The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-06-17
MONEY BAGS STILL TIED.
No Material Change in The Financial
Situation.

The West Still Drawing Immense
Sums of Money From New York.
The Situation in the Metropolis
Changed Materially by the Con-
certed Action Of the Banks.
/ NEW York. June l6.-R. G.. Dun x Co S
weekly review Of trade will say; "The
! concerted action by the banks of New
/ York has changed the situation materi-
/ ally. More failures and the tremendous
! drain Of money 10 the west had such an
| effect that the banks We're unanimous in
| deciding upon the issue of clearing house
/ certificates, but as a. precautionary meas
ure TO prevent trouble rather than be-
| cause urgency of trouble made it neces-
sary. Increased accommodations for
the business community are eX-
pected to result, and doubtless will,
unless speculation is stimulated
to absorb all the increase in available re
sources through undue preference for
marketable securities over assets. The
excitement at Chicago and Milwaukee has
aba ted, but the weakness of the banks at
many western points continues, and the
character of the failures reported indi-
! Gates that widespread stringencyls having
serious effect upon the merchants and
manufacturers who are in no way con
| nected with speculative operations.
very sharp fall in foreign exchange re-
moves the chance of gold exports at pres
ent, but is due to foreign purchases OF Sc
! curities rather than TO a change IN the
trade balances. The exports in two
weeks of June, it is true, are but - 100
600 Tor ID per cent? below last year and
the imports show a small decrease, in
VHH.a. .rsf N
for months but the balances are still adj
verse and are likely to be for some time.
THE IRON MARKET
THE output of pig iron declined 1922
tons weekly in May and is scarcely larger
than year ago. The stocks on hand de-
clined $4,000 tons in one month, but
further reduction of the output is in prog
ress. The market for iron and its prod
ucts remain dull and unsatisfactory, bar
being especially weak and southern pig
much pressed for sales.
Reports from other cities nearly all
show tight money and slow collections.
The exceptions as to money are few
southern cities like Charleston and Mo-
bile, and at New Orleans money is in good
demand but fair supply, while at Knox
vile the demand is smaller. Collections
are fair at Baltimore, Detroit and Nash
vile, average at Knoxville and good at
Omaha, but low at the other points re-
porting The volume of business has
been much affected by the prevailing
stringency and caution about credit.
AT St. Louis trade is beyond antici-
pations and not curtailed by the strin-
gency. AT all southern points trade is
slow or quiet, though at Atlanta and
Mobile satisfactory trade is reported.
THE failures during the past week
number 313 in the United States against
Loot I
last year"
BRADsTREET's REPORT.
BradStreet'S tomorrow Will say: 1.-The
leading industries are quiet, most of them
quieter than last week notably iron, the
production of pig having been reduced by
the blowing out of a number of furnaces.
Cotton and wooden goods manufacture
ers are buying very conservatively and
the demand for finished product is much
cut into.
"a dozen of the more important south
ern business centers report the financial
situation practically unchanged, with
two exceptions, Richmond noting that
collections are slower and Atlanta that
money is closer Groceries and planta-
ton supplies are most active at Memphis
and at Nashville favorable
report is made concerning business. Con-
tinued rains have checked trade at
are not pushing sales.
"The demand for staples at Augusta is
restricted except for cotton goods, al
though at Savannah the prospects are
slightly improved, and the volume of
trade is trite heavier
'Floods in the sugar region of Louisiana
and tight money at New Orleans continue
to check trade at that city, and Dallas
and Galveston merchants state that CON
! servatism on the part of bankers is hav-
! ing an effect on the volume of business.
seasonable dullness being emphasized at
this time
General trade is more depressed
| at Boston and other eastern centers, ow-
ing to the increased stringency of money,
wool, shoes, cotton and other staples feel
! ing the influence
cat Philadelphia the outlook is for
smaller iron production, for higher prices
of coal and lower prices of most other
staples. The favorable indications of
week ago have disappeared.
General trade is quiet at Baltimore
Orders are small and credits restricted.
"Stringency is affecting all lines at
| Pittsburg, where prices are lower, credits
shorter and collections slower Gray
forge iron has sold as low as S12 TO-"