The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-10-29
THE SUPREME COURT
DECISION CONSIDERED HELP.
Full TO RAILROADS.
RISE IN RATES ON WESTERN LINES
European and American Mills have on Hand
Surplus of Last Years Cotton They
Cannot prcftabIy Market. Too
Much New Cotton,
Much New Cotton.

New York, Oct. 2S.-Tt. G. Dunn and
Company's Weekly Review of Trade
will say tomorrow:
Business has been more affected by
foreign affairs than many realize. Lon
don's apprehension of war first caused
advance in wheat and fears of monetary
pressure here. Then came confidence
in London, with Il flight of French
money across the channel, and stock
markets advanced while wheat fell.
Mobs in Paris did not mean to influence
American interest from New York to
San Francisco, but electric wires have
made the world small. SO the wires
moved u cargo of wheat from the Pa
cific coast, started $2,5000000 more
gold from Australia to this country On
London account, and the selling of
American securities one day and buying
the next. There has been no domestic
change of much Importance, and the
rise in prices of Western railroad stocks
indicates that the Supreme Court deci-
sion against the Trunk Line Association
is considered helpful to railroads.
Wheat rose three cents from Friday
to Monday, and then fell 412c. to Friday.
But such changes do not represent actual
conditions, and with Western receipts
for the week 9.55S, 205 bushels against
6,996,4S7 last year, nobody can pretend
that holding of stocks by Western farm
ers is an important factor. The Atlantic
exports. flour included, amount to g..
19G,S30 bushels against 1864. $40 last
year, and Pacific exports S25,994 bush
els against I.326.S0S bushels last year,
making 16607 1916 bushels in four weeks
against 1941S.S37 last year. when the
foreign demand was far beyond all pre-
cedent. In four weeks the Western
receipts have been over 40.150,699 bush
els against 80, 723, 2SS last year, and yet
prices are % cents lower This clear
ly indicates much larger supplies and
greater readiness to part with them than
was seen year ago, when nobody doubt
ed the magnitude of the foreign demand.
Corn refused to follow wheat but
slightly advanced.
Cotton rose to Size last week. but has
fallen TO 53sc. in spite of heavy frosts
in part of the growing region. This ex-
presses strongly the belief that non
curtailment of yield is possible and will
effect the surplus. more than the closing
of Eastern mills one month in three, and
the reduction of consumption abroad.
For European mills, as well as those OF
this country. have surplus stocks pro-
duced from the high priced cotton of last
year which they cannot profitably mar
ket There has been some closing OF
mills in the South, and also some reduc-
ton of wages. The frosts seem not to
have damaged the crop appreciably, but
a yield much smaller than has been ex-
pected will exceed with old stocks, the
quantity the world can consume.
Wool dealers have reached the con-
clusion, with the heavy stocks on hand,
it is no longer a question of profit but
o. avoiding losses, and concessions have
brought a big increase in sales for the
week, though for four weeks the aggre
gate has only been 14,S9S,900 pounds,
against 36,394 .09S last year. $500 100
in 1896 and 26,53S S03 in 1892
The iron manufacture has still good
demand, late as it is. but the makers
are depressing prices by bidding against
each other, although in the average of
all quotations the decline has been less
than half Of one per cent from the high
est point But the wire nail manufac-
turerers have reduced prices per cent,
and the rail manufacturers, according TO