The Penn's Grove record., 1888-11-10
NEW YORK LETTER

Outside OF Wall street. business does
not as first glance seem Us be very APP
prehenslve of the result OF the election.
| Never before in the history Of the coun-
try, it is believed, has so cheerful a
tone and so active a business prevail
ed on the eve of a Presidential contest.
This may not, however, IN reality mean
that trade is not fearful of the changes
In the Natiocal policies that may fol-
low the election, for this can scarcely
be so. Nothing is SO sensitive as bust
ness, and ordinarily no one is so timid
and fearful of change as the business
man. lie is not Indifferent to the re-
suit of so important an election. 1t
may mean only that the current neces-
stiles of the consumers are large enough
to make an active market, without any
transactions that require the discount
ing of the future. However this may
be, a glance at the reports of the COM
mercial agencies given below shows
that, though trade is undoubtedly
more or less retarded by the political
excitement, the volume of business is,
under the circumstances, extraordiI
arily large. This. of course, is a mos.
gratifying fact, and speaks well for the
solid prosperity of the country.
Though very dull this week the stock
market has shown up very well IN polnJ
of strength. A fierce bear attack on
Reading early in the week has been fol-
lowed by a quiet but steady upward
movement under the lead of Missouri
Pacific and Atchison, which from being
the weakest have suddenly become the
steadiest of stock. One report has been
that Mr.. Gould has bought control of
the Atchison and another is that neg0-
tiation are in progress for an agree
ment and alliance. These reports,
though unsustained by evidence of fact,
have nevertheless had a buoyant effect
on the Gould stocks as well as Atch-
ison. AS to Mr.. Gould's intentions
they are past finding out. Bankers as
yet do not take much stock in his re-
ported large financial operations. Still
some agreement between the two roads
might not be an unreasonable aesult of
their present complications. K.sssiRt
of interest in the railroad Z has
shifted for the time being from the
Northwestern to the Southwestern
roads. Instead of st. Paul, Burlington
and Quincy and Rock Island, it is
Atchison and Missouri Pacific which
have taken the lead in the speculative
mart. The Southwestern roads are un-
dergoing much the same experience
that has fallen to the lot of the Gran
gers. Both the Atchison and the Mis-
souri, Pacific, as well as other roads in
the Southwest, have suffered severely
from a competition that has overtaxed
their resources. That the Southwest
ern roads should desire to come to
some satisfactory agreement in regard
to restoring rates seems to be a rational
supposition, and this, in connection
with the advance in prices, is the basis
of the report ~. MI. Gould and others
interested are confeSls Iegse,ina Set
Element can be reached.
Bradstreet's issue of the 3D., present
details of bank clearings for October
and ten months ended herewith from
Al cities, in advance Of all contempor-
aries. The list of cities given exceeds
in number those in any similar report,
and comparative totals are given I'VE Il
period of years long enough to render
them of some real value. The aggre-
gate clearings at 80 cities during Oc-
tober-those for which total are avail
able for four years-are $4,97O, 1886, 655,
u gain of about 10 per cent. over Oc-
tober, 1887; about 6 per cent. W De-
tober, 1886. and nearly II per cent. over
the corresponding month i'll 1885. New
York City's total for October last
was So, 1914, 301, 365 (two-thirds of that
for 81 c%ities), about equal 70 the Oc-
tober total in 1885, but less than 2 per
cent. smaller than that for October,
1886, and about Z per cent, larger than
i'll October one year ago. Evidently the
bank clearings outside of New York
City have increased relatively more
rapidly than at the metropolis. Leaving |
New York's totals out Of those first
given above, we find that the aggregate
clearings for October, 1883, at 81 cities
we're 81, 776, 035, 900, or Is per cent more
than in October. 1887, II per cent. in
excess Of the aggregate for that month
in 1886, and 80 per cent. larger than in
1885. 1t will be recalled that early in |
the year the clearings declined notably |
as compared with the preceding IL
months, and to this must be attributed
the decreases in the 10 months totals as |
compared with 1887. The aggregate at |
80 cities is $50, 9O5, 1856, $50, or 5 per
cent. less than IN 1887; at New York it
is SIS, 4O7, DAG, $40, OF s per cent. less,
while at 81 cities (omitting New York
city from the above) the total for 10
months i'll 1888 is Si4, 49S, S3S. ZIG, a
gain of less than 2 per cent. over 1887.