The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1897-10-09
fHE BUSINESS OUTLOOK.

Itrom BrauStrtetS state Oh 1rduS,
Distribution of general merchandise in the
| central west and northwest is further checked,
| owing to the prolonged drought IN kentucAy'
Illinois, kensas. portions of Missouri. Nebraska,
Iowa. Minnesota and the Dakotas. Telegraphlc
advices to Bradstreet's report serious damage IN
Kansas and parts of Nebraska and Iowa. where
early planted wheat Is up but dying out, anc
that planted later is not likely to sprout. Fail
blowing is now Impossible, and six weeks with
out rain have dried up pastures and compellsd
farmers to feed stock. Manufacturing industries
Throughout the central west. particularly IRON
and steel, continue active. and there is an M
creasing tendency on the part of interior mer-
chants to remit promptly. While the volume
of trade has decreased at Chicago. it is ahead
of the like record In recent years.
There is a moderate improvement in business
in the south, Alabama having raised the quar-
antine against Georgia cities and central and
northern Texas points having resumed coEl-
mercial relations with Galveston. There Is little
If any improvement in Mississippi or Louisiana,
where wholesale business Is at a standstill-
Planters continue to hold cotton, which delays
collections
Bradstreet's prices index number. based on
the cost Of one pound of ninety-eight staple
articles, amounted to 20, Isl on October i,
against II, 9Ol September l this year, and COM
pared with s.. 1s2 July l. 1896, the lowest point
reached since the panic of 1888. The present
level is, therefore, about where it was on
January /. 1894. when the index number was
81. 3S1, and only about Z per cent. less than
on July l, 1893. before there had been any ma
terial decline in quotations due to the panic
then under way.
Gross railway earnings for September are
very satisfactory. The total receipts of sixty
four of the leading systems aggregate S3s,2ol ,Veo,
a gain over September a year ago of nearly IA
per cent. Three-fourths of the roads reporting
show gains. Net earnings returns for August
are also very good. totals gross earnings OF
ffty-one companies aggregating sol, 1886, 0oO and
net SIS. 4l6, 900. an increase of nearly IL per cent
in gross and of over p per cent. in net.
Bank clearings throughout the United States
this week are among the heaviest on record,
aovrapafing 81 RIG. 600 00. a gain of l4S Der cent.
over last week, of 80 per cent. over last year,
of g per cent. over the week in 1895, of 80 per
cent. over 1884 and Of IS per cent. over lssy,
which marked approximately low water in bank
ciearings. Compared with the week in 1892, a
year Of very large business, there is a gain
shown of over 7 per cent.
Exports of wheat (iour included as wheaO
from both coasts of the United States and from
Canada this week show a heavy falling on
aggregating only 4,SS5, Sal bushels, against o,SS4.-
900 bushels last week, but compared with 4.ooO.-
900 bushels in the week q year ago, ~2,244,0o0
bushels in 1895, 3,317,0W bushels in 1894 and
9, S62, 900 bushels in 1898. Corn exports also show
a heavy drop, aggregating only 2.1o9.0 900 bushels.
against s.1oS, 900 bushels last week, 2.772,ooo
bushels in the week a year ago. 1870 bushels
in 1895. 1874, 600 bushels in 1894 and 1,oSs. 900 bush
els in 1898.
Irregularitv and lower prices under absence
of public buying or professional support have
been the characteristics of the New YORK
speculative stock market. A decided break IN
Chicago Gas was the only feature. The public
stands aioof, ard London has been a purchaser
at declines only to cover shorts. At the end
of the week professional trading is more bullish
on the fact that over So, 900, 900, gold. is In
transit from Europe. Foreign exchange, after
breaking to 4.S4A for sight sterling, is a little
frmer at 4.S4Q4S4h.
[From r. c.. Dun & Co.'S Weekly Review. "
While failures were the smallest ever known
in any quarter since 1892, and business pay
ments through banks the largest by s2eS, 00o,o 900
ever known in September, the spectators who
profess anxiety about Cuba, or fever at the
South, or a municipal election, still have some
influence. Helping them Just now IS the iact
ishment of stocks from any section or town
there must necessarily be for a time less
buying from that quarter. Yet business IS still
increasing, the productive force steadily en-
larges, the distribution of wages affords an
increasing fund for purchases, and the founda-
tons are laid for a larger business hereafter.
The weeks exchanges are S.S per cent. larger
than in 1892.
Crop reporters who have widely differed now
agree in putting the yield of wheat about $50
to $50 million bushels, which is nearly 200 mil
lion bushels more than will be required for
home use, keeping stocks as they were July l.
the lowest for seven years. As foreign reports
Indicate a larger demand, and exports since
July l have been nearly as heavy as in the
best past year. with 2,sS5, 764 bushels from At
lantic ports, flour included, for the last week.
against 2, 249,5 ST. last year, the recovery Of 1s
cents in price for the week is not without
reason. Western receipts continue to exceed
last years, S,001. go bushels against 7,243, 1863 for
Inc week. Win less ldsOIdDIc iSpottS "
yield, corn exports fall short slightly with
small difference in price. Cotton is I'M
changed in price with larger consuming de-
mand, though big crop estimates do not ap-
pear to be disputed.
Heavy crops mean greater business for rail-
roads. and earnings have been increasing each
week in September compared with last year,
so that the aggregate of returns for the month,
1913 per cent. larger than in 1895. are is per
cent. larger than in 1892. Trunk lines show a
gain of 4.3 per cent. and western roads a small
loss compared with that year. Chicago east
bound tonnage for the quarter was but l per
cent. smaller than in 1897, ard west bound
freights have been unusually large.
The exports Of merchandise from New York
show an increase SO large that, notwithstanding
heavier imports than have been expected, an
enormous merchandise balance is assured which
emb that the outward movement of
cotton has but just begun. The shipment of
81, $50, 900 gold from London this week, like the
two large shipments from Australia which pre-
ceded, is distinctly warranted in settlement of
merchandise balances, and with foreign pur-
chases exceeding sales of securities for some
weeks past, the amount to be paid by specie
imports is large. The New York money market
Is notably influenced by a marked increase in
commercial loans, which now include over 20
per cent. of the loans made by the principal
banks reporting, and this movement reflects
an important expansion in business. The COM
plete returns of failures for September and
the quarter, both by States and by branches of
business given today, form the most encourag-
ing report which it has been possible to make
for several years. Failures for the week were
212 in the United States, against 296 last year,
aa7 y IN Can-1n q q AZ iacf x-aor