The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-10-29
Business Much Affected BY Foreign
Affairs.
LONDON A HEAVY SELLER
MATERIAL RISE IN WESTERN
RAILROADS.
London's Apprehension of War
Caused Advance In Wheat-Lar-
ger Supplies and Readiness to
Part with Them-The Industrial
Stocks Strong.

New York. Oct 2S.-R. G. Dun & Co. s
weekly review of trade will say tomor-
row: Business has been more affected by
foreign affairs than many realize Lon
don'S apprehension of war first caused
advance 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 ad-
Vanced while wheat fell. Mobs in Paris
did not mean to influence American in
tersSts from New York 10 San Francisco,
but electric wires have made the WORK
small So the wires moved cargo OF
wheat from the Pacific Coast, started 81
10000 more gold from Australia 10 this
country on London account and the sell
inc 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 indicate that the supreme court
decision against the trunk line associa-
ton is considered helpful to railroads
Wheat rose 3 cents from Friday to Mon
day and then fell 41sc to Friday. But
such changes do not represent actual
conditions, and with western receipts for
the week 9,55S. 205 bushels against 1896 49,
last year, nobody can pretend that hold
ing of stocks by western farmers is an
important factor. The Atlantic exports,
flour included, amount 10 1886. $50 bushels,
against 1854. 64S last year, and Pacific eX-
ports S2599i bushels, against 1925, sos last
year, making 16,6V7,S 1862 bushels in four
weeks, against 19,4lS,047 last year when
the foreign demand was far beyond all
precedent In four weeks the western
receipts have been over 40. 100, 500 bushels.
are &c lower. This clearly indicates
muah larger supplies and greater readi-
ness to part with them than was seen a
year ago, when nobody doubted the
magnitude of the foreign demand
Corn refused to follow wheat, but slight
ly advanced.
Cotton rose to SIC last week, but has
fallen to "a in spite of heavy frosts in
arr of ho inc y
presses strongly the belief that nom
curtailment of yield is possible that will
affect 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 prOfitably market. The
froStS seem not TO have damaged the
crop appreciably but a yield much smaller
than has been expected Will exceed with
stocks. the quantity the world can con-
sumo.
Wool dealers have reached the conclu-
sion that, with the heavy stocks on hand.
it is no longer question of profit but of
brought a big increase in sales for the
week. though for four weeks, the aggre-
gate has been only 900 pounds
against Sc, 394 c9S last year. q, 800 100 in 1896
Now. Ohio holders are asking 2 to 8
cents less than a month ago, having 10
per cent of fine and 40 per cent of medium
wool vet on hand while 104 900 bales of
wool are offered to foreign bidders who
may decide to export it. Colder weather
has made somewhat more demand for
goods and yet not enough TO change the
situation materially. The cotton manu-
facturer has still good demand. late as
ii is, but the makers are depressing
prices by bidding against each other, al
though in the average of all quotations
the decline has besn less than half of one
per cent from the highest point. But the
wire nail manufacturers have reduced
prices 3 per cent and the rail manu-
facturers, according to current reports,
have decided not to advance prices and
there is a prospect that 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 3 last year.