The times., 1898-10-01

| active demand for some time noted in
the West and Northwest, and the i'm
position of yellow fever guarantees and
the low price of cotton in the South have
hurt trade in that section, there have
| been. on the other hand rather better
reports received from the leading East
ern and Middle State cities. pointing to
fuller development of the long-eXpected
Autumn trade. Accompanying this slight
shifting of activity from one section of
the country 10 the other has been con-
tinued heavy export movement of lead
| ing cereals, unprecedented activity in the
manufacture of nearly all lines of iron
and steel and continued good reports as
to gross railway earnings, comparisons in
this respect, 1t being remembered. being
made with particularly favorable condi-
! tions one year ago. Rather less pro-
nounced strength is noticeable in the
| prices situation. Wheat after quite a
| heavy bulge early in the week ON uu-
doubtedly good export demand. foreign
buying and nervousness Of September
shorts has quieted down slightly and
| prices are a few cents lower on the week.
Sympathetic weakness in other cereals
! is likewise noted. Cotton is weaker on
| continued heavy movement, and cotton
goods, especially print-cioths are thereby
sympathetically affected. Refined sugar
has weakened as a result of the approach
| ing close of the canning season and the
! inauguration of the so-called sugar war
More activity in building is reflected in
advances for brick and some few grades
! of lumber. while the strong statistical po-
1 sition and active foreign demand for pc
| troleum have advanced quotations for
! the crude product quite materially. The
! feature of all metals is the strength of
! values on heavy consumption throughout
! the country. Bank clearings for the
! IL . nn4 pao
smaller than those of last week but is
| per cent larger than in this week year
ago: 80 per cent larger than in 1896, and 9
per cent heavier than in 1893.
indications point to a total for the
September in the neighborhood of s. iO0,-
eco. coo. smaller by , per cent than In Sep
tember year ago and by a slightly larg-
er percentage than in August, but heav-
lily in excess of any preceding September
on record.
The demand and distribution at Phila-
delphia and New York is maintained, and
many lines of business are reported ac-
tive. Business in wholesale drygoods at
the latter city, however, and at Boston
and Philadelphia, continues below expec-
tations. Wool is slow of sale on hand-to-
mouth demand Exchange Is firmer at
4.Si944 IA for demand sterling The en-
gagement of $500 coo gold for import is an
nounced, but the Bank of England is Of
fering opposition to further Withdrawals
for American account.
Business failures for the third quar-
ter of 1898 We're the smallest for at least
six years past, but because of one very
large failure in September, the liabi tiles
are larger than one year ago. For the
nine months period the total number of
failures is S.S55-fewer than in 1897, and
21 per cent smaller than in 1896, though 10
per cent larger than in 1892. Liabilities
involved aggregate -SI02 lS7 SS7-thirteen
per cent smaller than last year 30 per
cent smaller than in 1896 and 60 per cent
smaller than in 1891, but per cent larger
than in 1892.
Failure statistics confirm earlier re-
ports as to trade in showing fewer fail
ures and reduced liabilities In the West,
Northwest, Far West, and the South but
in an Increased number in the Eastern
and Middle West States, notably Penn
sylvania, Massachusetts and larger la
bilities in New York State"
New York, Sept. 30-Dun's weekly re-
view of trade tomorrow will say:
Failures In September have been about
81, 1000 and for the quarter about $22-
SIS, 600 No report covering the exact
month or quarter is possible this week
for a journal which must go TO press on
Friday. the 30th, but the returns indicate
smaller aggregate of failures than in
any other month in many years. except
in August of this year, and smaller for
the quarter than in any other quarter
since 1892 In fact, excepting one quarter
ia that year, no other appears to have
shown smaller aggregate unless more
than ten years ago. when the volume of
solvent business was very much smaller
than it is now.
Changes are all for the better except
ing the fall of cotton TO the lowest point
for fifty years. After sales at 53i cents
on Monday. there has been a slight re-
covery with hope that so low a price
might prove the bottom. but with a good
crop the lowest price of year has never
been reached in its first month The
heavy fail in material has affected the de-
mand for goods, causing buyers to ex-
pect still lower prices for them. Stag
nation in wool continues, with sales even
smaller than in the same month of the
panic year, 1893
THE demand for boots and shoes seems
little better, and recorded shipments
have been larger than In any other year
from January / to date
with pig iron firm everywhere. in
spite of the extraordinary output, and
Bessemer held at 5000 at PittsbIIrg
while Valley producers report go 900 tons
| sold for delivery before June next, the
consumption is evidently growing The
demand for iron bars, owing to increased
use of steel, is in some quarters below
expectations. Rail producers are nego-
tiating a new compact, and the usual
Eastern price, SIS, is said to be shaded
in some quarters while it is pending
Wheat rose 2 1-2c., but on Thursday
declined sharply, closing &c. lower for
the week, notwithstanding very heavy
exports. The usual Babel of guesses
does not change the belief that the crop
will be the largest ever grown, and while
farmers throughout the West are hold
ing back grain largely because of low
prices. the Western receipts are now
running above even the extraordinary
movement a year ago, both for the
week and for the month.
Corn is a fraction lower
Foreign commerce has been a little
smaller in exports and larger in i'm
ports, and vet the returns from New
York still indicate another heavy excess
of exports, probably about $54, 100000 for
the month, making S114, 100000 for the
quarter
Shipments of gold to this country have
been ST, ,325, 900 since the movement be-
gan, of which S., 750 900 is nearly due, and
lower rates for money here are naturally
followed by an increase of about third
in the proportion of commercial loans
taken by the leading banks.
THE exchanges at the leading clearing
houses indicate a volume of business only
Is per cent smaller in September than
last year, and al per cent larger than
in 1892.
Railroad earnings In September have
been per cent larger than last year, and
6 per cent larger than in 1892, and west
bound tonnage is the heaviest ever known
in September