The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-10-31
PARALYSIS DUE TO POLITICS.
THE BUSINESS WORLD WAITING ON
THE ELECTION.

no inclination to Enter on New VEN
lures Until the Monetary Question
Is settIed-MOst Lines Looking for
Great Change for the Better.
The Squeeze in the New York
Money Market the Feature of the
Week.
New York, Oct. 30.--R. G. Dun & CO.
will say tomorrow in their weekly review
of trade: "a market without anything
but politics to rule it is not often seen.
Business is almost abolished until after
the election by the extraordinary pressure
of money, by the indisposition of anybody
to sell who thinks a great change for the
better is near, by the feeling that 1t is
now of no use to contract or buy when so
little time remains before a decision and
by the general absorption of business men
in political activities. The indications
show gratifying confidence in preparing
for better things, but an enormous volume
of contracts and orders depend on the
election, and while prices of materials are
strong, with heavy speculative buying,
the absence of immediate demand makes
finished products generally quiet in price,
though with evident expectation of
strength,
THE feature of the week has been the
pressure in the New York money market
in spite of the heavy arrivals of gold.
Quotations of call loans at 100 per cent,
or more, have no real meaning except that
with practically four holidays to come in
successor there is really no market Com
mercial loans are almost a lost art ex-
cept as banks sustain their regular GUS
toners, which they do generally with
fair degree of liberality. The boarding
or engagement of gold to provide against
contingencies has far surpassed all records,
and in exchange bought ahead gold act
ually Withdrawn and contracts to deliver
gold if required probably exceeds in
amount $10OOOO,0OO. The makers of con-
tracts to deliver gold on demand have i'm
ported over $10,0OO0OO, it is believed, and
ordered 100000 more this week; the with
| drawals of gold from banks for temper
airy deposit elsewhere, of by country banks
at the demand of customers, have been
quite heavy, and the buying of foreign ex-
change has made the market entirely alb
normal and quite out of relation to the ex-
isting state of foreign trade.
Cotton has held up remarkably well,
in spite of trade estimates that the yield
will be close to 100000 bales. The trade
believes such estimates erroneous and also
believes that present prices will not be
| found too high if, with such crop there
| should be good business in this and other
| countries. The mills are selling staple
| goods somewhat freely and print cloths
| L. IL L.,A 49, t. 1zr,r
| much selling nor much effort to buy goods
| of other descriptions. Iron has been
| bought largely by spectators, 5000 tons
| Of Bessemer at Pittsburg raising the
| price to $l1.S0, large quantities of Grey
| forge raising the price to 5000 and 10000
| tons nearly all Of northern iron at Chi
| cago. Finished products do not change
| in quoted prices, although quotations are
| less shaded than of late to secure bust
ness, and there is a strong belief that
| after a week there will be marked
change.
Failures for the week have been go
] in the United States, against 27S last year,
| and 40 In Canada, against 50 last year"
| Bradstreets tomorrow will say: "Busi-
ness I'm staple lines is confined to imme-
! date wants, interest in the election abb
sorbing attention. The volume of trade
| is smaller than a week ago. and will con-
| election are known. The restricted dis
| tribution of merchandise for several
weeks has begun to register itself in the
bank clearings totals, the aggregate for
which. at all cities during the past six
| business days, is 1868, 900, 000 per cent.
less than last week, but 10 per cent. less
than in the corresponding week one year
ago. Orders to an enormous amount have
been placed with manufacturers, jobbers,
commission houses and importers, to be
cancelled in the event of the success of
the free silver cause. An encouraging
feature is a further advance in the price
of leather, wool, Bessemer pig iron,
wheat, Indian corn, lard, raw and refined
sugar, and for crude and refined petro-
leum. Prices are practically unchanged
for pork and coffee, but hides are little
weaker and prices for oats, wheat flour,
cotton and print cloths are lower.
"Only moderate orders have been placed
for wooden goods for spring delivery, but
manufacturers are disposed to buy some
raw material.
Texas country merchants buy with ex-
IRENE caution, and in Louisiana the adj
vance in discount rates has rendered
trade duller than 1t might otherwise have
been,
Mercantile failures throughout the
United States have declined in number
this week. the total being GAG, against 292
last week, and 299 in the week one year
ago."