The age-herald., 1898-10-29
RISING AND FALLING
Such Changes Do Not Represent Actual
 Conditions Existing.
THE CLOSING OF COTTON MILLS
The Staple Advanced Slightly During the Week but Fell Back Again in Spite of Heavy Frosts in
 Growing Regions.

New York, October 2S.-R. G. Dun & Co.'S. weekly review of trade will say to- morrow:
 Business has been more affected by foreign affairs than many realize. Lon- don's apprehension of war first caused an 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 inter ests from New York to San Francisco, but electric wires have made the world small. So the wires moved a cargo of wheat from the Pacific coast, started s2,5OO 900 more gold from Australia to this country on London account, and the sell ing of American securities one day and buying the next. There has been no do- mestie change of much importance, and the rise in prices of western railroad stocks indicate that the supreme court de- cision against the trunk line association is considerd helpful to railroads.
 Wheat rose cents from Friday to Mon day and then fell AZ cents to Friday. But such changes do not represent actual con- ditions and with western receipts for the week 955S ,205 bushels against 6,996,4Sl bushels last year. nobody can pretend that holding of stocks by western farmers is an important factor. The Atlantic ex- ports, flour included, amount to 9,796,SS0 bushels against ,649 last year and fa- cific exports S35, ,994 bushels against 1,326 ,S08 last year.. making 16,607 1882 bushels in four weeks against 19,41S.S47 last year, when the foreign demand was far beyond all prece- dent. In four weeks the western receipts have been over 40150,699 bushels against 30, ,732, ,2SS last year and yet prices are % cents lower. This clearly indicates much larger supplies and greater readiness to part with them than was seen year ago when nobody doubted the magnitude of the foreign demand.
 Corn refused to follow wheat but slight ly advanced. Cotton rose to 51a last week, but has fallen to 5as in spite of heavy frosts in part of the growing region. This expresses strongly the belief that non-cur- tailment of yield is possible that will af- feet the surplus more than the closing of the eastern mills one month in three and the reduction of consumption abroad. For European mills, as well those of this country, have surplus stocks produced from the high-priced cotton of last year, which they cannot prof1tably market There has been some closing of mills at the south, and some reduction of wages. The frosts seem not to have damaged the crop appreciably, but yield much smaller than has been expected will exceed with old stocks, the quantity the old world can as- sunie.
 Wool dealers have reached the conclusion that with heavy stocks on hand it Is no longer a question of profit, but of avoiding losses, and concessions have brought big increase In sales for the week, although for four weeks the aggregate has been only H,S9S,900 pounds against 36, ,394 300 last week; 2S320. 100 in 1896, and 26, S,503 in 1892
 Now Ohio holders are asking to 8 cents less than a month ago, having 75 per cent of fine wool yet on hand, while 1000 bales of wool are offered to foreign bidders. we may decide to export 1t. Colder wea ather has made somewhat more demand for goods, and yet not enough to change the stua- tion materially.
 Iron manufacture has still a good de- mand, late it is, but the makers are de- pressing prices by bidding against each other, although in the average of all quo- tations the decline has been less than one half of one per cent from the highest point duced prices per cent. and the rail man. ufacturers. according to current reports, have decided not to advance prices ana there is a prospect that healthy demand for products will be further encouraged by the later quotations.
 Failures for the week have been 226 in the United States against 2i9 last year; and 24 in Canada, against 25 last year.