The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-10-31
ELECTION STAGNATION.
Business Prospects, However, Are Ex'
ceIIent According to Opinions
Of Dun & Company.

New York, Oct. 3O.-R. G. Dun & Co.
| review of trade:
| A market without anything but
| politics to rule it is not often seen.
Business is almost abolished until af-
| ter the election, by the extraordinary
pressure for money, by the indisposi-
tion of anybody to sell who thinks n
great change for the better is near, by
the feeling that it is now of no use
| to contract or buy when SO little time
| remains before decision, and by the
| general absorption of business men In
political activities. The indications
show a gratifying confidence in pre-
pairing for better things: But an en-
ormous volume of contracts and orders
| depend on the election, and prices of
materials are strong, with heavy spec
| ulatiye buying. The absence of imme-
diate demand makes finished products
generally quiet in price, though with
| evident expectation of strength.
The feature of the week has been the
pressure in 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 succession. there is really no
market. Commercial loans are almost
lost article, as banks sustain their
regular customers, which they do gem
orally with n fair degree of liberality.
The boarding or engagement or gold TO
provide against contingencies has far
surpassed all records, and in exchange
bought ahead, gold actually withdrawn
and contracts to deliver gold II re-
uuired, probably exceeds in amount
500, 900, 1000 The makers of contracts
to deliver gold on demand have i'm
ported over $4,000, 900 it is believed. and
ordered 100000 more this week; the
Withdrawals of gold from banks for
temporary deposit elsewhere. or by
country banks at the demand of GUS
toners, have been quite heavy, ana the
buying of foreign exchange has made
the market entirely abnormal ana
quite out of relation to the existing
state of foreign trade. The railroad
earnings in October have been 81 per
cent. less than last year.
Wheat has declined sharply, but Is
rising again, closing about 1h@1 cent
lower for the week. Heavy realizing
on spot sales. extreme monetary pres.
sure in carrying supplies and belief of
foreigners that they can get what they
want at lower prices by present abb
stention. have materially helped the
powerful Chicago influence which mas
labOrcd to depress prices. But the evil
dence of great demand abroad grows
clear and while western receipts are
heavy. .5G2 S25 bushels, for the week,
and 2S,7566Ai for the past four weeks,
against 3l,15C,9 96i last year, the enor.
nous milling returns are OF especial
value. showing that foreign orders are
preparing q great quantity of Hour for
export These returns, not heretofore
given elsewhere. will be especially in
structive whenever the market turns
on the foreign demand. Atlantic eX-
ports for four weeks, -four included,
have been S,O26.55S bushels, against G.
255,4l2 last year. Higher prices and
actual famine in parts of India have
speculative bearing. but are really
less important to the American market
than the news of the decreasing sup
plies from Russia.
Iron has been bought largely by spec
ulators 5000 tons of bessemer at Pitts
burg raising the price to $l1.9O, large
quantities of grey forge raising the
price to $10.40. and 10000 tons. nearly
all of northern iron at Chicago. Fin
ished products do not change in quoted
prices. although quotations are less
shaded than of late to secure business,
and there Is a strong belief that after
a week there will be marked change.
Failures for the week have been 27O
in the United States. against 21S last
year. and Az in Canada, against 50 last
year.