The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-02-18
No DANGER OF A PANIC
TIE SCARE ABOUT GOLD EXPORTS
FAR TOO GREAT.

Europe Beginning to Buy American
Securit!es-Foster Authorized to
Issue Bonds if a Necessity Arises.
The Volume of General Business
Still Larg Only a Trifle
Flow.
New York, Feb. 17.-R. G. Dun & Co.'s
weekly review of trade will say: 1.-THE
anxious efforts by banks for the issue of
bonds by the treasury. and the refusal of
the President to authorize it, caused appre-
hension and depression during most of the
week. Discretionary power was finally
given to Secretary Foster TO issue bonds if
it should become absolutely necessary, but
it is stated that he believes no necessity
exists Moreover, quite large purchases Of
securities on foreign account are reported,
which would cancel the heavy adverse mer-
chandise balances, and to that extent pre-
vent gold shipments.
"Outside OF the financial influences the
course of business is undisturbed. Its vol
ume is still large, though somewhat affected
by recent storms, and there are fewer signs
than u,ual of unsound or unhealthy condi-
diuions, though at many points collections
are somewhat slow.
AT most southern points business shows
some improvement and is fair for the sea-
son If, though the movement of cotton is small
and prices somewhat lower.
I'm the iron trade no distinct improve
| ment is seen, tor while business is large,
prices are entirely demoralized by the in
tense competition. Rails are an exception,
for IS 900 tons have been sold without a re-
ported change in price. and structural works
are well employed, though at very low
prices, but the demand for plates Is not up
to the capacity of the works and bar iron is
quiet aud weak.
THE FINANCIAL OUTLOOK.
1.-THE financial outlook depends largely up
| on the fact that the exports of the PRINCIPAL
] products in January were $4,000, 900
| smaller than last year, while the imports at
| New York alone were 81, 600 600 larger than
last year. which indicates considerable ex-
cess Of imports for the month and explains
the heavy outRo OF gold. In February thus
! far the exports from New York have been
| but little below last years, though at the
| cotton ports very much smaller. and mean
| while imports show an enormous increase
over 80 per cent. The excess of imports
over exports seems to have more
to do with the shipments of gold
at present than any anxiety about
the currency which, nevertheless renders
investors extremely cautious and binders
many from new enterprises. But those who
dread disaster may well note the healthy
character Of trade and the unusual con-
servatism OF buyers, and remember the rule
that the panic that is expected never comes
The business failures during the past
week number for the United States 1877, and
for Canada SO. a total of 233."
WHAT BRADsrREET SAYS.
BrGdStTeets tomorrow will say: "The
features of the general trade situation this
week include check to business south and
in portions OF the wet and north, because
of unfavorable weather and resulting bad
roads. Leading grocery staples, grain, cot
ton, pork, low grades of cattle and hogs are
print cloths, leather, hides lard, sugar,
white pine lumber, rubber goods and in bes-
semer pig iron and steel at Pittsburg.
The decrease OF one .eighth cent in cotton
prices appears based on some unexpectedly
free movement which points, unless there
should be perpendicular drop In receipts
soon, to crop of not far from $500. 900
bales instead Of the lower totals so viRor-
ously advanced a few weeks ago.
kilograms from leading southern mar
kets agree that continued wet weather has
had an unfavorable effect on general trade.
and muddy roadways have checked the
movement OF commercial travellers, as well
as mercantile collections.
AT Nashville country merchants are
making purchases in person rather more
numerously than elsewhere, but Charleston,
| Memphis, Atlanta, Birmingham and Gal
weston unite in reporting the other features
mentioned. The carnival has interfered
with the wholesale trade at New Orleans.
The depression in cotton prices is re-
ported responsible for soma of the check to
trading on the part Of interior southern
merchants"
Mrs. EMMoNs BLAINE has given to the city Of