New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-11-07
MONEY! AND BUSINESS.


BEFORE October Is forgotten in the condI-
lions OF new month little must be said
for the benefit Of those who have been repeat
Ing the senseless assertion that no real improve
ment in business has yet appeared. THE actual
navments through all clearing houses in this
country as shown by THE Financial Chroni-
Gle" amounted in October to SJ929 16i 2!3
about $500 600 600 or 90 per cent larger than
IN October OF last year and nearly SJODOODV'p
or 8 per cent, larger than In October, lS'-
Never has there been so large a business III
October Of any other year, but that is not all
The increase cannot be attributed to stock or
other speculation. for the payments outside OF
New-YOrk amounted in October to S2,1?4 ,J-3ol3,
or 43 per cent larger than i'm the same month
last year and 1.54 per cent larger than In the
came month OF 1892 Never in any month Of
all past years has so heavy business been
done excepting in one month, December lS'-
for the annual settlements and preparations for
them not infrequenty make payments larger III
December or January than in other months Of
the year.
Now that this period Of weary waiting In the
stock market is over. and men Will no longer
have uncertainty about the elections to increase
their hesitation. It seems worth while to OBJ
serve that the strength shown during this pro-
/
has been really remarkable. For 1t must he
| considered that the rurnors of and fears
of financial disturbance abroad have frequently
caused large sales on foreign account In this
market and the situation between this country
and Spain with possibilities Of foreign inter
ference have all the time exerted some iniiu-
ence: and yet the average Of prices OF the Sixty
most active railroad stocks has varied but
slightly. Two months ago 1t was triiie higher
but since then 1t has been pacing back ana forth
over almost the same narrow beat whlch II
| covered last week n cent or so way and
then as much the other way Last weeks net
result was a small decline, as the previous
weeks had been n small advance. But months
Of delay with such steadiness continuing means
a confidence In the future Of securities which
has not often been manifested
II is true that the so-called stock market last
week went into a state Of suspended animation.
for out OF sales Of 100000 shares about a
nth. or 5000 were Of Tobacco alone; 2lSOD
more we're Of Sugar 10000 Of Federal Steel.
common and preferred. while two street rail-
roads and a gas company made up $4,000 more.
| or the five railroad companies whose stocks
were most largely handled the aggregate OF
sales was 5000 less for the week than those Of
Tobacco alone. But while investors are letting
the market severely alone. they are buying
steadily and strongly Of bonds, and that IL a
surer evidence Of the confidence of substantial
/ people than almost any other. The truth Is
/ that the earnings Of railroads Justify much faith
| in the future. those reported for October.
| though not yet complete showing satisfac-
tory gains over last year. especially on Western,
Southern and Pacific roads. the gain on all
within the United States being 81 per cent
compared with last year and 81 per cent com
pared with 1892. The traffic in progress is
heavy. and. In spite Of great additions year
ago and since to their rolling stock. railroads
| are almost constantly complaining about lack
| Of for one part OF their business or an
| Other.
The wheat market has also ceased to manifest
activity respects fluctuations In price al
| though the quantities transported and sold are