The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-06-10
TRADES SHES BRIGHTER.
The Better Feeling Due TO The Prospect
Of legislation.

Apprehension OF the Future Rather
Than the Present Difficulty Causes
Much Of the Trouble The OutEo of
Gold Checked by European Pur-
chases of Our Grain and Securities.
New York. june g.-R G.. DUN x Co. IS
weekly review of trade win say: "Ihe
Severe depressiouof "a week ago which
eliminated in very tight money and num-
eraus failures. has been followed by some
recovery. Reports that definite action
BY congress on the money question has
been assured have done TO cause better
feeling, which indicates that apprehen-
sion of the future rather than present
difficulty causes much of the trouble. But
the stringeacy at Chicago and elsewhere
has forced realizing in unprecedented
stocks of wheat so that the lowest prices
ever known have been made here and at
the west. This has helped reports, and
in other respects the monetary conditions
are distinctly more favorable. The treas
ury is gaining in its reserve; exports of
gold have been arrested, foreign exchange
has fallen with dearer money here
and a reduction of the bank rate at Lon
don, and banks at Chicago have rallied
with success against runs which appeared
threatening. Though no radical change
in the underlying conditions has occurred,
there is more helpfulness and some re
covery from the extreme contraction of
credit.
Grade at Little Rock is dull, and at
louisville restricted, with money very
close.
AT Memphis trade is very quiet, at
Nashville fair and at Knoxville slow,
y.I.- 4
proved
AT Atlanta, Macon and Augusta SINH
lar conditions exist.
"At Charleston the hardware trade is
fair, but dry goods and groceries model-
ate, and at Galveston trade is fair, but
collections slow.
''At New Orleans money is in active de-
mand, collections slow and business dull,
excessive rains making the crop prospects
doubtful.
IRON VERY DULL.
"Iron is very dull at New York and
Philadelphia, and sales are reported at
astonishingly low prices at Buffalo.
Dealers in bar show great anxiety for or
ders. Structural iron is dull, and, while
plate mills are well employed, all prices
are low and trade disheartening.
''The financial outlook is not helped as
yet by foreign trade, as the imports CON
tinue heavy, while the exports are still
below last years, for the
past two weeks more than
10 per cent. But the depression in stocks
brought in some foreign buyers and prices
have recovered on an average 81 so per
share since week ago, with railroad
earnings continuing large.
Foreign payments for securities have
helped exchange downward and also bills
against several million bushels of wheat
taken for export, so that some bankers
1,,1ss 81
pass without a renewal of gold exports.
The failures for the week have been
1922 in the United States, against 16S for
the same week last year, and 81 in Canada,
against "a last year"
THE PASSING OF THE STORM.
Bradstreet's tomorrow will say: "The
feeling in New York and Chicago finan-
cial circles has improved. Chicago banks
have drawn enormous sums from the
east and their increased strength is fol-
lowed by report that they may soon be-
gin discounting more freely New York
bank officials report an easier feeling in
the local market, following checked gold
exports and lower exchange rates, but an
early passing of the shower is not looked
for On the other hand, Boston and
Providence, New Orleans and Detroit
bankers are quoting higher rates of dis
count, in some instances with correspond
ing influence of trade The south ap-
pears to be feeling the results of the ex-
IRENE and widespread stringency rela-
lively the least, and the west and north
west the most. New York city appears
to have foreseen and prepared for the
financial storm to a large extent and the
banks there regard the situation from a
sheltered position. The outlook is not
good for a speedy reversal of the existing
trade conditions, and the tendency of
staple prices continues downward.
There is a moderate order trade at
Louisville, where the demand for money
has improved
st. Louis reports that dry goods deal
ers who loaded up early in the season
have been unable to dispose of their
Stock, which results in cutting prices
Money remains close and the demand ac-
tive.
BETTER FEELING AT MEMPHIS.
"At Memphis business is quiet, with
better feeling owing to lower water. The
crop damage in several counties has been
severe many fields having been aban-
doned. The financial situation is some
what easier, banks having ample funds.
Nashville, however, says money is as
tight as last week with the banks making
relatively few loans, and general trade
quiet
"a similar report is received from
Richmond. except that the volume of
trade is increased.
mo anxiety as TO money is felt at
Charleston, the banks there combining
their loans TO regular customers Rains
have changed the volume of trade, but
leading merchants are standing the finan-
cial strain without difficulty.
''The sales of groceries at Atlanta have
improved. Country dealers in most lines
are asking for less accommodation than
was expected.
Savannah banks are making the usual
discrimination in the matter of accom-
mediation and general trade in all lines is
quiet, except naval stores.
There has been no change in the
policy Of bankers or borrowers at Birm-
ngham, Ala, where business is quiet
AT Mobile business is dull and col
lectiOns slower, with the banks continuing
the policy of the week before
'At New Orleans money is tighter and
rates somewhat higher, with the banks
trying to discriminate as much, if not
more, than before and merchants pre-
pared TO meet the situation. General
trade is perhaps still further restricted.
"Ihe prospects OF high water and floods
are causing anxiety in Louisiana sugar
districts.
Business at Dallas is in fair volume,
with the crop prospects favorable
"At Galveston it is quiet and money