The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-05-20

Not the most encouraging are the
latest advices concerning trade in the
east, as reported by r. G. Dun & Co.,
Gold exports, the advance in Bank OF
England rates, and bad crop reports.
have made the business prospect less
favorable. The advance by the bank
to 3 per cent, instead of %, which was
expected, disclosed a strong desire to
arrest movements of capital in this
direction. Two small shipments
gold, hardly justified as vet by ex-
change rates, showed the belief of bank
ers that check in foreign purchases of
securities would presently make con-
siderable specie exports nee ssary. The
high price and deficient yield Of wheat
strengthened the Impression that mer-
chandlSe exports would not increase
sufficiently to prevent the outgo of
gold. At the same time, the failure OF
the Treasury for several days to obtain
bonds at the price it is willing to pay.
revived the fear of withdrawal Of
money.
Thus far. at all events, the Treasury
has succeeded in paying out more than
it has taken in; So 100000 more during
the past week. But the excess of
revenue will soon be felt, unless the
Secretary sees fit to advance prices paid
for bonds. At present, money markets
in all directions are fairly or fully sup
piled, and considerable outgo of gold
at this season is not a thing so unusual
as to cause disturbance. But In specu-
lative markets it would have some in
fuence.
Crop and industrial reports are not
entirely encouraging. The condition of
wheat May 1st, officially estimated at
70, indicates a loss of about 0,000, 900
bushels winter wheat, and with signifi-
can't anticipation IF the news, the
market rose cents in day to 81 on
Wednesday, with great excitement.
When the report came on Thursday,
realizing of profits broke down 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 reached 45, 1913 900
bushels here, with an advance of 11a
cents for the week. The natural in
crease in spring wheat, consequent
upon railroad building last year, has
yet to be estimated, and it may be en-
winter wheat, so that the entire vie d
and the surplus remaining from this
year may yet prove sufficient for all
requirements. Corn and oats rose but
slightly, and pork products show 10
important change.
The output of iron May 1st promises
larger than April LIST, the opening of
large Alabama works. and the renewal
of operations at the Edgar Thompson
works, raising the weekly capacity of
furnaces in blast to 122 552 tons accord
ing to Pittsburg, and III OBS tons &C
cording to New York figures. A year
ago the output was 1873, 514 tons wee5ly,
with prices strong. Now the tendency
is downward; Philadelphia quotes about
$40 to $40 so for No. 1, and the expecta-
ton of lower prices in consequence of
southern and western competition in
creases. Bar iron is weaker also, with
reports of sales at LIS, and the rail
market has weaker tone. The cotton
manufacture is more hopful; the price
of print cloths rises to 3.69, and The de-
mand for staple goods is strong.
Notwithstanding the higher prices of
breadstuffs and meats, the average of
prices continues to decline, having fall
len about quarter of per cent for the
past week. Business at interior points |
is irregular, but on the whole smaller |
than year ago, exchanges outside OF
New York showing q decline of about |
4 per cent. The earnings of railroads
still show gains, but prices of stocks |
have declined during the week an
average of more than 81 per share, I'M
der the influence of unfavorable crop |
reports and the beginning of gold ex-
ports. In the oil market no change of
consequence appears, but coffee is
stronger at 15M cents for Rio fair, and
cotton is steady. But the closing of
hosiery establishments, employing, it is
stated, 5000 persons in Pennsylvania