New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-24
NONEY AND 81 SINESS.

60 Con Francisco on the 10Th. exports OF mer-
chapdise larger than last year. stocks rislhs I'LL
spite Of European selling-these are conditions
u.hich nether denote nor foreshadow adversely.
They do not take into account possible disturb
ances OF a political origin and in spite of much
talk and some betting in Wall Street about the
election II is not yet clear that men or DUST
ness have been led TO believe that any adverse
result is probable. II many Of them really
thought it much in doubt whether a sound
money Congress would he elected the tone OF
the market would not be what 1t is now
Reported sales Of stocks foreign account
last week were quite large. and in so mario" II
teapot not much was needed to create tenn
pest but stocks rose. railroads an average vi
G3 cents and trusts ~ cents per share. although
sales were barely 1,oS2,0c0 shares for the entire
week. about $4,000 being Of Sugar and To-
bacco stocks, 10000 Of two street raiIroad
stocks. only 275.00O Of the seven other stocks
most largely handled and 316,on OF all the
rest. Nobody can imagine that such mar
ket renresents investors. or the operations or
strong and able spectators. But even in
market so dull considerable selling caused by
foreign political apprehensions produced no de-
cline one reason being that railroad earnings
continue highly satisfactory. Those returned
fo~ October thus far within the United States.
exclusive of the heavy gains on Canadian and
Mexican roads. exceed those Of the same roads
last wear by 81 per cent and those Of 1S.'2 by
10 ner cent While eastbOund tonnage is
moving more largely than a year ago. 1t is de-
cidedlv smaller than In 1892 though the west
hound movement is about the largest ever
known
After all the reports OF storms and destruction
of grain at the West the strength of prices
NAV as well be attributed entirely to the heavy
buying for export which is still Crowding close
or the heels OF last years unprecedented move
ment The exports Of wheat in three months, in
spite OF the shortage In September, amounted.
with -four. to 40. 1886 bushels. against 49.I4I.-
254 last year. and the last three weeks have
raised the quantity exported from both coasts to
81 iS5 800 including -four. against 6GOi4 'So las
year. But it is the remarkably heavy foreign
buying recently visible. even more than the
actual exports yet that strengthens prices,
raising the price for No. red TO u cents.
against 1871 a week ago and advancing the
December price AZ cents. With all that is said
OF injury to the grain and Of farmers holding
back for higher prices, the Produce Exchange
returns show that during the month ending
October II Western receipts were 3S,90,OOO
bushels, against 80 $4,000 last year, and o.
$4,000 in 1896 The exports of corn have
fallen below last years until this month. but in
three weeks of October have been S,ij0,l93
bushels, against 5.511.3 1863 last year and the
price has advanced 80 cents for December
Cotton has risen eighth for the week 20
80 cents, In spite OF remarkably heavy re-
ceipts, in three weeks OF October 1,5il,Jo0 bales
| coming into sight. against 1,3Oj,j39 last year.
So large an excess over the movement from
rrofItr
tend TO depress prices. but the recent cold
weather. with frost In some localities. has made
many realize that a considerable part Of the
| expected heavy crop still depends upon con-
| tinuance Of favoring weather TO a rather late
| date. as the croD was late II does not appear
| mat any serious damage has yet been done
| The agreement OF many New England mills TO
close for one month in three in order to relieve
| the market IL eminently reasonable though ii
| might have been more wholesome IL the stop
page had begun some months ago. and there
| is even a doubt how far such agreement
can be carried out according TO the Intention
| The undertaking to send all the surplus
stocks" of certain sizes to selling trustees leaves
some room for difficulty. but none which can
| not be overcome by efforts In good faith
| Buying Of iron products has been hindered
| in some branches by expectations Of important
changes in combinations recently formed or
| about to form but there has been surprisingly
| little change in prices for several weeks past.
| possibly indicating that supply and consumption
! have nearly reached level Before winter sets
| in there are usually heavy orders to place for
| that seasons work, and many are already pend
ing, while the large orders placed OF late
| have supplied most immediate requirements
and nevertheless. the new business even now is
| i,pnp har N ed psk
| Government contracts FOR 2J,OO0 tons ship
| plates although the Coogardie pipe con-
| tract. for about as much, was not yet
| placed as was reported. There is rather less
| doing in bars since the rupture OF the hoop
| combination and nails appear TO be more slug
esh since the last advance in price, but in
structural work and rails the mills all
crowded. and il Is expected that agreement Will
| presently raise prices Of rails TO some extent.
Meanwhile II IL calculated that the new rail-
roads already completed in nine months Of this
! ycar-twenty- 1.-TWO hundred miles. according TO
The Railway Age"-will increase the demand
for many products, and that there Will be re-
qured before the end OF the year seventy-six
! hundred freight cars AMI ninety-sx locomotives.
The shipments OF boots and shoes from the
East continue to exceed those Of any past year
for October thus far. and 1t Is stated that a
somewhat better grade Of goods is being called
! for than in recent years. Nevertheless. the in
disposition Of jobbers to buy largely until the
question Of prices is more definitely settled does
not disappear, and purchases are still mainly
for immediate needs. Hides at Chicago We're
| rather generally II little weaker. the time Is
near when larger supplies expected. In the
| woollens business colder weather has brought
more activity than has been for some
months past. although considerable machinery
is idle yet. The sales OF wool at the three
chief Eastern markets have in three weeks Of
October been only about n third Of last years
and about half those OF the same week In 1896