The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-05-12
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DUN STILL IN THE DUMPS.
HE FAILS TO SEE THE SUN ON THE
HORIZON OF BUSINESS.

Gold Exports, the Advance in Bank Of
England Rates and Bad Crop Re-
ports Form the Cloud Before His
Eyes -- The Failures for the Past
Week
New York, May l1.--R. G.. Dun & Co.'S
review OF trade for the week says: Tho
gold exports, the advance in the Bank OF
England rates and bad crop reports have
made the business prospect less favorable.
The advance by banks to per cent. instead
of Pa, which was expected, disclosed a
strong desire to arrest the movements of
capital in this direction. Two shipments of
gold, hardly justified as yet by exchange
rates, showed the belief Of bankers that a
check in the foreign purchases Of securities
would presently make considerable
specie exports necessary. The high
price and deficient yield OF
wheat strengthened the impression that
merchandise exports would not increase
sufficiently to prevent an outgo Of gold At
present the money markets in all directions
are fairly or fully supplied, and considera-
ble outgo Of gold at this season is not a
| thing so unusual as to cause disturbance,
but in speculative markets 1t would have
wHEAT's BOOM.
The crop and industrial reports are not
entirely encouraging. The condition of
wheat May l, officially estimated at 70, in
| dicates loss Of about S0,000,00 bushels of
winter wheat.and with significant anticipa-
ton Of the news, the market rose Sc in a
day to 07c. on Wednesday, with great ex-
| citemeht. When the report came Thursday
the realizing of profits broke down the price
| 1c., but the struggle between the Chicago
| bulls and New York bears is likely to make
the market active for some time.
The output Of iron May l promises. larger
than April !, tho opening of large Ala
bama works and the renewal Of operations
at the Edgar Thomson works raising the
weekly capacity of tho furnaces in blast to
! l2255 tons according to PittsbUrg, and
| III ,036 tons according TO New York figures
A year ago the output was lbs, ,514 tons
weekly, with prices strong. Now the ten
dency is downward. Philadelphia quotes
about SO to $40 so for No. 1, and the expec-
| tation of lower prices in consequences Of
| Southern andWestern competition increases.
| Bar iron is weaker also, with reports of
sales at $L75, and the rail market has
weaker tone.
D COTTON MANUFACTURING.
Cotton manufacturing is more hopeful.
| Tho price of paint cloth rises to 800, aud
| tuo ueliuhu lOI stdlhe HOOuS Is SbTOIlg.
Notwithstanding the higher prices Of
breadstuffs and meats, the average of all
prices continues to decline, having fallen
about quarter of / por cent. for the past
| week.
Business at interior points Is irregular,
but on the whole smaller than a year ago,
the exchanges outside of New York show
ing decline of about 4 per cent.
The earnings of railroads still show gains,
but the prices of stocks have declined dur
ing the week an average of more than 81
per share, under the influence of unfavor-
able crop reports and the beginning of gold
| exports.
In the oil market no change Of conse-
| quence appears, but coffee is stronger at
l5Ac. for Rio, and cotton is steady.
| HOSIERY ESTABLISHMENTS.
The closing of hosiery establishments EN-.
ploying it is stated, $500 persons in Penn
sylvania alone, in consequence of large i'm
ports and sales of German goods at unpre-
cedentedly low prices, attracts attention.
| Wooden manufacturers decline 10 purchase
material except for Immediate needs. and
the average price Of all classes Of American
woods is 3-10c. lower than "a month ago.
The business failures throughout tha
country during the last week number for
the United States, 1872, and for Canada, II,
total of POO, against 234 last week.