The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-07-22
MONETARY SKIES CLEARING
The Country Riding Out The Big Fl.
nanCial Cyclone.

The Extraordinary Strain Withstood
Surprisingly Well-More Inclination
TO Make Loans Noticeable all Over
The Country Many Manufacturers
Closing to Await The Coming I'm
provement in the Markets for Their
Products.
New York. July 21.-R c. Dun & Co. s
weekly review of trade says: >'This
week the country has withstood surpris-
ingly well an extraordinary strain. The
failure of many banks and firms of the
great iron syndicate and other companiesj
the remarkable fan In stocks, and the
closing Of some important manufacturing
establishments have come In spite Of re-
taxation in eastern and some western and
southern money markets. Denver banks
were ovcrthrown largely by the crazy
unwisdom Of people, and several in Kan
sas have gone down, but in most cities
the statements Just published show the
banks in healthy condition, and there has
since been noticed more readiness TO exc
tend accommodation
"The great depression in stocks came
at time when easier money,
some returns Of currency from the inte-
iror and the beginning of gold imports
rom Europe made many hopeful
'"The closing of many manufacturing
establishments Is the inevitable result OF
the great shrinkage in orders for some-
time past and uncertainty regarding the
future.
GLOOMY crop reports by the depart
ment also contributed to check the reviV-
ing hopes
"Undcr all the conditions, It Is astonishv
ing that business has been SO well main~
tained with so little evidence of unsound-
ness Even while cotton aud woolen
mills were working overtime on past
orders, the scantiness Of new orders was
noticed and great frequency OF cancclla~
tons Close observers also saw evidence
of decreasing distribution to cohsum ers,
so that dealers were left with part OF
their stock uusold and wholesale dealers
found less encouragement to buy. The
steady increase in this state OF things has
brought such Trell-Rnown mills as the
AmoskeaQ cotton and the Slater woolen
and many other textile and shoe works
to stop operations for a time
until the prospect is clearer. In dry
goods, cancellations are Still numerous.
The sales of mems woolens are not COM
mensurate with the stocltsl prepared, and
orders are small and mainly for low
grade goods. Some improvement is seen
In dress goods, but cottons are dull, and
print cloths and brown goods lower.
THE srAGNATIoN IN IRON.
'eThe stagnation in iron closes some
magnetic mines in this state and New
Jersy, and most of the mines in Michigan,
so that the Lake regeon has never peen
more depressed. Coke Is moving downward
Pig iron is inactive and though dealings in
bar and structural product are somewhat
larger, prices are the lowest ever known.
The western iron interest as yet fail TO
agree with the men about wages, and
more works are suspending operations,
Baltimore notes some Improvement IN
fruits and vegetables.
''An easier feeling prevails at Pittsburg
In irond glass works being closed for the
summer
AT Cincinnati the money market is
easier.
"St. Louis reports business good in
volume and character, but trade checked
by the closeuess Of money and banks torti-
flying themselves.
"hIoney Is tight at Little Rock but the
strain is borne remarkably well.
sat Nashville trade is fair; at Atlanta
backward at Macon a better demand IS
seen at Augusta retail trade is fair and
at Columbus business is shade poorer.
New Orleans finds trade somewhat i'm
proved banks very conservative, sugar
weak and the crop prospects excellent
"At Galveston the crop reports are less
encouraging, but at Mobile better.
"At jacksonville credits are cautious
and at Charleston marked improvements
is seen in some trades, though the crop
prospects are poor.
"1'he treasury has been paying gold
to banks, but on the whole increasing its
holdings
''The exports of products are little
| larger than year ago, but imports are
| also large
"Tho failures during the past week.
| number 467 ia the United States against
1853 last year, and 25 In Canada against IL.
DULL IN THE SOUTH.
Bradstreet tomorrow viii say: "At
| all points south trade is characterized as
| duh or quiet or unchanged, except at
! New Orleans and at Dallas, where busi-
ness is better in tone, Notwithstanding
| the depression from tight money. AT
! New Orleans slight improvement is re-
ported but the outlook is bright
| because of the good cotton prospects.
| Collections by manufacturers are poor.
! ''There is a little gain in the volume OF
! dry goods and shoes distributed from
! Memphis and Nashville's total business
! Is about equal to that of year ago.
! ''The price of rice is firm at Charleston
and word is received that the new state
! liquor law is being enforced.
! The money market remains as close as
! heretofore at Chattanooga, while at
| Savannah excessively hot weather has
| further depressed business.
| "There is no improvement at Birmiug-
! ham, while at Atlanta dullneSs prevails
| in almost all lines.
| The usual midsummer business is re-
| ported from Mobile while trade at HOus-
| ton is quiet, with the banks continuing TO
| cut down their lines of discount.
Galveston bank statements show some
| improvement, but loans are not being
| expended there"