The Penn's Grove record., 1888-10-27
NEW YORK LETTER
NEW YORK, October 20.

NEW YORK, October 20.
Speculation and legitimate traed
transactions are retarded by the excite
| ment owe the Presidential election and
the uncertainty which attends the re-
| suit. Still, business is more than fairly
active, and the outlook is bright.
Money is abundant, indeed too much
so, for the large amount of available
funds facilitates speculation i'll bread
stuffs, which is checking expectation
and threatening serious results. Col
lections are readily made. The rail-
roads are adjusting their differences
and advancing rates, and were it not
| for the wild speculation in wheat and
other products, the situation would be
| entirely satisfactory in spite of an i'm
pending election which bids fair to set
tie for years to come the fiscal policy OF
the Republic.
Expectation of wheat from New
York has ceased. The wheat situation
has apparently resolved itself into a
| contest between the European consul
mers and the New fork and Chicago
spectators. The former are stubborn
ly refusing to take wheat at the present
prices, Notwithstanding the shortage i'll
their crops. The result has been a de-
cline in the speculative prices here, but
the abundance of money, coupled with
the really strong statistical position OF
the market, makes the future uncer-
tain. There is much to be said in re-
gard to this controversy between the
foreign houses and the domestic bulls.
The former, it is charged, have fol
years, by methods legitimate and illegi-
innate, been engaged in what has been
a successful attempt to bear the price
Of wheat. They are trying to repeat
the attempt this year, with the final re.
suits uncertain. On the n hand it is
charged that the high prices for wheat
are tile result of a wicked corner and OF
Il wild and reckless business sDecula.
tioE, which bids fair to rob America OF
all the advantages which it might have
In a year when it could dispose of its
surplus to a continent suffering from
short crops. On the other hand it is
claimed that the condition of the worlds
supplies and necessities justiiies the
high prices for wheat, and that the
speculative advances represent whai
Europe will, sooner OF later, lie driven
to pay to supply their necessities. Ii
may be said that, if the present condi-
ton of the market continues, there will
be great economy exercised in the ust
of wheat-iiour, both here and abroad.
Here we have a great variety of substi
tutes in the shape Of corn goods, and
oatmeal, and a large crop of potatoes
and other roots will enable many Il
avoid the necessity OF paying SO mucl
for their flour. This decrease in til,
consumption may have an appreciate
influence in the future state of The
market, but this remains 10 be seen.
The condition of the worlds crops anu
necessities, as estimated by tpe Londol
Hitler and revised by Brddstreet'S,
give a clear idea of about where w
stand in relation to the wheat crop. A
total wheat crop of the world of about
2,206, 000, 000bushels is indicated, whlcI
IS about 10000, 600 bushels under th,
worlds average annual crop for tel
years. The requirements are calcu'
lated at 2,229.O00 600 bushels, showing
My about %, 900, 600 as the probabl,
deficiency. The probable net importa-
ions aggregate 337, 10000 bushels.
and the calculated aggregate of net eX'
Dortations is 81, 900, 600 bushels, show
ng an apparent deficiency Of 20, OOO,O OO
bushels.
The. Granger roads are reported as
maintaining their new agreement ana
rates with fidelity. The trunk lines
nave effected an advance in lake aud
rail rates which took effect the 26th ill.,
slant. Railroad earnings compare a.
a whole favorably with those of last
year. During the eight months ending
August 81, 142 roads earned 1881, 572,.
54S, or S7,S53,944 more than in the
same time in 1887. During the SAINT
time there MAS an increase of ASP il
| the mileage. The Western roads show
the biggest falling off, and the South
ern roads the biggest increase. The
Baltimore and Ohio again passed its
| dividend this week, and its yearly state
| ment shows a decrease of S4SS, 953 il
| the net earnings, but the management
| is now admittedly in strong hands, anG
the road is being economically operated.
Speculation in oil, which has been
nearly stagnant for a long time, took a
fresh start to-day, and, with transac-
lions of 1927, 900 barrels, prices de
clined Z cents to S5s cents. The breah
is attributed mainly to a bear raid.
The collapse of the corner in lead,
coupled with the reported failure OF
Nathan Corwith & Co., the leading
mouse engaged in the manipulation OF
the market, is II of the events of THE
week which will attract wide attention
The advance n lead began last Janu
airy, and by June the price had reached
[. 3j. Then a reaction set in, and thu
price declined to S3.S5. This was tol-
lowed by another advance to S5.13
This week there has been a second
break to S3.S7a, closing to-day at 1896.
The failure is understood to be caused
by the inability of the firm to carry it.
Dad of lead. enfeebled as it is reported
to have been by the losses in other di-
iections. The failure is believed to in.
volve 100000 to $1,000, 900. In Lon
don there is said to be almost a panic
in the lead market.
OF the state of trade Il. G.. Dun &
Co., says: domestic trade continues
large and the hopeful feeling does not
abate. Every interior point reporting
represents business as improving, and
at not a few points it is larger than a
year ago.
NEWS or THE WEEK