New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-10
MONEY AND BUSINESS.

MONEY AND BUSINESS.
The stock market. that part of it which
touches properties of any defnable value seems
TO have set its pace for October, which is not
weak but a waiting one. Apparently the tenn
per is to hold securities without much change
for the time until the elections and
more is known of the outcome Of settlements
with Spain. Undeniaby the feeling that fur
Their hostilities may he necessary has caused
some hesitation. notwithstanding the excellent
repor.s OF railway earnings. There are also
some who fear that the popular decisions may
revive uncertainties about the money question
Meanwhile. the other end Of the market, which
deals with stocks that are mere counters In the
betting game. Is active with wide FLUCTUATIONS
Sixty railroad stocks average only ~ cents
per share lower for the week. and the sales
Of the six most active reached only 4SO,ooo
shares. and over one hundred more recorded
sales Of only All 165 shares. But three trust
stocks reported sales OF $4,000. Tobacco and
Gas rising. while Sugar fell and three street
railroad stocks reported sales Of 81 200 shares,
all advancing.
There Is nothing In the state Of business to
cause alarm. The unprecedented exports last
year were reduced about ii per cent for the
latest week while the abnormally small imports
=
but with the same changes continued through
the month and at all ports the excess or exports
over imports would still be more than S3J,VOo'-
900 Attention IS called to one interesting feat
ure. an actual shipment OF American silks to
Lyons and the explanation that the sending or
sample pieces thlther only to let foreign
manufacturers know what excellence Of produc-
ton and dyeing they have TO compete with here
does not make the operation less interesting.
Scarcity and high rates Of ocean freights have
intcrfercd somewhat with exports o, iron and its
products though some large contracts for future
delivery arc in the market. ircluding one for
the long Coolgarde line Of riveted pipe In Aus
tralia which n PlttsburS concern Is expected 10
secure.
Tho wheat movement continues to run ahead
of last years and also corn exports for the last
week From both coasts, flour Included the
wheat exports for the first fourteen weeks OF the
crop year have been 503OOWO bushels. against
Sc 200 600 last year, while Western receipts are
NOW only 100000 bushels behind last years
having reached last week the enormous
aggregate Of 1OJOOOO0 against o.Soo,o0 last
wear, In spite OF general complaint at the
We, that refusal of farmers to sell at present
,r;ces has caused much hndrance Of collec-
,iore The corn exports were 100000 bushels
i,reer last week than I'm the same week last
,aar and for the crop year have been only
q 500 600 bushels smaller. which does not meet
current expectations as to the decline IN th''
movement Nor has the price weakened pu'
slightly improved during the last week while
wheat has advanced 1l2 cents Tor Dece''pe''
without change in the spot price.
There is nothing surprising nor particularly
SIGNIFICANT in the recovery Of cotton to 54i cents
faI In he
of October ljS .Gi bales came into sight. against
400 900 the same week last year ard the taklngS
If Northern spinners were HOO bales, against
Is 500 last year. while the exports were 2oo,ioo
bales. against 30. S07 for the same week last
wear Thus nothing in the returns encourages
an advance in price. and the manufacturing
business met narrower demand on the whole
with print cloths a sixteenth lower and with oc-
casonal declines OF an eighth of IA cent I'm brown
shectings and drills. In the wooen manufact-
IRE the effect of the failure Of the Sawyer and
Plymouth mills and of the Tradesmens Bank
was perceptby felt although less than was at
first expected. The recorder business is disap-
pointing and prices OF wool, which averaged
about two cents lower on october | than on Feb
ruary l. have not been strengthened by develop
nents since the month opened
The iron and steel manufacture continues TO
meet such heavy demands for finished prod
ucts that prices OF pig and blllets are closely
maintained, Notwithstanding the enormous out
put Of the furnaces. 1t is noticed that little
Bessemer pig is still offered at Pittsburg slightly
below the price named by the Bessemcr Assocll-
tlon and selling agency there is now proposed;
but at the East prices are steady without
change and at Chicago a better demand Is noted
for local and for Southern pig especially for soft
IRON The plate and structural work offered 10
the mills Is so large that. as in the production of
rails the mills are much behind with their de-
lvcries and the bar mills also have about all
thev cnn do purchases of 300 ears by the
PENNSYLVANIA and 1000 by the Chicago and
Northwestern helping somewhat. The tnpatc
manufacturers are expecting 10 complete a con-
solidation before long to which 1t IL said that
| owners Of three hundred mills have already
agreed but unexpected delays occur, and mean
while sales against the November and December
output are being made without change IN
prices \ complete statement OF the tinplatc
production shows that IL now exceeds IO.Vb0o)
pounds yearly. fairly equaling the full consurnp-
ton OF the country before the panic.
The volume Of business shown through clear