The times. [volume] (Washington [D.C.]) 1897-1901, 1900-10-27
DuN's REVIEW OF TRADE.
Conservative Ideas I'm Buying Until
After the Election.

NEW YORK, Oct. 26.--Dun's weekly re-
view Of trade tomorrow will say:
THE elections mean great deal to all
business interests, and although confidence
in the future is seen on every hand 1t is
but natural that men do not care to take
unnecessary chances and therefore delay
new engagements as far as possible until
after the ballots are counted. But con-
tracts for steel rails for the season thus
far are within $4,000 tons Of last years
heavy bookings, and the confidence in an
ultimate marked improvement is SO strong
that raw materials are firm and without
any speculative activity to stimulate them.
THE agitation for an advance in billets,
though a small one, is an indication OF
what the iron and steel markets expect
in the next six months and in the great
industries sellers of material could easily
make heavy contracts If they cared to at
tach political provisions to their agree
ments However unreasonable the fears
may be, it Is likely to be better for bust
ness in the long run that conservative
ideas for the present are entertained.
THE weather over a great part OF the
country has been favorable for agricultural
operations. which are progressing well, and
in the East the unreasonable temperature
has retarded general trade comparatively
little, as there has been no great stimulus
yet in this season.
Conditions in the iron and steel mar
ket steadily improve; orders gradually
swell in volume and buyers make less eff
fort to secure concessions. In most cases
there is an advance to $50 in Philadelphia
for billets owing to the better business in
rails.
Cotton showed little recuperative power
after last weeks decline and closed lower.
Even Mr.. Ellison's estimate that the world
would require 1O.3S0,O 600 bales Of American
cotton this year failed to make much i'm
preston. Traders thought the estimate
too large or that the amount would be
available. The loss in price is $3.50 bale
since October 8 and exporters are still
holding of.
Wheat also continued its downward
course, owing to good news here and
abroad, but an encouraging feature was
the accelerated foreign buying as quota
tions declined. Corn is slightly weaker,
while pork products have fallen sharply.
Sales of wool at the three chief Eastern
markets continue to increase. exceeding
5 GOO 900 pounds last week. Prices are not
altered and bids Slightly below the market
are refused. Cotton goods move rather
more freely, as the price comes nearer
parity with raw material but wide Sheet
ings are dull at the advance to 80 cents.
Although heavy contraction Of loans
and reduction in deposits have prevented
the disappearance of the surplus reserve
of the banks, the money market is work.
ing out of the threatening stringency. and
the corner seems to have been turned.
New York's total exports for the
month are little larger than in 1898, but
imports decrease 81 per cent. Activity
in stocks continued with prices higher,
though there were indications that manip-
ulation was at the bottom of some of the
advances. Investment purchases are heavy
and the demand for bonds is difficult to
supply. Railroad earnings have taken an
other slight turn for the better, gain
ing SO per cent over 1899.
Failures for the week, POS in the United
States, against 100 last year and IS in Can
ada, against 20 last year.