Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1896-11-03
A WAITING GAME.
Business at a Standstill Pending
Results at the Polls.
CONFIDENCE IN THE FUTURE FELT.
Great Volume of Contracts and Orders
Dependent Upon the Election-Signia-
canoe Of the Pressure In the
Money Market.

New York, Oct. SIR. G. Dun s. 90.
In their weekly review of trade say:
"a market without anything but politics
to rule 1t is not often satisfactory. Bust
ness Is almost abolished until after the
election by the extraordinary pressure for
money, by the indisposition Of anybody
to sell who thinks great change for the
better Is near, by the feeling that 1t is now
Of no use to contract or buy when so little
the general absorption of business men in
political activities. The indications show
gratifying confidence in probably better
things. but an enormous volume Of con-
tracts and orders depend upon the election,
and while prices of materials are strong,
with heavy speculative buying, the alb
sence of demand makes products generally
quiet In price, though with evident expec-
tation Of strength.
The Money Market.
1.-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 sue
cession, there is really no market. Com
mercial loans are almost lost art, ex-
cept as banks sustain their regular GUS
toners. which they do generally with q
fair degree of liberality.
1.-The boarding or engagement Of gold to
provide against contingencies has far sur
passed all records, and in exchange bought
ahead, gold actually withdrawn and con-
tracts to deliver gold If required, prob
ably exceeds in amount s10O,000,O0O. The
makers of contracts to deliver gold on de-
mand have imported over $10000,000, it is
believed, and ordered 100000 more this
week. These Withdrawals of gold from
banks fer temporary deposit elsewhere, or
hv country hanks the 6aynp Od Of aNc
toners, have been quite heavy and the
buying of foreign exchange has made the
market entirely abnormal and quite out
of relation to the existing state Of for
eign trade.
Wheat Rising Again.
Wheat has declined sharply, but is ris-
ing again, closing about one-half cent
lower for the week. Heavy realizing on
spot sales. extreme monetary pressure in
carrying supplies and belief Of foreigners
that they can get what they want at lower
price by present abstentionhav materi-
ally helped the powerful Chicago influence
which has labored to depress prices. But
tho evidence of great demand abroad
grows clearer and while western receipts
are heavy, 7,5e2.s27 bushels for the week
and 2S.766,644 for the past four weeks,
against 31,150,964 last year, the enormous
milling returns are of especial value, show
ing that foreign orders are preparing Q
great Qudlllly VI uOuT 1UE EXPORT. 1QeSo
returns, not heretofore given elsewhere,
will be especially instructive whenever the
market turns on foreign demand. At
antic exports for four weeks, flour in
cluded. have been S,026,55S bushels, against
6.255,4l2 last year. Higher prices and
actual famine in parts of India have q
speculative bearing. but are really less
important to the American market than
the news of the decreasing supplies from
Russia.
Cotton has held up remarkably well, in
spite of trade estimates that the yield will
be close to 9,000,0O0.000 bales. The trade
believes such estimates erroneous and also
believes that present prices will not be
found too high If with such a crop there
should be good business in this and other
countries. The mills are selling staple
goods somewhat freely, and print cloths
are shade higher, but there is neither
much selling nor much effort to buy goods
of other descriptions.
Iron has been bought largely by spec
ulators, 25,000 tons of bessemer at Pitts
burgh raising the price to $11.90, large
quantities of gray forge raising the price
to 5000, and 10000 TONS nearly all OF iron
at Chicago. Finished products do not fig
ure in prices, although quotations are less
shaded than of late to secure business, and
there is strong belief that after week
there will be marked change.
Failures for the week have been go N
the United States, against 27S last year,
and 40 in Canada. against 81 last year"