The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-07-29
FLURRIES IN FINANCES.
The West The Scene Of Nearly all the
Failures.

0NA AA0DN Va AhIAA 4ANOANG 0AAdAA
Amounts of Money.
New York, July 28-R G. Dun g. Co.'S
weekly review of trade says: The
hardest week has left the business world
still able to rejoice in the soundness and
strength disclosed The prices Of stocks
were greatly depressed Tuesday, and on
Wednesday closing lower than on any other
day since January, 1879, and yet only two
failures resulted, and those Of brokers
not especially important. A sharp rally
followed Thursday with buying
from London by the shorts, and
especially significant buying by small in
vestors. No banks here or at other
eastern cities, and no eastern firms Of
large Importance have gone down, but
numerous banks have failed at the west i'm
cluding some of high repute, and large
business. The Erie railroad was again
placed in the hands of receiver though
for the eight months of the fiscal year tho
net earnings of the company had been
larger than last years, aud the earnings
of other roads reporting are generally
close to last year
MONEY VERY TIGHT.
The money market became excitingly
stringent again with depression in stocks,
and the drain to assist other cities has
been very heavy, but through all the
strain the banks of New York have pass
ed without trouble, ana imports of gold
have commenced. From 81 ,000,G0 TO So
00O,000 in money has been sent west every
day, and large decrease in
the bank reserves is expected, as
the treasury has not been disbursing
heavily. Few commercial loans have
been negotiated, and those at high rates.
At other cities the money markets have
been quiet close, but the bank failures at
Milwaukee, indianapolis and Louisville
have caused less disturbance than might
have been feared
The treasury purchases silver sparingly
and the exports Of that metal have been
large.
EXCHANGE DISTURBED.
Exchange between this city and Phila-
delphia has been especially disturbed,
but the banks Of the latter city continue
10 supply customers as we'll as they can.
Chicago has drawn heavily on New York,
but in that and in other cities the bank
statements indicate creditable soundness.
Cotton has declined an eighth, though
the receipts are a little larger and the ex-
ports smaller than last year, but holders
show great stubbornness in view of tho
large stocks in sight ana the closing Of
many mills.
Fall cottons, though cent lower than
last year in price and exceptionally at
tractive meet but moderate demand and
print cloths are weaker at 81 "a.
THE IRON BUSINESS
The iron business grows less active, and
IN spite Of the past decrease In output the
demand does not equal the supply, so that
four large furnaces at Pittsburg are ex-
pected to close. Bar is weak and has
been sold at 81 55. Plates are in narrow
demand, and structural iron is irregular,
with beams down to 81 80. OF steel bars
2S, 900 tons were sold to agricultural inn
plement makers at Chicago
IN THE SOUTH.
ST. Louis reports fair trade for the sea-
son except in building, and no complaint
among iobbers
At Knoxville and Nashville trade Is
fair; at Little Rock very conservative,
but safe; at Columbus and Macon the out
look is good, though money is tight.
New Orleans reports trade exceedingly
dull and money very tight, but banks
sound and the crop prospects excellent.
Mobile reports fa1r crop prospects,
jacksonville close and cautious trade,
and Charleston dull but sound business.
The failures during the past week num-
ber 1856 in the United States against III
last year, and 23 in Canada against %
last year 1t is noteworthy that there
We're only three failures of capital above
5000, 900 each, and only 90 of capital over
$4,000 each. Over fifty banks stopped
during the week but nearly all were at
the west. Last week, the failures in the
United States numbered 457 and the pre-
vious week 374.
TRADE RESTRICTED.
Bradstreet tomorrow will say; "The
volume of general trade has been further
restricted, and there is no reason to re-
port an improvement in business as a
whole. Nearly twenty banks in Indian
apOlis, Louisville Milwaukee, Helena,
Spokane, and Portland, Ore, have been
compelled to suspend payment, not count
ing smaller financial institutions at
smaller points. The volume of trade is
about one half the usual total. The de-
preston in-trade has had something to,do
with closing the clearing houses at Hutch
inson, Kan, Helena Salt Lake City
and Charleston. The condition Of
interior trade is characterized
in our Chicago trade dispatch, which
says business there is quiet in all lines.
Few orders are received for fall and win
ter delivery, and the volume of general
business at that center is admitted much
smaller than al this period last year. In
contrast mild but welcome Improvement
at Baltimore, New Orleans, Minneapolis
and San Francisco is worth noting. At
the first point easier money is based on
a smaller demand, due to the smaller vol
ume of trade, but New Orleans declared
that the general stringency has had less
influence there than elsewhere; collec-
tions are fairly good, staples moving.more
freely, and with excellent crop prospects
the outlook is almost satisfactory.
FAIR AT MINNEAPOLIS.
Minneapolis reports its volume of trade
fair for the season, and the receipt of or
ders for clothing and dry goods for future
delivery.
"At San Francisco, the general situa-
tion is easier, and free arrivals of wheat
at tide water are stimulating business.
Taking the south as whole there is
practically no change this week in the
money markets or the state of trade and
industry collections being slow and busi-
ness only fair for the season at best, with
tritiing exceptions.
Collections are less prompt at Rich
moud and orders scarce, but country
merchants order more freely at Charles
ton. There is a tendency to greater ease
for money at Nashville, and Memphis re-
ports crop prospects good, while SaEan-
nah, Chattanooga and Birmingham find
no feature or change in the conditions.
Wholesale grocers have sold more freely
at Atlanta, and Mobile banks are renew
ing paper more freely. Trade at Calves
ton is quiet. New wheat is being sold