Springfield daily republic. [volume] (Springfield, O. [Ohio]) 1887-1888, 1888-09-01
CONTRADICTORY
ARE THE CROP REPORTS, SAYS r. g.
DUN & co. g WEEKLY REVIEW.
Spring wheat In Dakota and Minnesota
seriousiy Damaged by Frosts-Exports
Continue Small - Fereign Exchange
Steady-Collsctions Generally Tardy.

NEW YORK, September 1.-R- u. Dunn q
Cos weekly reviews of trade will say:
Within the past four days, crop reports
have become exceedingly contradictory
and confusing. Dispatches by the score are
published asserting that frosts have cut
down the yield of spring wheat greatly es-
pecially in Dakota and Minnesota and at
the same time the government weather
bureau affirms that the weather has been
most favorable and that reports of injury
from frosts are greatly exaggerated. Re-
ports from France that the yield will fall
rs per cent below last years contract with
an official statement that the decrease Will
not be per cent. Such confusing accounts
from all quarters have helped very active
speculation, with sales of 81, 900, 900 bushels
here and q net decline in price of only
half cent for the week These facts lead
TO the suspicion that gloomy reports are
being used TO unload speculative burdens
and that the actual outcome will not fall
much below previous estimates. Corn Is
fration lower with sales of {, ,00e, 900 bushels
and oats cents higher, with some activity.
In provisions also, there has been
active speculation, en- advance
and reaction. Hogs..remain 10c higher.
Oil has risen Sc. and leather and hides are
half cent higher. Tin has weakened, but
copper is stronger, and lead has been hoist
speculation-267, 900 bags at New York
prices halt and the distribution slackened.
Sugar is unchanged, with better but not
full demand for refined. An active trade
and stronger prices are noted in hops.
The dry goods market has been active and
even buoyant with print cloths stiff at &c,
but some descriptions of brown sheetings
are weak. and the market for woolens is
still irregular and uncertain. Speculation
has raised the price of cotton Ale per 100
pounds, with sales of 26l, 900 bales at New
York. in spite of favorable crop advices.
The average price of all commodities
moves upward steadily, having advanced
about half of one per cent. for the week,
and 2h per cent. since June Goth. 1t IS
hardly necessary to point out that this
speculative activity, particularly in ex-
portable products Is not very healthy
sign. If crops are really poor, busi-
ness must suffer in consequence, and
if prices are merely inflated without reason
the inevitable reaction will do harm. The
immediate effect is that exports continue
| small From New York for the past four
weeks they have fallen 1614 per cent. below
last year in value, though prices are higher.
The heavy excess of imports over exports in
July, and for six months, ending with July,
appears to have created large adverse
balance which will require liberal exports
of merchandise or of specie. sooner or later.
But at present foreign exchange is steady
and the belief that exports of products will
be As large in spite of high prices, still CEN
trails the market.
Speculation in stocks has been mod
erately active and strong, for the par
tal reactions have not come to much, but
the advance in the more active stocks has
now exceeded 50 per share, and still the
market does not broaden, nor is the public
helping. Sales by foreign holders have not
been large enough 10 effect results materi-
ally, bat q feeling OF uncertainty is notice
able. The Treasury has taken in S., 600. :
OO0 more than it has paid out this week,
but supplies of money are abundant here,
and there are no reports of serious
pressure anywhere. Reports from
all parts of the country continue
encouraging; even from the Northwest
when speculative accounts dwell upon dam
age to crops, the usual reports to the mer-
chantile agency but considerable injury
from rains is reported at Memphis. At all
interior points business is active for the
season and there is unusual uniformity in
the report that orders for goods are inereas-
ing At some points collections are fairly
good, but much greater number OF re-
ports note more than usual tardiness for
| the season and complaints are general. The
state of speculative markets tends to pre-
vent farmers from sending forward their pro-
ducts promptly and at the South resistance
OF producers to the exactions of the cotton
bagging trusts keeps back stocks. Yet
there is noticeable increase in confidence
as to immediate future of business in al
most every quarter from which reports are
received, and banking returns shows con-
tinued increase in exchange, in part of
course, because OF greater speculative ac-
|.tiyity. The business failures throughout
the country during the last seven days,
number, for the United States 202, Canada
"a, total III, us compared with total of
PA last week and 2l9 the week previous to
the last. For the corresponding week of
last year the figures were 1893. l75 in the
United States and "a in Canada In Au-
gust the failures in the United States num-
her q-1 AGAINST ~