The Penn's Grove record., 1888-11-03
NEW YORK LETTER.

NEW YORK, October &c.
Notwithstanding the excitement at
tending the approaching Presidential
election, business continues remarkably
good in all parts Of tie country, and, at
several important centres, a large in
Grease in the volume of clearances is re-
ported. This does not mean that the
political campaign is not retaring trade
Separations at all; on tile contrary, it UNI
doubleday IS, and speculation is for the
moment much depressed by the excite
ment and uncertainties Of the election.
The business of the country must be in
upcommonly good shape to make so
favorable Il showing at such a time as
this. For the election is n that con-
Germs most intimately the business of
the country. Stock speculation has
thus been very dull this week, and is
likely to continue so until after election,
when many are predicting a revival of
actiyity, whatever may be the tone of
the market.
Though dull, the stock market has ex-
hibited considerable strength in spite of
the possibilities involved in the political
Situation and the depression existing
lat Boston. There have been two events
of the week which have had n predom-
inating influence in the street. One is
the continued depression in Atchison
and the passing of its dividend by the
Fitchburg Railroad for the first time
since 1857, and the reduction of its
dividend by the Boston and Maine Rail-
road. The other is the purchase of the
Georgia Central system by the Richmond
Terminal. The first has had naturally
a depressing effect, which has been aid
ed by the efforts Of the professional
bears, and. the other has had generally
a strengthening influence. The prac-
ltical consolidation of Southern roads
under the Richmond Terminal system,
which has been going on for two or
three years, is, indeed, an important de-
velopment. 1t has created, i'll fact, a
Gigantic railroad trust, and, if MAIN
talned, this Will probably be able to
prevent competitive railroad construc-
ton and Il of rates for many years to
come.
Tie passing of its dividend by the
Eitchburg Railroad and the reduction
of its dividend by the Boston and Maine
is an Illustration of the result of a
struggle to get business at Improbable
rates. Boston seems to he having its
full share of misfortunes at present.
The depression in the stocks of its fav-
orite companies is the most ~unfavora-
bic influence at work in the New York
market, and it is, perhaps, Il matter for
surprise that our market stands up SO
well under the pressure.
Outside New York there is Il general
increase in bank ~clearings over last year
of about II per cent; but substantially
the entire increase Of 20 per cent. at
Boston may be traced to unusual specu-
lations in stocks; probably the gains of
7 per cent. at Philadelphia and Al per
cent. at San Francisco are mainly of
the same nature; ana the speculation in
| wheat and other products swells e.
changes at Chicago and st. Louis. Yet,
outside OF these points, there is a con
siderable and general increase in the
clearings, and in view of large dealings
earlier in the season this increase, in
dicates Il remarkable expansion of trade.
At New York, on the other hand, a
decrease of 10 per cent. appears, Which
the difference in speculative activity
does not fully explain"
Brddstreet's. calculations based
on official reports indicate that if 3d.
900, 900, bushels of reserve wheat are
to be carried over on June 80, 1889,
more than the eXportable surplus OH
the Atlantic Coast has already been
sent abroad; and ii we carry over but
30, 600. 600 bushels, we have 1G, 20i,-
600 bushels yet TO 20 abroad. The Pa
ciiic Coast, however, with 5000, 900
bushels for reserve, still has 26,27S, 00C
bushels of wheat available for export
until June 30 next, having already
shipped IL, PA, 900 bushels. The ex.
ports of wheat, and ilour as wheat. bo,h
coasts, amounts TO 2,337.9 l6 bushels
this week, Of which 949, 1872 bushels out
Of 1,072, COG bushels of actual wheat
went from the Pacific coast. The ex-
ports are so, $40 bushels less than last
week III per cent, and 272, asa more
(l1t per cent? than IN the Ike week in
1887. Total exports wheat (and -four
both coasts, July | TO date, are IS, 1884,
900 bushels, against 80, 799, 900 bushels
last year. Wlieut closes about lie.
higher this week and corn / II &c. low
er. Lard is 6 to ~ points off and pork
% a SOC. lower. The movement of
cotton goods at Boston and New York
with jobbers is disappointing, no new
business OF moment1u nearby delivery
being. repor ed. The unfavorable
weather of late has caused this in part.
The woolien mills are fairly well en-
ployed. Raw wool retains its late
strength and Il :quite active. having, if
anything, improved williin the week.
Some Of the lager notwithstanding con-
Germs are taking suppl sior future de-
livery. Prices Of raw sugar receded &c.
remaining barely steady on increased
warehouse deliveries and meetings ami
slow movement of botiraw and refined.
Dealers have also been eager TO place
new crop Brazil. The consumption ol
sugar in Tie United States for the year
to October is calculated To he l, "a, $40
tons, against l,3GI ,920 tuas i'll the pre-
vious year. New crop Louisiana sugar
has begun to arrive at New Orleans in
large quantities, and prices have de-
clined materially.
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