The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-08-28
y1x1raA1 AVID ooMmERcAL
SATURDAY. Aue. "a.

exchange. Inc volume OF business, rs lnuicnte
b. bank settlements at tho principal clcarin
houses throughout the country, is nearly 20
percent. larger than for the corresponding wee
Of last year and nearly "a per cent. larger thu
In 1892. which year was distinguished on aC
oount Of the largest business and greatest pros
perity In tho commercial history Of the countrl
While q part OF this increase resulted from IN
usual speculative activity on tho Stock Ell
change, the figures in detail show tina
the greater part Of II was due TO legit
innate transactions at other centres. Sim
liar evidence OF tho tendency Of business |
furnished by The iron industry. the conditiot
Of which has Cor many years been regarded a
an almost infalllble index as TO the tendency Q
trade and prices. Tho demand for both mig an,
manufactured iron has resulted in a furthe
advance In prices. although the production
n unusually large. The indications are tina
the production and manufacturing o
iron throughout tho United States will
be materially affected by the virtual con
eolidation this week OF the Minnesota Iron ant
the Illinois Steel companies and the acuuisi
tion by tho combination OF a large manu-
featuring plant in Ohio. This concentra
ton OF capital and resources means. o.
course. important economies in the cost o.
production. which Is certain to be felt by com
petitors. and may logically result in a further
concentration Of the business.
A decline OF about 3 cents q bushel In the
price Of wheat this week has been regarded in
some quarters as n permanently unfavor-
able development. 1t is possible. how
ever. that this decline has been brought
about 10 an extont by speculative opera
tons based upon statistics indicating a large
crop, and Is MISC due in part to the bearish
sentiment created by the collapse OF the
last wild effort to virtually control the
price of wheat. Tho fact seems to be
overlooked that there is still q good
foreign demand for breadstufTs. and trust
worthy European adviccs indicate that 1t is
likely to become more brisk in the near
future. The shortage OF the Russian wheat
crop is so great that famine is predicted
in o number OF districts and already
subscriptions are being solicited for the relief
of destitute localities II is doubtless true that
che low price Of wheat as compared with the
ruling figures OF n year ago may in
duce many Western producers to hold
back their marketable surplus. Still. pres
ent prices, are better than the average of
recent years, and enough wheat Is now COM
ing forward to satisfy the desires Of the
traffic managers of the Western trunk
lines. Those officials have. come to the con-
cfusion that the movement Of the wheat crop
70 market will be more gradual than last year.
and they can. therefore,. handle it more advan-
taReously, particularly rs the return movement
OF merchandise is somewhat larger than q year
ago. The result will be a more uniform traffic
movement and n steady and substantial i'm
provement in earnings.
Perhaps the most interesting contribution to
the fund Of information regarding the tendency
OF the business of the country is furnished by
the Financial Chronicle in its compilation OF
railway traffic returns for the first six months
the calendar year. These figures show that
the gross earnings of nearly $4,000 miles OF
road for the six months ending June
were over S51. 900. 1000. or 11.73 y
sent. larger than for the corresponding
period of last year. Nearly one-third OF this
AMOUNT was secured in net earnings. the in
,rease in net being over seventeen and three |
quarters millions, or IA. 1S q cent. The greatest
Improvement was enjoyed by tho transconti-
mental roads in spite ofthe reduction in rates re-
Iulting from competition for so-called Klondike
business. Tho increase in the gross earnings
OF that group Of roads was over % y cent. and
In net nearly Al y cent. The Southwestern
roads show gains second only to those recorded
'or the so-called Pacific coast lines, the in |
crease in net being over 80 u cent. The East |
ern trunk l%ines-that is. the main arteries
the Atlantic coast and Chicago and st. |
Louis. show an increase In net earnings OF only
q cent. owing to the Generalization In |
rates. Even this comparatively small increase |
would not have been shown but for the unusual
returns OF the Baltimore and Ohio system.
Other circumstances that have helped to sus- |
and stimulate the market for securities
Are the ease of the money market and the
declining tendency OF foreign exchange. The
demand for investment securities has also been
influenced by the termination OF the war.
which means that there will be no further
ssues OF Government bonds. Europe. after
'elling securities practically ever since the
present upward movement began. has dur
the last few days become a buyer.
According to public cables the bulk OF the de-
nand for American securities comes from the
As soon as peace negotiations
with Spain are concluded an active
with our new possessions may be
as certain. Large shipments
of provisions and other merchandise have al
ready been made to Cuba and Porto Rico, and
certain products Of those islands that have
been held back are beginning to come to mar
ket. Incidental to the revival OF trade rela-
lions with tho more important Of the West
indies nearly S1.500.000 in gold has been
shipped from Europe to Havana ard other
ports.
The transactions In stocks this week have
over 100000 shares q day. and 1888
issues have been dealt in. In bonds the
dealings have been over $3,5O0.0OO par
value n day, and the number OF issues
hat received attention was 2l5. These
figures tell plainly OF the breadth and activity
of the market. The trading to-day was
IN a fairly large scale. but proAt-taking
It the end OF the week and a yigor-
nus attack upon prices by n portion OF
he professional element resulted In lower
prices for the greater part of the list. Sugar
which was dealt in more extensively
han any other stock. closed ~ a cent.
over than yesterday. On the other hand,
Union Pacific common. which was very
learly as active as Sugar Refining. enjoyed
net gain of nearly 2 points. A net decline Of
= y cent. in Peoples Gus was the only other
noteworthy net fiuctuation. The weekly
OF averages OF the Associated
shows u loss in lawful money,
III OF 1t in specie. and presumably to the
'ub-Treasury on account OF payment for bonds,
Z nearly So, 100000. The loans have been in
reased materially partly for the same rea-
on and also incidental to the increas-
annnnlotiAn In utanI,a NH