The record-union., 1898-10-29

Business failures for the week num-
Der 2l9, as compared with 213 last
week; 21S in this week a year age, 246
in 1896, 299 in 1895 and 253 in 1894.
business failures in the Dominion Of
Canada this week number 23 as against
a last week, % in this week a year
ago, 81 in 1896, 40 in 1895 and 46 in
1894.
NEW YORK, Oct. 2S.-R. G. Dun &
Co.'S Weekly Review of Trade" will
say tomorrow:
Business has been more affected by
foreign affairs than many realize.
London's apprehension of war first
caused an advance in wheat and fears
OF monetary pressure here. Then came
confidence in London, with flight Of
French money across the channel, and
stock markets advanced, while wheat
fell. Mobs in Paris did not mean to
influence American interests from
New York to San Francisco, but elec-
trio wires have made the world small.
The wires moved cargo Of wheat
from the Pacific Coast, started $780,
OO0 more gold from Australia to this
country on London account, and the
selling of American securities one day
anu buying the next.
There has been no domestic change
of much Importance, and the rise in
prices of Western railroad stocks in
dicate that the Supreme Courts decis-
ion against the Trunk Line Association
is considered helpful to railroads.
Wheat rose cents from Friday to
Monday, and then fell 411a cents on
Friday. But such changes do not rep
resent actual conditions. and with re-
ceipts for the week $685. ,2O5 bushels,
against 6,996,5S last year, nobody can
pretend that holding of stocks by
Western farmers is an important fac
tor. The Atlantic exports (four in
cluded) amount to 3,196,S3O bushels,
against 1854 649 last year, and Pacific
exports S25, ,994 bushels, against $780,
sos last year, making 16,607 1862 BUSH
els in four weeks, against 19,41S,O47
last year. when the foreign demand
was far beyond all precedent. In four
weeks the Western receipts have been
over 40, 150,699 bushels, against 3d.
723, ,2SS last year, and yet prices are
% cents lower. This clearly indicates
much larger supplies and greater read
mess to part with them than was seen
a year ago, when nobody doubted the
l1lluQG VI lllC 1OlClS1 oSAAAeAAAN'' ONN-
refused to follow wheat, but slightly
advanced.
Cotton rose to 511a cents last week,
but has fallen to 5ss cents, in spite of
heavy frosts in parts Of the growing
region. This expresses strongly the
belief that non-curtailment of yield is
possible that will affect the surplus
more than the closing of Eastern mills
;,, on6 the rpd1ctlO0
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 proftably market.
Wool dealers have reached the con-
clusion that, with the heavy stocks on
hand. it is no lnger a question OF
profit but of avoiding losses. The con-
cessions have brought a big increase
in sales for the week, though for TOUR
weeks the aggregate has been only H.
sos. 900 pounds, against 36,394, ,09S last
wear. 2S. 800. 100 in 1896 and 70, ,ooS,oUo
in 1899. Ohio holders are asking to
3 cents less than a month ago, having
rs per cent. Of fine and 40 per cent. or
medium wool yet on hand, while lU4,-
0OO bales of wool are offered to foreign
bidders who may decide to export It.
Colder weather has made somewhat
more demand for goods, md yet not
enough to change the situation mate
rally. The cotton manufacturer mas
still a good demand, late as 1t IS, put
the makers are depressing prices by
bidding against each other, although In
the average of all quotations the de-
cline has been less than half of per
cent from the highest point.
But the wire-nail manufacturers
have reduced prices 5 per cent, and
the rail manufacturers, according to
current reports, have decided not to
advance prices. and there is a prospect
that the heavy demand for products
will 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 70 last
year.