New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-31
MONEY AND b SINESS.

so suddenly expanded last year that II exceeded
that Of October. 1892. by nearly S2W,ooooo"
little less than per cent The moderate gam
Of 80 per cent in the months exchanges com
pared with such YEAR means mucn' ana the
gain ~ 10 \ per cent for the week compared
with 1897. and Of 15.l per cent compared with
1899 in,plies a change which is all the more inn
portant because being reckoned in the low
nrces current. II indicates a much larger in
crease in the quantities Of products transferred
Last years railroad earnings were per cent
greater than in <1s96 and - per cent greater
than in 1892 go that the increase Of Ga per
cent over last year. reported for October thus
far and II nor cen, over 1892 in spite Of all
cutting Of rater. nd(<tes really remarkable
increase in quantities transported. All the trade
comparisons are now Wifi period of surprising
activity year ago. when the replenishment of
long-dopleted stocks pushed every branch Of
business to the utmost. and it was much qucs-
toned whether so sudden and great an increase
could be maintained
In foreign trade the wonderful excess Of ex-
ports over imports last year. nearly S62.00.00O
in October will not be held and yet the balance
will he heavy. Low prices for cotton and wheat
cause decrease Of about 81 O00000 in value Of
exports for the month, notwithstanding an IN
crease in quantity Of cotton and a small de-
crease I'm wheat more than balanced in quantity
by the increase in corn The value Of exports
from New York has been In four weeks s33.I01.
so against $34 1870 721 last year but. with
allowance for lower prices Of cotton and wheat
sent from other ports the aggregate may he
expected to fall somewhat below last years re-
markable sum. nearly S1120000o0. on the
other hand. the imports here have beer only
S1OT 0DO larger than I'm four weeks Of last year,
Indicating an aggregate not far exceeding SOL
OOO.O00 for the month from all ports. Heavy
shipments Of gold from Australia to San Fran
cisco and receipts Of Sl.0o0.0m here. meet only
a small part " the balance, and lending TO Eu-
rope on deferred exchange seems to have
counted for most Of the increase Of over SO
600 600 in bank loans.
Last year famine abroad supplied doubtArs
with an explanation. but this year the Nation is
creditor Of the world nearly as much without
famine in Europe Actual exports Of wheat and
-four in four weeks from all ports have been
about 20.27O9s3 bushels against - 1873 923 last
year. but Of corn. not yet including meal. TO-
$50. 800 bushels. against 7.10O962 last year
Wheat fell "a cents. With corn practically un-
changed hut the advance in wheat week ago
was without substantial reason, and the market
is still little higher than two weeks ago as 70
wheat
never-ending reports Of farmers holding back
their crop. but the actual receipts at the chief
Western points In four weeks have been 40 1j0-
500 bushels against 90. 100 2sS in the same
weeks last year.
The cotton market also settles back 10 OBJ
cents after rise 10 $50. based on supposed in
Jury by frost No trustworthy accounts As yet in
dictate any substantial loss from that cause.
and the quantity which has come into sight in
October with two more days 10 add. has been
209G551 bales against ,I9s.913 last year The
exports for the month have been i0l3092
bales against $40 last year. indicating that
At current prices there is a foreign demand
much exceeding the present consumption, al
though Mr. Ellisons annual review puts ii
much higher than before. At $4,000 bales week
~ in Great Britain and the Continent. He
makes European mill stocks October | 60lV0
bales. which with 1s3. 80 bales in CONNER
cial stocks and 3lO932 held by American mills
September t. and presumably much a month
later. would make 2.695 49, bales available for
the future. II would take surprising decrease
in the yield this year to cause Serious shortage
under such circumstances The stopping Of
many mills also lessons the consumption here 20
some extent though only for time.
II is about A month since the wre-nail com
hinatlon raised the price five cents. but having
found the market stagnant. It now reduces the
price as much The Bessemer pig association
has claimed 10 control the Pitsburg market.
and has Just created selling agency there, but
meanwhile Ressemer pig has Ali the time been
sold at less than the associations price. and
was sold last week at SO - with Grey Forge
AZ 1929 But iron and steel bars are also A
shade lower at - cents at Pittsburg. and plates
at the East slightly lower at l2Iia. The steel
rail makers talked Of raising the price about
/ this time but the assurance is now given
that they will not. Yet the average decline
in iron and steel products as whole has
not been seven-tenths Of per cent from
tho highest point this year, and most or
the works arc still well occupied with orders
for tho rest Of the year. though the few
which have not enough for the winter are now
competing sharply Shipments of boots and
shoes from the East In four weeks Of October,
according TO the records Of The Shoe and
Leather Reporter" have been 3i3S14 cases.
which Is little larger than in any previous
year. and 1H2 per cent larger than in 1892, and
! prices Of boots and shoes fairly well held.
although hides have declined about per cent
/ from the highest point this year. and lea Their
about per cent
stocks have grown stronger again. since the
+ London excitement about possible war with
/ France ahated The recovery leaves prices aver
aging only 20 cents per share higher tnan a
! week ago but tho market has not apparently
. changed in character. II is professedy wait
! ing for the elections. for the end ~ the Peace
/ Conference. for the evacuation Of cuba. or for
any other sort Of thing, but AZ bottom because
the pyrotechnics ~ the market for Trust stocks
absorb professional attention These advanced
for the week an average Of 81 81 per share, With
inst as little known Of the real value Of the
stocks as before. and IT would probably en-
barrass the game very much II anything def
mite should become known about them.
II the Maine could he raised and repaired she
end the Maria Teresa would make an uncom-