The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-05-19
AB0OMTHATWONTDOWN
TRADES HESITATION DECLARED
ONLY TEMPORARY.

The Vitality Of tho Country Uncon-
Queraole- Gold Betokens
Foreign Conf1dence-Buye rs Inclined
TO be ICautious-The Prospects Of
the Wheat Crop Not Improved
New YORK, May 1S.-R. G. Dun & Co.'s
review Of trade for the week says: I'm
spite Of the Astounding and unconquerable
vitality of the country periods Of temporary
hesitation or reaction are inevitable and one
has apparently been reached. The country
at present is borrowing moro and producing
less The local market for securities de-
ponds essentially upon the placing of bonds
abroad and the foreign demand for stocks,
and both continue. But for the movement
Of foreign capital this way to pay
for bonds and stocks, a heavy outgo
Of gold would lie required to
meet the excess OF the imports over the ex-
ports. Success in borrowing tO eign money
10 pay for Improvements makes the markets
for securities strong and money here is
superintendent. But, meanwhile, collec-
tons at al increasing number OF points in
the interior a"e slow, the caution OK buyers
checks pr duction in Important industries,
and the crop pros are not ilatterlng.
For time the tendency is toward a de-
crease in production
wHEAT's CONDITION.
Later reports as to wheat have but
slightly modified the impressions given by
the bureau in its May statement. In some
localities, better weather has improved the
outlook, but in Others, the unusually wet
and late spring has checked sowing. The
present indications do not warrant the ex-
recitation IF a Uia1 lngznb aYnpa1inn 1Ml
100000 bushels, which, with the surplus
carried over, would pot permit exports
much exceeding 100, 100000 bushels, or
$4,000, 900 bushels less than last year.
Corn has risen &c and oats 1c., with lard
zoe. higher and hogs and polk unchanged.
Speculation in cotton, sugar and coffee is
checked by the indifference of buyers.
Oh has risen &c.
Copper and tin are stronger but the
shrinkage i'll spring trade weakens lead.
BUILDING NOT so BRISK.
An important change in many directions
is the shrinkage In house building, which
appears at many points 80 to so per cent.
below last years record. In consequence,
the demand for house building materials
and supplies is, for a time, reduced.
A decrease in railroad building affects
other branches Of Industry. Weakness in
iron has been recognized in the reduction Of
Il contract Tor lnOnaS' NO. pig 10 $40,
which is expected to cause number of fur
naces to suspend operations. No change is
noted in rails, but bar iron is quoted a
shade lower. The competition of Southern
furnaces in a time of shrinking demand is
now important.
The Treasury Unexpectedly took $1,000,
600 worth Of bonds on Friday of last week,
and the stock market was suddenly stimu-
lated but closes with the average of prices
q shade lower than week ago. In spite of
this large purchase, the Treasury holds only
81, S00,0 600 less money than a week ago,
with scarcely any reduction in the bank de-
poSits.
A DECLINE IN EXCHANGES.
The exchanges at all the clearing houses
were about 2 per cent. smaller last week
than for the same week in 1887, increasing
when speculations in grain, cotton and oil
were active The exports from New York
have shown an increase of 3.3 per cent. for
the first half OF May against an increase of
3 per cent. in imports; but these point to
an excess of imports over exports, which in
the month of April appears to have been
not far from $l2,000,0 900, the in
crease in the exports of cotton being
balanced by heavy loss in breadstuffs.
For the two weeks of May the exports of
wheat from the Atlantic ports have been
GAG, 1914 bushels, against 2, $50, 1873 last year,
and The prices now prevailing have arrested
the outward movement.
The business failures throughout the
country during the past week number for
the United States l63 and for Canada 26, d
total of 1S9, against 200 last week.