The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-10-31
Nervousness Abroad Over Political Sit
uaton But Great Amount of Flour
For Export, and Upward Ten
dency in General Trade.

New York, Oct. 3O.-R. G Dun & Co.'S
Weekly Review of Trade tomorrow
will say:
A market without anything but poll
tics to rule it is not often seen. Busi-
ness is almost abolished until after
the election, by the extraordinary pres
sure for money, by the indisposition 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 con-
tract or buy when so little time remains
before decision and by the general
absorption of business men in political
activities. 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 succession.
there is really no market.
Wheat has declined sharply, but is
rising again, closing about half cent
lower for the week. Heavy realizing
of the spot sales, extreme monetary
pressure in carrying supplies and be-
lief OF foreigners that they can get what
they want at lower prices by present
absention, have materially helped
the powerful Chicago influence which
has labored to depress prices. But the
evidence of great demand abroad
grows clearer, and while Western re-
ceipts are heavy, 1862, ,927 bushels for
the week and 28,756,644 for the past
four weeks, against 31,150,964 last
year, the enormous milling returns are
of especial value. showing that for
eign orders are preparing q great
quantity flour for export. These re-
ftrrs, not heretofore given elswhere,
will be especially instructive when
ever the market turns on the foreign
demand. Atlantic exports for four
weeks, flour included, have been s.
026,558 bushels, against $685. 412 last
year. Higher prices and actual famine
in parts of India have a 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 nine million bales.
The trade believes such estimates are
erroneous and also hopes that the
present prices viii 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 a shade higher, but there is neither
much selling nor much effort to buy
goods of other descriptions. Failures
for the week have been 270 in the Uni
ted States, against 27S last year, and
40 in Canada, against SO last year.
New York, Oct. -Bradstreet's
Financial Review tomorrow viii say:
The condition of the market has
been dominating factor in stock
speculation this week. 1t cannot be
said that Wall street entertains doubt
as to tn future Of the free silver
cause next Tuesday. The banking
community is imbued with the same
ideas though at the close Of the week
the fear of decided disturbance
brought about concerted action by the
banks and supplies of money from
this source, though only put out stop
rates, relieved the fears Of the mar
ket and caused prices to rally. The
foreign markets have shown nervous
ness over the outlook here. London
has been regaled with contradictory
reports of the political probabilities
in this country some of them coming
from sources friendly to free silver
AtiN 'flAO4C A4OiAAAOiA otONfA nid1 hCb IL
waiting and American stocks were
depressed while foreign reports sold
here to some extent, although on
Friday there was a decidedly better
feeling there and an improvement in
quotations for our stocks. The mon
ey markets abroad are firm, and the
Bank of England, while it did not
advance it's rate, has shown a disposi-
tion to keep the open market firm.
New York, Oct. -Bradstreets
tomorrow will say:
Business in staple lines is confined
to immediate wants, interest in the
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 distribution
centers report that leading CONNER
cial and industrial houses take hope
ful view of the business outlook and
expect an early revival of demand,
based on the anticipated success of the
sound money issue. An encouraging
feature is a further advance in the
prices of leather, wool, Bessener Pig
Iron, wheat. Indian corn, lard, raw
and refined sugar and for crude and
refined petroleum. Only moderate or
ders have been placed for woolen goods
for spring delivery, but manufacturers
are disposed to buy some raw mater
ial