The times., 1898-10-08

though there was much weakness in the
common stock yesterday IL is probably
too early as yet to get at the truth. One
news agency states that there was large
selling OF stock by the friends OF one OF
the two yesterday and that this looks
very much as If there We're a bad split.
The selling by the general public. how
ever, is undoubtedly nearly all sentimen-
tai partly because il is feared that the
difference may interrupt the harmonious
relations now existing between the trans
continental lines. London was seller of
the stock yesterday which would seem TO
indicate that the story has reached the
other side. Another matter that may be
having its effect on the common stock is
a belief that is gaining ground that there
will be no dividend on the stock The
regular dividend on the preferred was de-
clared yesterday 1t seems certain that
the dividend on the common will at least
not be considered before January.
AtchisOn officials state that no rate war
is expected as a result of the Burlington
using half fare rates between Omaha and
Colorado points. The Atchison has put in
similar rates between Kansas City and
Colorado points. 1t is merely an equaliza-
ton of rates and il IS not expected that
any serious rate disturbance will result.
1t IS rumoTed that at the coming annual
meeting of the Chicago. Burlington and
Quincy Railroad Company some radical
changes viii be made in the directory Of
the corporation. The most important of
these, il is said will be the resignation of
President Perkins. who has been the
roads chief executive since ISL
Business in the outside security market
Na.-.
Steel securities. Larger sales of the com
mon were made at from % Is TO 29 1-2. and
of the preferred at ii.
The statement is made by officials Of
the st. Paul that it is almost impossible
TO do the business thatis coming forward
from all directions. The increases in
earnings on all the granger roads contin-
ue. During the last few days the in
creases have ranged from S1.G0o to Sl4 Coo.
and this although the comparison is with
the very large earnings of the roads last
year "a this time In the end such pros
perity can have but one result, the push
ing up Of prices on the grangers.
New York. Oct 7-Dun's weekly review
Of trade will say tomorrow:
The final returns of failures for the
third quarter of 1898 considerably exceed
last weeks estimate, numbering in all
2,556 with liabilities of SS2. COS. .2f4 and of
commercial failures only 2,5iO, with LA
bilities of S25.1G.77S. Comparisons given
today show that the failures have been
smaller than in any other quarter since
1882 both in amount, in average per fail
ure and in defaults per firm in business.
The ratio of defaulted liabilities to solvent
payments through clearing houses was
only SL56 per S1,09o. excepting in 1892 the
smallest ratio since 1882. when the modes
of reporting were essentially different
But for few real estate failures in Ala
bama and Chicago the comparison would
have been far more favorable
The last quarter of 1895 begins with
sensational troubles in wool the Trades
mems National Bank having failed with
large reported loans to wool warehouses.
while the Wool Exchange has stopped
sales and the Wool Record has stopped
publication. and the same week witnessed
the failure of the Sawyer Mills and the
Plymouth Mills.
THE cotton industry shows better con-
ditions in spite of the fall of cotton to
the lowest quotation ever known. and
there is larger demand for most staple
goods. The boot and shoe industry moves
on quite regardless of the high quotations
for leather and hides, though leather
quotations have been somewhat reduced
larger than ever before for the week, not
withstanding considerable advance in
prices of hides at Chicago.
''The iron industry still gains so rapid
ly that an unhealthy boom would seem to
be in progress, but for the peculiar condi-
tions. In spite of the combinat tion of
Valley producers, who now propose
joint selling agency at Pittsburg. sales
run a little below their fixed figure-s1o.4 40
being quoted at Pittsburg and 1926 for
gray forge, while Southern and local iron
are steady at Chicago, and anthracite is
now stronger at Philadelphia. But the
consuming demand is remarkably heavy
Wheat has been declining little, with
foreign reports more favorable as to Eu-
ropean crops, and yet the actual ship
ments have been 3,5S6 947 bushels, flour in
cluded, for the week against 4,i6S954
bushels for the corresponding week last
year. All reports still indicate that far
mers are quite generally holding back
their crop in the hope of higher prices,
and collections at the West are almost
everywhere retarded on that account, and
yet the Western receipts amount to 10-
5S9. .359 bushels, against S,S10,720 for the
same week last year. Nor is the corn
crop any obstruction. for while 2,531 0O2
bushels were exported during the week
against !. $50, ,067 last year, the movement
does not indicate large supplies in the in
terror. But nobody can tell as yet how
much grain Europe will require during
the coming year. With stocks of Tobacco
Trust falling over 20 last week, ii is not
surprising that there is some weakness in