The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-07-14
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H0PEFULNESS IN TRADE.
NO DISTURBANCE IN THE FINAN-
CIAL MARKETS.

Improved Crop Prospects One of the
Factors in Causing the Feeling
Stocks Considerably Higher Than a
Week Ago 49, A Corner in Cotton
Hinted At-Failures of the Week.
NEW York, July l3-R G.. Dun s. Co.'s
review of trade for the week says:
Quiet hopefulness prevails. That busi-
ness now is dull, everybody realizes. That
it is going to be good, more favorable crop
prospects lead people to hope. 1t is felt
that the chances of a change Of the tariff
lessons as the weeks pass, leaving less time
for agreement between the two houses OF
congress, and thus an important element Of
doubt as to trade for the next half year is
in part removed. In the financial markets
there is nowhere disturbance, though the
unprecedented volume of loans at New York
raises questions that are not yet answered.
There is no present expansion of Legitimate
trade to explain it, and if important specu-
lations are preparing they are well COM
cealed.
HOPEFUL SPIRIT.
Reports from interior points reflect @
hopeful spirit with most frequent reference
to improved crop prospects AS to cotton
there is some contradiction. In the Mis-
ported with consequent excess of weeds.
Corn and oa5s would probably exceed any
| previous yield if the weather should prove
entirely favorable from this time onward
through the harvest, but the point of the
| greatest danger is not yet passed.
The hay crop at the east is ample and the
latest reports are decidedly more en-
| couraging as 10 wheat.
Prices are half a cent higher than O
week ago for oats, l cent lower for
corn, l cent lower for wheat,
| partly because a broker at Chica fell
down some steps and was reported dan
| gerously hurt. When the market is af-
fectad by such rumors prices are not OF
much value. In all directions the influence
of mere speculation upon values is Just now
an unhealthy sign.
STOCKS HIGHER
| Stocks have advanced, the more active
averaging about 50 per share higher than a
week ago, and yet the course of events
would have justified some decline. The re7
| newal of the railroad strike at Chicago and
Kansas City is thought serious the cutting
of rates has been so great as to lesson re-
| ceipts materially, and later reports Of earn
| ings begin to Indicate some loss in compari-
son with last year. but when the speculators
can make outsiders believe that "a boom is
at hand, reasons and earnings count for
| little, and II is the nature of specu lative
| markets to rise when events are unfavora-
| BILE.
| LOOKS LIKE COTTON CORNER.
Cotton has risen 3-16 cents. and the move
nent seems to be taking the form of q
corner" on near deliveries.
Hogs, eggs and potatoes are higher, while
coffee is Is cent lower than last week
The industrial outlook is not entirely
cheering, though the strike of the iron
workers seems likely to last but a little
longer. The statements of the Acton fur
naces in blast July 1 show decline of SAB
tons weekly, or per cent. since June l,
and 80, 175 tons weekly, or 81 per cent. since
| Nov l. As this decline has been gradual.
the output for the half year appears to be
| IL per cent. smaller than for the last half Of
| 1887. Prices do not change, though the
more common grades ore freely offered at a
low figure.
COTTON MANUFACTURES.
Cotton manufactures still hold their
prices well, with an advance in few
grades, but the outlook for woolens does
not change. The closing of the Bigelow
carpet mills puts 3, 600 persons out of work
for time, and following the closing of the
Lowell mills. is supposed to Indicate an
| over supply.
The decline in the building trode is illus
trated by the New York returns of 1877 new
buildings for the half year, costing So. 800
900 against 9, ,g23 for the first half of last
| y
The exports for the first week of July
were 81 100000 smaller from this port than
for the same week last year, but the returns
for June show an increase Of &c 800, 900 in
exports of cotton from the principal ports,
with decrease of 500, 900 in the exports of
oil.
| FOREIGN EXCHANGE.
Foreign exchange is weaker and the sup
ply Of foreign capital coming hitherward
has not ceased The treasury has also
added So, 900 to the market supply by
disbursements exceeding the receipts during
the past week and money is abundant, not
only here, but ct every other point report
ing. In almost every instance, also, col
lections are now reported satisfactory or
improving.
The business failures occurring through
ont the country during the week number
for the United States 2le, and for Canada
"a, a total of 240, against 2l4 last week
lie &<Nk 10 Ipa tzIx