The times., 1898-10-22

fact that dividends were paid were COM
mented on and the prediction was made
that there would be an excellent advance
in the stock. Since that time the hrst
preferred has been as high as 10 and 1t Is
now at e., although there has been some
decline lately with the remainder of the
market. Everything points to prosper
Gus year for the road, with dividends on
both the first and second preferred, and
people who have examined the stocks
carefully are of the opinion that they Will
both show good advance in the near fu-
ture.
The members of the Joint Traffic Asso-
citation have passed a resolution recon-
mending an advance upon the basis OF
from IS to 20 cents on grain products, ex-
cept corn. from Chicago to the Atlantic
seaboard, to take effect November l. The
advance is made on the recommendation
of the Minneapolis and Traffic lines.
New York, Oct. 2l.-Bradstreets review
tomorrow Will say:
THE dominant feature OF the general
business situation is unquestionably the
active foreign demand for wheat, wheat
flour and, indeed, nearly all our cereal
products. and the business reported on
this account during the past ten days
seems worthy of rank with the best re-
corded in any corresponding period. An
additional stimulating feature was in
jected into the situation this week by the
more warlike appearance of the Franco
British situation, and the closing days in
deed witnessed war rumors in practical
command Of the market, inducing much
short covering by steadfast bears. Cen
eral distributive trade, particularly at the
North. appears to have suffered from bad
weather conditions this week. which have
interfered with regular business and de-
liveries, but on the other hand. has in
duced considerable buying of boots and
shoes, rubber goods, and heavy clothing
at many markets. The situation at the
South is rather more Favorable than for
some time past, this resulting mainly
from the abrogation of many senseless
quarantine regulations
Some important changes in the situa-
ton of textile goods and particularly
cotton and wool products appear to be
impending. Rather more firmness has
been impaired to the former staple by
the talk of frost checking further growth
of the plant in the South. and the es-
tablishment at Fall River of the often
threatened joint selling agency for print
cloths and similar goods has stiffened the
price of those products quite materially
In wool and wooden goods, too, signs of
The foreign trade situation Is about as
described last week, except that large
decreases in a few leading exports have
been partly made up by increased ship
ments of American manufacturers, and
the nine months figures point to n COM
plete calendar years business In advance
of all predecessors in volume OF export
trade. Our import trade begins to show
slight increases over corresponding pc
riAie a pripaS pttifa gtr
notable In this respect being all the GER
| eals, lard. printcloths. cotton. and raw
| sugar. Little change is noted in the iron
| and steel market, which, as for some time
past, continues quiet as regards new bust
ness, though the mills and foundries are
/ still actively employed. The general in
| dustrial situation continues favorable
employment being quite general, particu-
larly in the West, except In the glass in
dustry, where a shutdown. pending a
wage scale settlement exists. Just what
! shape the expected curtailment of pro-
| duction of printcloths will take is not yet
settled.
Business failures in the United States
this week number 2l3 20 less than last
week, and comparing with POS in this
week "A year ago, 2l2 in 1896, 259 in 1898,
| and 22l in 1884,
New York. Oct 2l.-Dun's weekly re-
view of trade tomorrow will say:
with growing foreign demand for
American products, exchange is inHu-
enced mainly by political uncertainties
abroad. While Europe waits for the out
come between England and France about
the Upper Nile, the financiers of all Eu-
ropean countries are trying to force upon
each other the burden of providing cash
for the enormous demands of the United
| States. England has so managed as to
make France and Germany send most
| of the gold. and the resulting war OF
exchanges between foreign nations checks
| for the moment the movement of gold
| this way. The exchanges through all
clearing-hOuses for the past week have
been per cent larger than last year. and
| IL per cent larger than in 1892 but out
! side New York for the week transactions
were smaller than in 1892. While railroad
| earnings for the first half of October ex-
coed last years by 81 per cent, and those
| of 1892 by SO per cent, the weakness OF
foreign holders rather than Of the Ameri.
can securities they have held operates
| with other influences to depress prices.
THE outgo of wheat staggers al
prophets of disasters: but. while the price
| has advanced cents a. the West tht
| rise would have been much greater bui
| for the feeling that the enormous foreign
| demand may not last. Without doubt
many Western farmers are still holding
| back their wheat. and yet the receipt:
at the chief Western ports have been in
three weeks 1882. i94 bushels. against 23,-
725. sol last year. It is significant that
this heavy demand continues after foreign
crops. officially reported as fairly large
have been almost everywhere harvested
Although it is the bottom point of tht
| year for corn, prices have risen nearly
| IA cents during the week.
"While cotton spinners are said to have
| agreed upon a selling agency and a cur
| tailment of production there is a better
| demand for staple goods and prospects
of a better demand in future. In wooler
goods also, there has been a marked
| improvement.
There is much hesitation in the iror
and steel trade, partly because the out
come of various combinations in Besse
mer pig steel rails. bars, wire nails
and the like. cannot yet be definitely an
ticipated If general buying was expected
to result from these movements. it ha:
not appeared thus far. Yet prices of do
mestic products have not declined.
Gust before an election of Importance
some hesitation in business is not un
usual. but there is less this year thai
| in any other October. with congressional
elections at hand for many years past
Failures for the week have been POI
against 224 last year"
Washington stock Exchange.
Regular Call-West End Nationa
| D,,,ly of on National Safe he