prospect
becomes clearer.
ION the iron business no improvements
perceptible and pig is as low as ever;
and while finished products are still in
fair demand prices are extremely low. 1t
is thought that the closing of some works
win reduce the output of pig considerably.
Accounts from other cities nearly all
show that the monetary pressure affects
trade materially. That collections are
unusually slow and banks extremely eau
tious in leading, even where they are
strongly fortified.
THE SITUATION AT ST. LOUIS.
"At St. Louis the freight movement is
gratifying in character and the volume Of
business fair for the season, Prepara-
lions are making for an active fall trade,
especially in shoes, Banks are Accommo-
dating customers in oil regular business,
but refusing spectators.
cat Atlanta, trade is fairfor the season,
but collections are slow and money is
very close
"At'Mobile, trade is fair, and prospects
are favored by the weather; but money is
tight.
"AtCharleston trade in groceries is fair,
but in other trades dull.
"The state of foreign trade is not yet sat
isfactory, for the exports of products fall
below last years at New York, in June
thus far. 81, 800 900, or about IA per cent.
while the imports are still somewhat
larger than year ago.
"The failures for the week number for
the United States 273, and for Canada IA,
a total Of 2s7 against BAT last week, and
100 for the corresponding week last
year"
BRADsTREET's REVIEW.
Bradstreet's for tomorrow will say:
''There is no general improvement nor
increased business in the leading money
markets. The volume of general trade
continues small and while not materially
different from that of last week, as
shown by the bank clearings, the total
being 81 ,033, 100000 it Is 6 per cent.
smaller than in the like week last year
Throughout the eastern and middle
states there is still further restriction In
the volume of trade.
Some Philadelphia wool manufacturers
have shut down and others are running
on short time.
While pig iron prices are being shaded
notwithstanding the reduced production
and decreased stocks, more activity is
reported in the Pittsburg Iron trade, due
to the close Of the fiscal year, which
causes many TO cover wants against
possible prolonged shut down by the mills
after July lst.
s'Memphis, Atlanta and Houston dis
tinguish themselves by reporting inn
provement in general trade, but the first
named confirms the gain to a better
feeling, without specification The de-
creased volume of sales at Atlanta
appears to be on the basis of deferred
payments, backed by a fair outlook from
the point Of view Of manufacturers there
"Mercantile collections at Richmond
are slower and the only demand worthy
of notice is for hats, shoes, and staple
dry goods.
"Reports made to the correspondent Of
Bradstreet's at Charleston from all sec
tions Of South Carolina show that money
is very tight throughout that state and
collections are slow, and country mer-
chants are more conservative in making
purchases.
Business at Savannah continues quiet
and merchants in the territory tributary