The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1898-10-15
While There Are Many Complaints
Of Smaller Profits,
There Cannot be Said to be Any DIminu-
ton in Amount Of Business.
In Almost Every Branch Trade is
Now Conducted ON a Narrower
Margin Of Profits-Wheat Bust
ness More Active and at Adj
vanced Quotations.

NEW YORK, Oct 14-R. g. Dun &
Co.'S Weekly Review OF Trade" will
tomorrow say:
With actual payments through clear
lighthouses one-half per cent smaller
than in the same week of 1892, it can
not be said that business IS in any sense
falling off, and yet many are complain
ing because the amount realized as
profit is smaller than was formerly
realized in good times. In almost ev-
cry branch of business trade is now
transacted on a narrower margin of
profit than in any other time of fair
prosperity. There is a great change,
and perhaps a permanent one, IN the
percentage of profits derivable from the
trade and manufacturer, as we'll as the
profits obtainable by transpcrters.
Progressive civilization calls for a
lower range Of profits and of prices as
the volume of business transacted in
creases, in order to make possible i'm
provement in the condition of the work
ing millions.
Wheat business is more active, with
prices about cents higher for spot and
nearly 3 cents, for Decemoar options.
Very heavy purchases have been made
within the past few days, not as yet
reflected in the official records of ship
ments, but the exports from both
coasts, flour included, have been 4 ,101, =
TO bushels, against 4,SS6,015 COR the
same week last year. l. is especially
interesting that in spite OF the general
disposition of farmers to hold back
their wheat, the Western receipts have
been for the week. larger than last yea,
and for two weeks 20.790, 435 bushels,
against 16, SOC, 554 last year. While at
tention is now paid to the official re-
ports, they seem to foreshadow a larger
net return for the crop than has been
made in any previous year The price
of corn has advanced about :, cents,
though the, receipts are just now larger
than year ago.
The price of spot cotton is a sixteenth
lower than week ago, and the Janu-
airy option has also lost a few points,
while there is a weaker market for
goods. This is partly due to the official
admission that the prices of print
cloths, now a sixteenth below cents,
cannot be sustained withocr a selling
agency, which is now proposed. AL
though the production at Fall River
is in excess of demand, the difficulty
in prices is probably largely due to the
belief that a big yield of cotton must
reduce the price of the material. While
some wooden mills have started opera
ton during the week, quite as many
have stopped. Although wool is about
10 per cent. lower than i was Febru-
airy 1st, the manufacturers are not buy
ing, and the market is remarka bly
dull, with sales during the past two
weeks of only CTS, 700 pounds at the
three chief markets. The general ieel-
ing is that the price of the material
must decline before the manufacturer
can much increase its sales. Orders fer
goods have been little better, and a
few mills have resumed operation, but
there is as yet no such demand as is
necessary to sustain current prices of
wool
Failures for the week, were 205 in the
United States, against 223 last year,
and % in Canada, against 36 last year.
NEW YORK, Oct. 14.-Bradstreet 5
tomorrow will say:
While the advent of cooler weather
in most sections of the country has I'M
doubtedly been instrumental in causing
the Improvement in the tone of the dis
tributive trade, perceptib,a at most
markets this week, beneficial effect
upon general business, and particularly
upon agricultural products, the reported
improved demand abroad for our staple
cereals should not be lost sight Of. At
most Western centers an Improvement
in the retail and jobbing trade in sea-
sonable dry goods, clothing and shoes
is reported, and more seasonable
weather at the South is responsible for
some relaxation of the absurd uuaran-
tines which havel done so much to Grip
pie trade in that section. Particularly
prominent in this connection is the
loosening of the guarantees in the
lower Mississippi valley, where it be-
gins at last apparently to be appreciat-
ed that the guarantees are worse than
the disease they aim to fight
Good export demand in general Euro
pean account, smaller shipments from
Russian and Danubian ports. less IA
vorable reports regarding Russian and
Australian crops, and an undoubtedly
active home demand for wheat for mill
ing, superinduced by the active foreign
call lOT hour, nave all worked to
strengthen the price of wheat this
week and sympathetic reflection is
found in the improved call for other
cereals at slightly better prices.
Another favorable feature IN ehe for
eign trade situation, too, has been the
satisfactory progress max
ing in developing the trade with our
new possessions in the Atlantic and IA
cific recently in New York, and heavy
to Manila and other Pacific
Ocean points, with the reported start
ing of new lines of steamships to Homo
lulu and Australia, all bear testimony
to the energetic efforts of American
business men to build up our trade
abroad.
Railroad earnings and bank clearings
continue to furnish favorable measures
of current business. The leather, stu
alton has attracted more attention this
week because of the reported intention
to shut down large numbers OF tanner
les in an effort to affect the prices
which are now said to be relatively
higher than the finished production.
Iron trade reports are a repetition of
recent weeks, new business being of
moderate proportions, but mills and