The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1896-10-31
The BUSINESS OUTLOOK.

Business in staple lines is confined to I'M
mediate wants, interest in election absorbing
attention The volume of trade Is smaller
than a week ago. and Will continue restricted
until the results of the election are known.
Advices from important distributing centres
report that leading commercial and industrial
houses take a hopeful view OF the business
outlook and expect an early revival of demand,
based on the anticipated success OF the sound
money issue.
The restricted distribution 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, 000, 900, Z per cent. less
than last week. but 10 per cent. less than In
the corresponding week one year ago. I per
cent. less than in the last week of October in
1893, and 80 per cent. less than In the cor
responding week in 1892. when the total was
rates for discounts have served to further con-
tract business, but at Chicago there are re-
ports Of Improved collections.
Conservative views as to the outcome of the
election were supplemented in the stock market
at New York this week by the restricted money
market and the advances of call loan rates
to as high as 50 to 100 per cent. Liquidation
by holders inclined to wait until after cleo
tion, with the absence of buying and the ten
dency of commission brokers to advise against
specializing In the face of the election and
tight money, caused general concessions in
prices. On Friday, however, covering by
professional shorts resulted in a decided i'm
provement, the movement being based on In
creasing confidence in the political outcome
and statements that the banks would prevent
serious disturbance on the score of money.
Rates, however, continue firm. Americans are
higher in London, where the greatest interest
is manifested in our election. Foreign ex-
change holds firm at 4.s4z@4. SAX In the face
of high money rates on buying for investment.
Silver has declined on the Indian famine
Orders to an amount have been
placed with manufacturers, jobbers. commits
sion 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 prices of leather, wool, Bes-
-nrna Dto grnu uyhaat Tpdia- 49, 1arI q IN
and refined sugar, and for crude and refined
petroleum. Prices are practically unchanged
for pork and coffee. but hides are a little
weaker, and prices for oats. wheat -four, cotton
and print cloths are lower. Only moderate
orders have beeen placed for wooden goods for
spring delivery, but manufacturers are dis
posed to buy some raw material.
Total exports of wheat flour included as
wheat from both coasts of the United States
amount to s,s46, $50 bushels this week, exclusive
of shipments from Galveston, no report of
which has been received, compared with z,067,-
900 bushels last week, 2, 743, 900 bushels In the
last week of October. 1895, 1884, 900 bushels in
the like week of 1894. 2,se0. 900 bushels in 1sss.
and as contrasted with 3. ia, 900 bushels In. the
corresponding portion of 1892. Exports of In
dian corn amount to 2, 597, 600 bushels this
week, nearly 4e0, 900 bushels less than last
week, one-third more than in the corresponding
week of 1895, fifteen times as much as in the
corresponding portion of 1894, and three times
as much as in like weeks of 1893 and 1892.
From r. G. Dun & Co.'S weekly Review
A market without anything but politics to
rule 1t is not often seen. Business is almost
abolished until after the election, by the ex-
traordinary pressure for money, by the in
disposition of anybody to sell who thinks a
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
a decision, and by the general absorption OF
business men in political activities. The in
dcations show a gratifying confidence in pre-
volume OF contracts and orders depend on the
election, and while prices of materials are
sence Of immediate demand makes finished pro-
ducts generally quiet in price, though with
evident expectation of strength.
The feature of the week has been the pres
sure in the New York money market in spite
N the heavy arrivals of gold. Quotations of
real meaning except that. with practically
four Holidays to come in succession, there is
really no market. Commercial loans are al
most a lost art, except as banks sustain their
regular customers which they do generally
with a fair degree OF liberality. The boarding
or engagement of gold to provide against con-
tingencies has far surpassed all records, and
in exchange bought ahead, gold actually with
CURED. probably exceeds in amount 800. 600. 900.
The makers of contracts to deliver gold on
believed. and ordered $500. 900 more this week;
the WITHDRAW walls of gold from banks for tenn
porary deposit elsewhere, or by country banks
at the demand of customers, 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 foreign trade. The railroad earnings in
October have been ST. per cent. less than last
year. and 63 per cent. less than in 1892.
though the loss has been less than in any
other month this year.
All these are ~ephemeral phenomena, but
they show most powerfully the trend of events
to be anticipated. IL a result not expected
should occur. Men are actually spending mil
lions to protect themselves for sixty DAYS
against a political decision which they con-
slider almost impossible, but If the bare pos
sibility Of II costs so much. what would the
thing itself cost? The general arrest of BUSH
ness is indicated by the state of exchanges,
10.1 per cent. less than last year and so.6 per
cent. less than in 1892, when a Presidential
election was also near. The decrease in rail-
road earnings is in part due to the fact that
just at this point a suspension Of Lake navi-
CATION Is near.
again, closing about Y ct. lower for the week.
Heavy realizing on spot sales. extreme none
tary pressure In CARRYING supplies, and belief
Of foreigners that they can get what thew
want at lower prices by present abstention.
have materially helped the powerful Chicago
Influence which has labored 10 depress prices.
But the evidence Of great demand abroad
grows clearer. and while Western receipts are
heavy, 7.562.s27 bushels for the week, and 2s,-
| 8a6,644 for the past four weeks, against al
10. 9b4 last year. the enormous milling returns
are Of especial value, showing that foreign
| orders are preparing a great quantity of flour
| for export.
S12. 243, a6 in liabilities. against S11. 100. 4ss last
year, ss. 2o6.Ss2 in 1894. and SIS. sa5. 44 in 1888,
manufacturing have been So. s04. sos. against
~ 42s $50 last year. and trading have been
s.. 47e. fo7, against 81 e29 last year. Failures
for the week have been go in the United
States. against 27s last year. and 40 In Canada,
against So last year.