Springfield daily republic. [volume] (Springfield, O. [Ohio]) 1887-1888, 1888-05-12

notes. showed the peiier OF bankers tnat q
check in foreign purchases of securities
would presently make considerable special
exports necessary. The high price and de-
ficient yield of wheat strengthened the i'm
preston that merchandise exports would
not :increase sufficiently to prevent the
outgo of gold At the same time, the fail
ure of the Treasury, for several days, to OBJ
tain bonds at the price il is willing to pay,
revived the fear Of the withdrawal of
money.
Thus far, at all events the treasury has
succeeded in paving out more than IL has
taken in S. 400, 600 more during the past
week But the excess of revenue will soon
be felt unless the Secretary sees fit to ad-
vance prices paid for bonds. At present
money markets in all directions are fairly
or fully supplied and a considerable outgo
of gold at this season is not a thing so un-
usual as to cause disturbance. But in the
speculative markets it would have some
influence.
Crop and industrial reports are not entire
ly encouraging The condition of wheat May
lst, officially estimated at 70, indicates
loss of about S0,000,000 bushels winter
wheat and with significant anticipation of
the news. the market rose 3 cents in day,
to 81 cents on Wednesday, with great ex-
element When the reports came on
luuIsuay, TtdilLluS Vi pIuuto piohc uoVh
the price l cent, but the struggle between
Chicago bulls and New York bears is likely
to make the market active for some
time Sales during the week reach
ed 45,I23,UO0 bushels here, but an active
advance of l II cents for the week. The
natural increase in spring wheat conse-
quent upon railroad building last year, has
yet to be estimated and it may be enlarged
by the reports of shortage in winter wheat.
so that the entire yield and the surplus re-
manning from this year may vet prove suf-
oats rose but slightly. and pork products
shows no important change.
The output of iron May 1st, promises
larger than April lst, the opening Of large
Alabama works and the renewal Of oper-
ations at the Edgar Thomas works, raising
the weekly capacity of furnaces in blast to
l22, $50 tons according to Pittsburg and
III, ,036 tons according TO New York figures.
A year ago the output was 1854 tons
weekly. with prices strong. Now the ten
dency is downward; Philadelphia quotes
about $40 to $195 for No. l, and the eI-
pectation for lower prices in consequence
Of southern and western competition in
creases; bar iron is weaker also, with re-
ports of sales at $1.75, and the market has .
weaker tone.
The cotton manufacturers is more hope
full. The price of print clothes rises to 3.69
and the demand for staple goods is strong
Notwithstanding the higher prices sof
breadstuffs and meats, the average of all
prices continues to decline, having fallen
about quarter of one per cent for the
past week. Business at interior points is
irregular, but on the whole smaller than a
year ago, exchanges outside of New York
showing decline OF about per cent.
The earnings of the railroads still shows
gains, but prices of stocks have declined
during the week an average of more than 81
Bile crop reports and the beginning of gold
exports. In the oil market no change Of
consequence appears, but coffee is stronger
ct l5&ecents, for rio fair. and cotton is
steady. But the closing of hosiery estab-
lishments, employing, ii is said, 5000 per-
sons in Pennsylvania alone, in consequence
Of large imports and sales of German goods
at unprecedently low prices, attracts atten-
ton. The woolen manufacturer declines
TO purchase material except for immediate
needs; and the average price of all classes
of American woods is three-tenths of a
cent lower than month ago.
The business failures occurring through
out the country during the last seven days,
as reported to r. G. Dun & Co., the
Mercantile agency yesterday, Friday, by
telegraph, number for the United State 1872
and for Canada IL, or a total of 209 failures,
as compared with a total of 234 last week
and 223 the week previous to the last. For
the corresponding week. of last year the
figures were l67, being l35 in the United
States and 80 in Canada.