BUSINESS AND FINANCE The Business Situation THE GENERAL SITUATION 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 recorded in any corresponding period. While straitened stocks abroad and less satisfactory advices from other countries, notably Russia, Australia, and Argentina, have furnished a plausible basis for much of the recent activity, an additional stimulating feature was injected into the situation this week by the more warlike appearance of the Franco-British situation, and the closing days, indeed, witnessed war rumors in practical command of the market, inducing much short covering by steadfast bears. Lest the rather moderate figures of current export should prove disappointing, in view of the heavy engagements reported, it might be remarked that much of this demand is necessarily what might be termed forward business, and, indeed, stocks in this country, in spite of heavy current deliveries by farmers, could hardly allow of prompt shipment, even if the ocean-freight situation was not a strained one. General distributive trade, particularly at the north, appears to have suffered from bad weather conditions this week. 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, as a result of the advance of the frost line southward toward the gulf. Some important changes in the situation of textile goods and particularly cotton and wool products appear to be impending. Stormy wet weather is complained of as checking distribution in the west and northwest, but Arnold Constable &Co. Lyons Silk and Wool Fabrics. some compensation for this is found in the rather better demand for boots and shoes, rubber goods, and heavy clothing. Chicago reports retail business stimulated by the peace jubilee. WHEAT AND CORN Wheat, including flour, shipments for the week aggregate 4,582,773 bushels, against 4,729,995 bushels last week, 5,552,171 bushels in the corresponding week of 1897, 4,067,271 bushels in 1896, 2,658,554 bushels in 1895, and 3,353,774 bushels in 1894. Since July 1 this year the exports of wheat aggregate 61,210,889 bushels, against 72,472,203 bushels last year. [Wheat advanced 3 cents at the west this week.] Corn exports for the week aggregate 2,397,191 bushels, against 2,706,292 bushels last week, 1,177,543 bushels in this week a year ago, 2,979,984 bushels in 1896, 1,343,510 bushels in 1895, and 92,087 bushels in 1894. Since July 1 this year corn exports aggregate 44,345,434 bushels, against 47,020,361 bushels during the same period a year ago. [Corn advanced 14 cents for the week.] 372c. 308c. 29c. 23c. 59c. 53C. 5/c. I 15-16c. STAPLE PRICES Cheese, State L.C.F. 25@26c. 30@31C. $8.75@$9.25 5.372C. 22c. 81⁄2c. 9c. 4C. 3%c. 5C. 5%c. Bank clearings for the week point to a further slight curtailment in the volume of business passing through the banks in a total of $1,321,617,000, 4.2 per cent smaller than last week, and only 1 per cent heavier than in this week a year ago, but larger by 26 per cent than the total in 1896, 15 per cent heavier than 1895, 44 per cent larger than 1894, 42 per cent heavier than 1893, and 9 per cent larger than 1891. Compared with 1892 and 1890 decreases are shown of 4 and 2 per cent respectively. FAILURES Business failures in the United States this week number 213, 20 less than last week, and comparing with 205 in this week a year ago, 212 in 1896, 259 in 1895, and 221 in 1894. COTTON AND WOOL Dun's Review, New York, October 22 While cotton spinners are said to have agreed upon a selling agency and a curtailment of production, there is a better demand for staple goods, and prospect of a better demand in future. In woolen Bengalines, Popelines, goods also, there has been a marked im provement during the past week, and betThis ter sales, with extensive inquiry. is reflected in the larger transactions in the woolen market, sales having amounted for the past week to 4,656,400 pounds, of which 2,714,400 were domestic, making for the past three weeks 10,836,100 pounds, against 31,162,790 for the same weeks last year, 20,765,500 for the same weeks in 1896, and 19,481,550 for the same weeks in 1892. Sales at Boston have been the largest for nearly two months, but at some concessions in price which are not reported in published quo While railroad earnings for the first half of October exceed last year's by 5.7 per cent, and those of 1892 by 5.9 per cent, the weakness of foreign holders rather than of the American securities they have held operates with other influences to depress prices. The decline in prices of railroad stocks has averaged $1.03 per share, and yet no one thinks that the roads are less profitable than they have been. It is to the benefit of the iron and steel and all other industries that, after the building of 2,200 miles of railway in nine months, which is more than any full year since 1893, the demand for more rolling stock before the year will end is estimated by the Railway Gazette at 96 locomotives and 7,600 freight cars. Nobody can estimate how much more iron and steel this increase in railroad mileage and in rolling stock will require in future years. IRON AND STEEL There is much hesitation in the iron and steel trade, partly because the outcome of various combinations in Bessemer pig, steel rails, bars, wire nails and the like, can not yet be definitely anticipated. If general buying was expected to result from these movements it has not appeared thus far. Yet prices of domestic products have not declined, and although the tone is somewhat weaker for bars and plates, quotations are in part sustained by considerable orders for export. The plate mills have received orders for 25,000 tons from the government for ship purposes, and the bar and billet mills have a very encouraging demand. THE MONEY MARKET The good demand for commercial paper continues, and there is a ready market for all that is offered. But there is some complaint of scarcity in offerings to the banks, and the proportion of new loans in strictly commercial channels is smaller than last week, or about 30 per cent, against 35 per cent at that time, and 25 per cent two weeks ago. The regular market rate is practically unchanged from last week's quotations; best double name paper being held at 32 to 334, best single name at 334 to 44, and other good paper less well known 42 to 52 per cent. In the collateral loan market offerings were liberal, and rates slightly easier so far as any change occurred. On call 11⁄2 to 22 per cent is the ruling rate, with the bulk of business done at 2 per cent. Time money is quiet at 22 per cent for sixty to ninety days, and 3 per cent up to six months, with a light demand. FOREIGN EXCHANGE fallen over a large extent of area. In some sections, notably in the lower Missouri valley, there was need of moisture. But in that region and westward there was severe wind with the rain and snow, and much of stacked grain was blown down and exposed to the storms, to the serious injury of it. There and elsewhere the abundance of moisture has interfered with corn gathering operations. In the northwest rains have prevailed to such an extent that threshing has been interfered with, and unprotected grain has been injured. There is occasional reference to fly in wheat, but it is expected that frost will soon remedy this drawback. Wheat is being held largely by farmers for more acceptable prices. Foreign exchange was dull and unchanged during the early part of the week, but a decided stiffening of rates occurred on Thursday. This was due in the main to the general advance of discount rates at foreign banks. The advance was accompanied by heavy investment buying of long bills, which, it is thought, aggregated £3,000,000. Commercial bills were offered in large amount at 4.8034@4.814, the continued activity in grain export buying being responsible. Closing rates on Friday were: 60-day sterling, 4.82%; sight sterling, 4.85; cable sterling, 4.85%. The advance in foreign bank rates has stopped gold shipments, and new engagements of gold in Europe have amounted to only $500,000, making the total since August 2 $21,425,000, of which less than $2,000,000 is still to be received. A Tinplate Trust St. Louis (Mo.) Age of Steel ten, twenty-five, and fifty cents, and in one, two, and five dollars. The following design has been suggested: Each piece to contain on its face a large numeral, indicating its respective value, and on the right-hand side, blank spaces for insertion of the name of the consignee and signature of the sender, also a blank space for the signature of the recipient. At the lower right-hand corner there is a space for a revenue stamp to be attached when the check is transferred through the mails. It is intended by the originators of the plan that the checks shall circulate as money so long as the spaces for assignment are not filled out and no stamp attached. When it is necessary to use them in making remittances the blanks are filled out, they are made payable to the person or firm for whom they are intended and thus they can be sent safely through the mails as they are then worthless to any one but the payee. The government fee is provided for in the stamp attached. That present facilities for the remittance of small sums are inconvenient and unsafe can not be denied. There are objections to silver change and stamps for this purpose, and to go to the postoffice for a money order entails a bother and a waste of time out of proportion to the size of the transaction. Business to the extent of millions of dollars annually is dependent upon the transmission of very small sums by mail despite the difficulty in sending such money in safety. It is urged with reason that this class of business would be appreciably increased if a plan on the lines of the post check system were adopted. Savings Banks of the World San Francisco (Calif.) Call According to figures recently issued by the treasury bureau of statistics, the number of savings bank depositors in the world reached in 1897 the notable aggregate of 45,796,767. The total deposits amounted to the colossal sum of $6,604,546,473, or an average of $144.21. The statement shows what has been accom It has been a matter of rumor for some time that the tinplate industry of the United States is about to be absorbed in a gigantic trust. This would be a new addition to an already increasing family and as the trend of combination goes nowadays would be neither a surprise nor a miracle. It ought in fact to be a choice picking for its promoters, who, if reports are true, are more concerned in its success than are the manufacturers. There can be no question as to the growing importance of the tinplate industry. It has found a firm and permanent footing in our industrial system. Capital has been invested freely and mechanical ingenuity of the highest type has been set to work, in improving processes of manufacture and in minimizing the labor cost of output. Canada is an objective point, as are also the Eng.sh-speaking colonies where the best markets for tinplate are to be found. If this Napoleonic idea succeeds, Cambria is in sight of its Waterloo. It may, however, prove to be but a tin soldier. The capital said to be represented in the proposed combination is placed at $30,000,000. It is proposed to increase the capacity of production to 9,000,000 boxes per annum, about 1,000,000 boxes in excess of home demand. This must go into foreign trade, or glut the market. There can be no question, however, as to its absorption elsewhere, provided that in quality and cost we can meet outside competition. If other producing countries adhere to old methods and processes, trusting to prestige rather than progress, or are lax and cumbersome in pushing their business interests in the world's markets, the handwriting on the wall is plain. It is not to be supposed, however, that one hound will sleep while the other is chasing the hare. Competition will be vigilant, pertinacious, and unrelenting, and the capture of markets is not so easy in point of fact as it is on paper. It seems, however, that the ultimate result will be the passing of the scepter from the east to the west. It may take time and good generalship, but the country with the greater resources, the larger enterprise, and the best facilities for economical output has the winning card in its hands. Combination may force matters, but with or without it, the tinplate industry of the United States has a future for itself in the markets of the world. plished by the institution of savings banks, and is an evidence of the thrift that prevails among people where such banks exist. France heads the list in the number of savings bank depositors. No less than 8,986,631 of her economical and thrifty population have a monetary stake in the savings banks. Great Britain and Ireland come next with 7,969,826 depositors, and Prussia comes third with 6,255,507. In the United States the number of such depositors was 5,201,132. While we are behind France, Great Britain, and Prussia in the number of persons who have availed themselves of savings banks as a means of safeguarding their earnings, we lead them all in the amount of the sums deposited. In France the total amount of deposits is $829,783,735; in the United Kingdom $815,686,750; in Prussia $939,757,555. In the United States the deposits reached the magnificent sum of $1,939,376,035. The only explanation that can be offered for the superiority of France, Great Britain, and Prussia over the United States in the number of savings bank depositors is that in those countries the postal bank system has placed such banks within reach of nearly the whole population. But a very small and insignificant fraction of the people live beyond easy access to a savings bank. In the United States, however, where postal banks are unknown, a considerable proportion of the people have no savings bank facilities within their reach. It is to be hoped that this lack in our banking system will soon be made up. Pears' What is wanted of soap for the skin is to wash it clean and not hurt it. Pure soap does that. This is why we want pure soap; and when we say pure we mean without alkali. Pears' is pure; no free alkali. There are a thousand virtues of soap; this one is enough. You can trust a soap that has no biting alkali in it. All sorts of stores sell it, especially druggists; all sorts of people use it. NEW TRUSS No heavy belts or leg straps; no pressure on hips or spine; waterproof; light and cleanly. Heavy belts or body springs are altogether un called for, and water-pads do more Chas. Cluthe Co.DETROIT, MICH. NEW YORK OFFICE: American Manufacturer, Pittsburg: Foreign made glass is not likely to figure as it once did in American trade. This is especially true of window glass. Picture and carriage glass may possibly be an exception, as the quality of the imported article is not easily surpassed. It is, however, a fact that in all lines of manufacture the American made article is steadily advancing both in quality and demand. According to the Railway Age (Chicago) not less than 1,000 miles of track have been laid in the United States since July 1. This makes a total of about 2,200 miles for the nine months ending September 30. About one-half of this is distributed in Minnesota, Texas, Alabama, Arkansas, Louisiana, Missouri, Oklahoma, and North Carolina, the proportion of mileage being in order as the states are placed. Not less than 3,000 miles will make up the total of the year. American Agriculturist, New York: The industrial awakening in Japan is provocative of remarkable growth in breadstuff imports. The increase in Japanese purchases of wheat and flour has been rapid, the United States enjoying nearly all the trade in flour and most of it in wheat, although Korea in the last two years has made big growth in exporting this cereal to Japan. In '95 Japan imported a total of 8,250 bushels wheat, in '96 ten times that much, or 86,100 bushels, and in '97 356,000 bushels. Japan's imports of flour increased from 71,400 barrels in '95 to 163,200 in '96, falling off a trifle in '97 to 159,000 barrels. Engineering and Mining Journal: It seems strange that no movement has ever been started for the unification of the coinage of the great commercial nations. they would hardly be felt-would make Slight mutual concessions-so small that our $5 piece, the English pound, the French 25-francs, the German 20-marks, and the new Russian 10-roubles of equivalent value. There need be no change in the names or divisions of the national coins. This unification would be of very great commercial value, as every merchant engaged in foreign trade will readily understand, and would involve changes in weight hardly greater than the limits of wear which most mints now permit in circulating coins. TO CURE A COLD IN ONE DAY Take Laxative Bromo Quinine Tablets. All druggists refund the money if it fails to cure. 25c. The genuine has L. B. Q. on each tablet. Quaker Oats with Apples Core an apple for each dish of Quaker Oats Porridge; peel and fill the center with sugar and a little cinnamon, then bake the apples. When ready, place an apple in the center of each individual saucer of porridge, and serve with sugar and cream. Any kind of fresh or baked fruit can be used in the same way as apples. Before deciding write to W. & J. Sloan, New York City, for their plans and estimates for furnishing and decorating the inte <ior of homes. ROLLE WHITE O MANUFACTURED PURE TYPEWRITER HEADQUARTERS, 102 Fulton st., New York, sell all makes under half price. Don't buy before writing them for unprejudiced advice and prices. Exchanges. Immense stock for selection. Shipped for trial. Guaranteed first class. Dealers supplied. 52-page illus. cat. free. NEWS OF THE WEEK TUESDAY, OCTOBER 18 DOMESTIC.-Occupation by the United States of the island of Porto Rico was completed by the raising of the stars and stripes on public buildings and forts in San Juan....Advices received in Madrid from Porto Rico state that all the high officials there have taken steps to become naturalized Americans....The opening exercises of Chicago's peace jubilee were held in the Auditorium building, and were attended by President McKinley....The government industrial commission organized at Washington by electing Senator Kyle chairman....The Vermont legislature, by an overwhelming vote, reëlected Senator Proctor. FOREIGN.-Terrific weather continues to prevail on the south and east coasts of Great Britain; a number of towns have suffered severely....The emperor and empress of Germany arrived in Constantinople and were received by the sultan, who was surrounded by a brilliant suite ....The sultan has authorized a German syndicate to construct a commercial port at Haidar, opposite Constantinople, a concession long sought by German promoters....Seven Mussulmans, convicted of the murder of British soldiers during the recent riot in Candia, Crete, were hanged....The physician attached to the French legation at Peking visited the emperor of China to make a medical examination of him. WEDNESDAY, OCTOBER 19 DOMESTIC.-A dispatch received at Madrid says there has been a brush between the Americans and the rebels at Manila, in consequence of Admiral Dewey forbidding the latter to fly the rebel flag from their ships.... The monster parade of the Chicago peace jubilee was reviewed by President McKinley.... The war department has been notified that 6,000 Spanish troops in Cuba have embarked for the return to Spain, and that arrangements have been completed for 40,000 more in the near future.... Secretary Long will ask congress to increase permanently the number of sailors allowed for the naval establishment from 12,500 to 20,000....General Fitzhugh Lee has been granted indefinite leave of absence, and General F. V. Greene may lead the army of occupation into Havana. FOREIGN.-Sir Michael Hicks-Beach, in school in Constantinople.... The to you-free. North German Gazette says that Baron von Rotenham, German minister to Sweden, has been chosen to represent Germany at the vatican, in succession to Baron von Bulow....The Chinese emperor is reported to be weak, but in no immediate danger of death. THURSDAY, OCTOBER 20 DOMESTIC.-A dispatch from Manila says the Americans continue capturing the rebel vessels as they arrive at Cavité ....It is reported that a terrible state of anarchy exists in the southern Philippines ....The committee of the war investigating commission which examined the site of the encampment at Fernandina, Fla., reported that the complaints against the site were not well founded....The output of the Klondike gold region for the season amounted to about $8,000,000, according to the records of the Seattle assay office and the San Francisco mint. FOREIGN.-Resolutions were adopted by the municipal council of Paris urging ing the material interest of the country, the French government, without sacrific to use its utmost efforts to avert a conflict with Great Britain over the Fashoda affair....A Russian regiment has occupied the town of New Chwang, province of Liao-Tong, and the forts at the mouth of the River Liaou; a British gunboat was in the river at the time....A French missionary and several Chinese Catholics have been massacred or burned to death in a chapel at Paklung by a mob. FRIDAY, OCTOBER 21 DOMESTIC.-The American and Spanish peace commissions held their seventh joint session in Paris; the Cuban debt question was again discussed, but no definite solution of it reached.... More time than the limit previously fixed will be granted by the administration for the complete evacuation of Cuba by the Spanish forces.... The war department investigating commission visited Atlanta and inspected the hospital at Fort McPherson, which was found to be in good condition General Wood, military commander at Santiago de Cuba, has issued a proclamation to the inhabitants containing in substance a provisional declaration of independence....A storm in Texas caused the loss of two lives, injury to many, and great damage to the cotton crop. FOREIGN.-Major Marchand's report, telegraphed from Cairo, has been received in Paris; no mention is made in it of the arrival of General Kitchener at Fashoda....The insurgents in the southern end of the Philippines are levying excessive duties on shipping and cargoes bound for Manila.... Serious fighting between Transvaal troops and a native African tribe is reported from Pretoria ....A Nicaraguan commission has decided that the concession granted to the maritime canal company of Nicaragua expires on October 20, 1899. SATURDAY, OCTOBER 22 DOMESTIC.-The American peace commissioners held two sessions in Paris to discuss the latest Spanish propositions regarding the Cuban debt.... The president and Mrs. McKinley returned to Washington from their western journey....The transport Rio de Janeiro arrived in San Francisco with 140 sick soldiers aboard; seven died on the voyage from Manila.... A newly discovered entrance to the mouth of the Yukon river will save four hundred or five hundred miles, and give deeper water for vessels than available heretofore. FOREIGN.-The British cabinet has been summoned to meet and discuss the Fashoda affair....The emperor and empress of Germany left Constantinople for Palestine.... The force of burghers sent against the Magato Kaffirs in the Transvaal without loss repulsed the natives, and drove them to the mountains. ... Madrid newspapers believe that the ministry is on the point of resigning, and urge the members to settle differences. SUNDAY, OCTOBER 23 DOMESTIC.-The report of Admiral Sampson upon the operations of the fleet under his command in the West Indies has been made public by the navy department....The peace jubilee in Philadelphia began with services in the churches; about half a million visitors are in town already ....Naval Constructor Hobson will visit Washington and ask for an appropriation of $1,000,000 to raise the sunken Spanish warship Vizcaya. 66 FOREIGN.-The Paris foreign office has issued a "yellow book" on the Fashoda question, in answer to Great Britain's "blue_book"; warlike preparations by both Great Britain and France continue .A semi-official note issued in France says there is no foundation for the alarmist rumors regarding the relations between France and Great Britain....Dr. Mueller, who attended the surgical assistant at the bacteriological establishment in Vienna who died on Tuesday from bubonic plague, has died. MONDAY, OCTOBER 24 DOMESTIC.-President McKinley extended the time limit for evacuation of Cuba from December I until January 1 ....The United States supreme court decided the joint traffic association case against the railroads and in favor of the government....Eleven dead Negroes and one dead white man is the result of the bloody war waged between the white and black races at Harperville, Miss....General Ortega, with the last of the Spanish troops in Porto Rico sailed for Spain.... General Merritt and Miss Laura Williams were married in London. FOREIGN.-Italian anarchists were arrested at Haifa, Palestine, and Alexandria ....General Goodenough, in supreme command of the British army in Southern Africa, died....General Pio del Rio, Aguinaldo's rival, has been arrested. When the children are hungry, what do you give them? Food. When thirsty? Water. common sense, and what would you give them when they are too thin? The best fat-forming food, of course. Somehow you think of Scott's Emulsion at once. For a quarter of a century it has been making thin children plump; weak children strong; sick children healthy. 50c. and $1.00, all druggists, LAVILLES REMEDIES hu RHEUMATISM Cuce AND GOUT Thursday, 27 October, 1898 STARVING in the Midst of Plenty. That's what people with poor digestion They have no are doing every day. appetite, or if they do have an appetite and eat what they require it does them no good, because the stomach does not digest it and the fermenting mass of food becomes Am. Tobacco Co. pr..... 114 1242 Atchison... 12% 12% Canada Southern........... Atchison pr................. Canadian Pacific.............. 33% 344 83% 804 5214 Chesa. & Ohio.. 21% Chic., Bur. & Quincy.. Chic., Ind. & Lo.. 814 7% Chic., Ind. & Lo. pr... Chic. & Gt. Western....... 144 Chic., Ter. & T......... 13% 8 8% Chic., Ter. & T. pr..... 3378 Chic., Rock Island & Pacific.. C., C., C. & St. L..... Col. Fuel & Iron... 33 101 100% 39 20/2 Col.. H. V. & T.... Consol'd Ice pr... Consol'd Ice.............. 47 ......... 872 Consol'd Gas........... Del. & Hudson 1022 101% Del., L. & W.. Denver & Rio Grande.... 1234 124 Denver & Rio Grande pr.. 548 54%2 Erie........ 163 15/2 General Electric, new......... Hawaii Sugar Co....... sick in bed, but have had a great deal of A Handy Binder, holding it rests with you whether you continue the STOP CHEWING! ...... St. L. & San Fran... Southern Pacific......... U.S. Leather U. S. Leather pr. Wabash pr...... Osmond-Well, thank heaven, you'll never see me run after people who have money. Desmond- No; but I've seen people run after you because you did'nt have money.-Life. Tourist (to Highlander in full uniform)-Sandy, are you cold with the kilt? Sandy-Na, mon; but I'm nigh kilt wi' the cauld.-Glasgow Evening News. This Pears' soap is economical. It takes off dirt. is why pure soap is free from alkali. Agreeable soap for the hands is one that dissolves quickly and leaves the skin soft. This virtue is found in Pears'. All sorts of stores sell it, especially drug stores. Ethel-He doesn't seem to take our engagement a bit seriously. Grace-Jack always was reckless. But never mind dear; he probably will later on.Truth. THE problem of living for the least money, which confronts nine-tenths of the human race, is discussed, in a valuable article which the Labor Commissioner of the United States has written for THE YOUTH'S COMPANION. Wages in China are as low as two and one-half cents a day, and yet adults manage to feed and clothe themselves on that sum. DIXON'S GRAPHIT OLEO No. 692 DIXON'S GRAPHITE IN STICK OR PASTE lubricates a bicycle chain as no other lubricant can. If dealer does not keep it send 10 cents for sample of either. JOSEPH DIXON CRUCIBLE CO., Jersey City, N. J. Lazy Liver "I have been troubled a great deal with a torpid liver, which produces constipation. I found CASCARETS to be all you claim for them, and secured such relief the first trial, that I purchased another supply and was completely cured. I shall only be too glad to recommend Cascarets whenever the opportunity is presented." J. A. SMITH. 2920 Susquehanna Ave., Philadelphia, Pa. ascarets TRADE MARK REGISTERED REGULATE THE LIVER Pleasant, Palatable, Potent, Taste Good. Do Good, Never Sicken, Weaken, or Gripe, 10c, 25c, 50c. CURE CONSTIPATION. Sterling Remedy Company, Chicago, Montreal, New York. 320 |