Evening journal., 1898-10-18
TRlADE On THrE MEEK.

failures during the five yeans which are
covered by the returns made exclusive
ly by this paper than can be made for
the past quarter. While a very few
heavy failures swell the aggregate for
the last quarter. those in real estate
brokerage or speculation alone count
ing for more than IL per cent. OF the
aggregate, with as much more in oper-
ations not at all rejecting the general
state OF business, the aggregate was
nevertheless smaller than in any other
month covered by our returns for many
branches OF business. In some branches
the failures in September or in August
we're the smallest in any month, and
also in many others failures for the
quarter were the smallest in any quar-
ter
With actual payments through clear
ing houses 1872 per cent. larger than in
the same week OF 1892. it cannot be
said that business is in any sense fall
ing off. and yet many are complaining
because the amount realized as profit
is smaller than was formerly realized
in good times. The man who sold $10,-
900 worth OF products had a profit Of
perhaps $1,000 in 1892, and yet he sells
$4,000 worth OF the same product in
1896 and is not happy because his
profits are but 5000. But in almost
every branch Of business trade is now
transacted on narrower margin OF
profit than I'M any other time of fair
prosperity. There is a great change,
and perhaps a permanent one, IN the
percentage of profits derivable from
trade and manufacture as well as IN
the profits obtainable by transporters.
Progressive civilization calls for a
lower range of profits and Of prices,
as the volume of business transacted
increases, in order to make possible
improvement in the condition OF the
working millions.
The wheat business is more active,
with prices about two cents higher for
spot and three cents for the December
option. Vrey heavy purchases have
been made within the past few days
not as yet reflected in the official rec
ord OF shipments, but the exports from
both coasts. -four included, have been
4,1O1.770 bushels against 4,sS6,015 for
the same week last year. 1t is espe-
cially interesting that, in spite OF the
general disposition OF farmers to hold
back their wheat, the western receipts
have been for the week much larger
than last year, and for two weeks 20
$50, ,495 bushels against 16696,554 last
year. While little attention Is now
paid to the Official reports they seem
to foreshadow larger return for tne
crop than has been made in any pre-
vious year. The price of corn has ad-
yanced about two cents, though the
receipts are just now larger than a
year ago.
The price of spot cotton is a six
teenth lower than q week ago, and the
January option has also lost a few
points, while there is a weaker tone in
the market for goods. This IS partly
due to the official admission that the
prices of print cloths, now a sixteenth
below two cents, cannot be sustained
without selling agency which is now
proposed. Although the production al
Fall River is in excess Of demand th'
difficulty in prices is probably more
largely due to the belief that a bis
yield Of cotton must reduce the price
of the material. while some wooleI
mills have started operation during th'
week quite as many have stopped. AL
though wool is about 10 per cent lowe
than it was February /, the manuiac
turers are not buying, and the marke
is remarkably dull, with sales durinI
the past two weeks Of only 6,179,7O
pounds at the three chief marker
against 24,331 800 last year, ana IA $50
300 in 1896. and 1S,7OS.SOO in 1892. Th
general feeling is that the price OF tn
material must decline before the manu-
facture can much increase its sales. Or
ders for goods have been little bet
ter. and a few mills have resumed oper
alton. but there is as yet no such dc
mand as is necessary to sustain cuI
rent prices of wool.
The iron manufacture again report
a small increase in weekly output, 215
6S5 tons against 213.O4S a month ag
and with the decrease in quantity {
unsold stocks on hand outside the gre'
steel companies, the apparent coneuml
tion fer the month OF September ws
9S3,sO4 tons against $50, 500 in Angus
There are quite heavy Eastern orde
for foundry iron, fully suppoTIr
prices. and at Chicago prices OF loc
iron are strong with less disposition
sell Southern pig at reduced quot
tions. The orders for finished produc
include a very heavy demand for plate
especially for shipyards, several
considerable magnitude for structur
works covering about 5000 tons. al