The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-05-12
DuN's REVIEW
business Prospects Less Favorable
Gold Shipments-Prices.

business Prospects Loss Favorable
Gold Shipments-Prioes.
NEw YoRK, May ll.-R. q. Dun & Co.,
in their weekly review, say: 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 per cent. instead oi2l, which
was expected, disclosed n strong desire 10
arrest movements OF capital In this drcc-
ton. Two small shipments Of gold, hardly
justified IN yet by exchange rates, showed
the belief Of bankers that. check in for
cign purchases OF securities would pres
emily mako considerable specie exports
necessary. The high price and deficient
yield Of wheat strengthened the imprcs
sion that inarehhndise exports would moi
Increase sufficiently 10 prevent tho outgc
NJ gold. AT the Same time the failure ol
tho treasury for several days 10 obtain
bonds ut the price II Ia willing 10 pay, re-
yivcd the fear Of withdrawal Of money.
Thus FIR, at all events, the treasury has
succeeded IN paying out more than II has
taken In; s., 400 600 during the past week.
but the excess 81 revenue will soon be felt
unless the Secretary secs III 10 advance
prices paid for bonds. Atpcscnt, money
markets in all directions are fairly or fully
supplied.
Crops arc not entirely encouraging. The
condition Of wheat May !, officially csti-
mated at ~ per cent, indicates q loss Of
about 30, OO0, 600 bushels of winter wheat,
and with significant anticipation Of the
news, the market rose cents In day 10
~ cents ON Wednesday, with great excite.
nent. When the report came In, realizing
Of profits broke down the price cent, but
the struggle between Chicago bulls aud
New York bears IL likely 10 make the
market active for some time. There was
an advance Of | cents for the week. The
natural increase In spring wheat has yet
10 be estimated, and II may bo enlarged
by the reports Of shortage In winter wheat,
W that the entire yield aud the surplus re-
naming from this year may yet prove
sufficient for all requirements. Corn and
oats rose but slightly, and pork products
show no important change. Cotton manu-.
iaciurc IL more hopeful; the price Of print
cloths rises 10 3 0l-lOO cents and the de-
mand for staple goods Ia strong
Notwithstanding the higher prices Of
brcadstuiIs aud meats, the average Of all
prices continues 20 decline, having iallcn
about a quarter Of one cent for the past
week. business NJ interior points Ia irrcg
ular, but on the whole smaller than n year
ago, exchanges outside Of New York show
ing decline Of about per cont
The earnings Of railroads still show
gains, but prices Of stocks have declined
during the week an average Of more than
Al per share under the influence Of UNI
favorable crop reports and the beilin.
ming Of gold exports. In the oil mar
kct no change 81 consequence appears,
but concois stronger and cotton II steady.
HUT the closing Of hosiery establishments,
employing. II Il stated, 5000 persons la
Pennsylvania alone, In consequence Of
large Imports and sales Of German goods
nj unpreccdenicdly low prices, attracts at
tcntion. The WOODEN manufacturer declines
10 purchase material except for immediate
needs, and tho average price Of all classes
Of American woods Is ono.third OF n cent
lower than month ago.
The business failures during the last
seven days number for tho United States
1872; for Canada, ~, making total Of 200,
compared with 23I last week and 1917 for
the corresponding week Of last year.