The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-07-01
FNAyClERS IN 4 FEVER
The Past Week One Full OF Excite
ment in Speculative Circles.

ment in Speculative Circles.
midas Action on the Silver Question
Gave the Bears Full Swing in the
Marlets- Legitimate Business Get
ting Along Without Material Dis
turbanees, but Failures Rather Mum
erous.
New York, June S0-B. G.. Dm & Co S.
weekly review Of trade win say: THE
closing Of the Indian miuts against silver,
the fall Of silver bullion to G2 cents in
New York and 324 pence at London on
! Thursday, the fall in wheat to
| 62l/ cents at Chicago and 40 cents at
New York, the the suspension of
/ operations by the miners and shelters
of Colorado and some other silver pro
ducing state have made the past week
one of unusual interest Although it is
officially explained that it is not intend ed
by the Indian government to substitute
gold for silver in the United States, but
only to steady the rate Of
exchange between India and England, its
action, is commonly interpreted as throw
ing on other markets 46,90O000 ounces Of
silver, which India absorbed last year,
! and as insuring the stOppaEe Of silver
! purchases by the United States when
| congress meets later, information
has brought to light the fact
that this step will be desperately resist
/ ed but greater confidence of bankers in
the financial future was reflected in low
or rates for foreign exchange, which
were low enough to encourage gold i'm
| TOrts 1t is believed by many bankers
! in 10 OF
market was avcrted by the action of
| five banks which agreed to take six mil
! lion dollars Of clearing house certificates
and promptly loaned five million dollars,
! breaking the rate from 70 to per cent.
! Thursday afternoon But the events of
! the week have rendered it unusually diff
| ticut to forecast the future course of the
money market.
DOMESTIC TRADE.
Cup to the present time domestic trade
| has not materially changed since last
week; though increasingly restricted
! by the mOmentary uncertainties, good
| call orders are received at Baltimore for
! clothing, woolens and hats, and the
! stringency in money is seriously felt.
St Louis notes fairly active whole
| sale trade, some decrease in collections
and money in only very moderate demand
| at to per cent.
| Business at Kansas City is fair but the
| grain receipts are very light.
| AT New Orleans trade is very duh,
| money tight and collections slow
| with banks very conservative.
! The supply of money at Mobile is ample
| for business and Atlanta reports trade
| generally satisfactory, but money tight.
! Savannah notes larger trade than usual
IN dry goods, hardware and shoes, with
poor collections.
Throughout the country, while collec-
! tions are slow and failures numerous, the
condition of legitimate business is re-
| garded as healthy, and hopes are enter
! tanned that the worst has passed The
! hopes are mainly based on the belief
| that the silver law will be re-
| pealcd and that the certainty
! of it's repeal will encourage foreign
| investment here. The lower prices of
| products also tend to increase merchan-
| disc exports, Wheat has reached prices
| regarded as out of question a month ago,
| and yet the supply in sight is very large
| and returns from the northwest as to the
| coming harvest are more fayOrable
"I'he business failures for the last sew
| en- days, number for the United States
/ 3O7 and for Canada p, total of a34. For
! the corresponding week last year the fig
ures We're III failures in the United
! States and 26 in Canada"
TIGHT MONEY IN GOTHAM.
IoEdQSlIttb , lt~iHOIIOW Will say. ~ ne
! pressure in the New York money mar
! ket incident to the July disbursements is
! aggravated by the drop in silver. Call
| loans Friday were 20025 per cent. and
! time money and discounts almost unat-
! tainable The speculative stock market
| at New York reflects by its course
the pressure and disturbance due
to the money and silver situation
Values are slightly firmer, but buying
! of stock is practically suspended. Fol
| lowing the effects at Chicago of restric-
| ton of credits and loans, the echo from
| Detroit and the detonation from the Pa
! CiiC coast, come reports of incoming strin-
/ gency at the larger Texas cities, points
| where until now comparatively little of the
financial disturbance has been felt. There
is no general or radical improvement in
the situation at eastern centers, the south
! reports no change and increasing Strin-
gency, but at the west, Cleveland, Chi
cago, Milwaukee, St. Paul Omaha and
Kansas City furnish phases of improve
ment, which point to a check to the I'M
/ favorable symptoms, and Chicago and
Kansas City banks are discOunting freely.
The prices of staples continue to de-
cline, wheat touching another Lowest
| prices" with a decrease of &c, corn going
| off lie, oats SIC, cotton &c, sugar &c,
steel billets 10c, pork sec, lard loo,
and wool fractionally. Coffee scores
an advance of &c, hogs are higher,
petroleum firm and anthracite coal
is booked for an advance to-day
IN THE SOUTH.
| Summaries of kilograms from South
ern cities show that at most of them, par
ticularly the southwest, the general stu
alton has shown the reverse of improve
! ment.
AT Memphis business is more re
stricted, and the financial situation
further disturbed.
Trade is interrupted still further at
New Orleans by the money stringency,
| and merchants act with extreme caution,
| while banks discourage new enterprises,
dallas reports better trade than last
year at this time and that the grain crops
! harvested are held for higher prices
But tight money is beginning to be felt
and the banks are counseling taking in
! sail
Houston reports general trade quioter,
that crops are doing well. and that the
banks are able to supply the needs of Gus
! toners.