Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1898-10-29
s'asIp kennebee Journal
ouk'S WEEKLY TRADE REVIEW.
Foreign Affairs Have Had Large influence
for the Past Week.

New York, Oct. 2S.-R. G. Dun e.
60 s. weekly review of trade, tomorrow
! VII say: business has been more af
tected by foreign affairs than MANY
teaiiNs. London's apprehension of war
hiSt caused advance in wheat and
ieafs OF monetary pressure here Then
came confidence in London, with a
! hisht Oh FRENCH money across the
/ ehannel, and stock markets here adj
| Vanced While wheat fell. Mobs in Par
| Is old not mean to influence American
interests from New York to san Fran
CISCO put electric Wires have made the
| world smaller So the wires moved a.
| cargo OF wheat from the Pacific coast,
started S2,500,000 more gold from Aus
tTalia to this country on London ac-
count and the selling of American Sc
curities one day and buying the next
With Western receipts for the week
9,J55,205 bushels against $3.50, 4S7, last
year, nobody can pretend that holding
of stocks by Western farmers is an i'm
portant factor. The Atlantic exports,
-four included, amount to $3,796, $50
| bushels against3, S64, 64S, last year, and
Pacific exports S25994 bushels, against
l,326SGS last year making 1861, 1868
| SAT, last year. when the foreign demand
1 was far beyond all precedent. Corn
refused to follow wheat, but slightly
! advanced.
Cotton rose to 1-2 cents, last week,
| but has fallen to 3-S in spite of heavy
| frosts in part of the growing region.
This expresses strongly the belief that
no curtaiment of yield is possible that
= ~
closing of Eastern mills one month in
three, and the reduction of consump-
ton abroad, for European mills, as
| well as those of this country, have sur
| plus stocks produced from the high
priced cotton of last year which they
cannot profitably market. There has
been some closing of mills at the
South and also some reduction of wag-
es. The frosts seem not to have dam
aged the crop appreciably, but yield
much smaller than has been expected
will exceed, with old stocks, the guam
tity the world can consume.
Wool dealers have reached the con-
clusicn that, with the heavy stocks on
hand, it is no longer a question of pro-
fit but of avoiding losses, and conces-
sions have brought a big increase in
sales for the week, though for weeks
the aggregate has been only IA, S9S, 500
pounds against 36.394,99S, last week, 2S,-
500 100 in 1896, and 26,53S,5O3 in 1872.
Little more than a year ago the WOOL
speculation reached its climax, and
prices and sales decreased. NOW ONO
holders are asking 2 to 8 cents less
than month ago, having 20 per cent.
| of fine and 40 per cent. OF medlutn
wool vet on hand, while 10000 bales of
wool are offered to foreign bidders VINO
may decide to export It, Colder
weather has made somewhat more de-
mand for goods yet not enough to
change the situation materially.
When the Brockton strike against
free instruction of new hands by ma
! chime companies began, it was suppos-
on New England works generally would
he brought in The increase OF Il per
cent in the Massachusetts production
of shoes against Sc per cent. IN other
states. from 1880 to 1890, shows how
mich such operations have resulted
and since 1890 Massachusetts snip
,nants have increased only 20 per cent.
vbe shjnrnents have been only 343,el4
cases against 32S, 157, last year, about
the same in 1896, and 30o,260 in 1872, Tor
the month of October, but buyers fof
spring still hold off, ,
THE iron manufacturers has sun d
rood demand, but the makers are oe
dnnressi,7g prices by bidding against
each other. although the average OIL al
nJotations the decline has been Tess
Inn, - of 1 per cent. from the high
est point.A -, oec
Fai;urek for the week have been 2zt
!, tbe ITnited States, against 219. last
var and "a in Canada against 20,
last year.