The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-10-29
WAR CLOUD AFFECTS TRADE.
AN ADVANCE AND 4 DECLINE IN
PRICE OF WHEAT.

Supreme Courts Decision Causes
western Railroad Stocks TO Rise
In Price and Is Considered Helpful
to RaiIrOadS-Cotton Declines Not
withdrawing Frosts In the south
The Years Weld and Surplus More
Than the worlds Estimated Con-
sumption Demand for Iron SuI
Good
New York, Oct 2S-R. G. Dun & Co S
weekly review of trade viii say to-mor-
row:
Business has been more affected by
foreign affairs than many realize. Lon
don's apprehension Of war first caused ad-
vance in wheat and fears of monetary
pressure here. Then came confidence in
London, with a flight of French money
across the channel and stock markets adj
vanced while wheat fell
~Ndobs In Paris did not mean 10 influence
American interests from New York 10
San Francisco. but electric wires have
made the world small So the wires moved
a cargo of wheat from the Pacific coast,
started 100000 more gold from Austria
liza 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 decision against the
trunk line association is considered help
ful to railroads.
Wheat rose cents from Friday 10
Monday, and then fell AZ to Friday. But
such changes do not represent actual con
ditions, and with Western receipts for the
week 9,55S, 205 bushels, against 6, 996, lS7 last
year, nobody can pretend that holding of
stocks by Western farmers is an impor-
tant factor. The Atlantic exports, -four
included, amount to 3796,S30 bushels.
against 3,S64649 last year, and Pacific ex-
ports S25,994 bushels, against 1926, 800 last
year making l6,607326 bushels in four
weeks, against 194lSS47 last year, when
the foreign demand was far beyond all
precedent In four weeks the Western re-
ceipts have been over 40,150699, against
30, 12S, 2SS last year, and yet prices are 25
cents lower. This clearly indicates much
larger supplies and greater readiness to
part with them than was seen a year ago.
Wien nObO1S uOuDltu the magnitude OIL
the foreign demand.
Corn refused to follow wheat, but
slightly advanced.
Cotton rose to 81 cents 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 a nom
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 produced
from the high priced cotton of last year.
which they cannot probably market.
There has been some closing of mills in
the South, and also some reduction of
wages. The frosts seem not to have dam
aged the crop appreciably, but a yield
much smaller than has been expected will
exceed, with old stocks, the quantity the
world can consume
wool dealers have reached the conclu-
sion that, with the heavy stocks on hand,
IL is no longer a question of profit, but of
avoiding losses and concessions, have
brought a big increase in sales for the
week, though for four weeks the aggre-
gate has only been 1885, 800 pounds,
against Sc 1884 09S last year, Is, 800 100 in 1896
and 26,53S SOB in 1892.
1.-THE iron manufacture has a good de-
mand late as il is, but the makers are
depressing prices by bidding against each
other, although in the average of all quo
tations the decline has been less than half
of per cent from the highest point. But
the wire nail manufacturers have reduced
prices per cent, and the rail manufac-
turers, according to current reports, have
decided not TO advance prices, and there
is a prospect that heavy demand for
products viii be further encouraged by the
later quotations.
Failures for the week have been 226 In
the United States, against 219 last year,
and "a in Canada, against % last year"