The weekly democratic statesman. [volume] (Austin, Tex.) 1871-1883, 1878-09-26
TIark ct Reports.
OFFICE OF FORSTER & Co., J
BANKERS, AUSTIN, TEXAS, :
Santam har 81 1879

| J
Cotton has arrived freely during tn,
week under review. The quality show
no decline, but prices have yielded
as we predicted they would, under
steadily lower quotations from ruling
markets. Liverpool comes fat and il.
regular, with 6 7-16l for upland and
9 9-161 for Orleans, with arrivals 1910
cheaper. OF course New York i,
lower, with spots quiet and futures of
about 8 points. Galveston and Hous
ton markets are demoralized, and
prices are falling.
The cotton crop of the United States
ending August 81, 1873, shows a total
of 4, 81, 265 bales, and we have taken
the trouble to arrive at the statistical
position of the present crop, taking for
our basis the reports of the Depart
ment Of Agriculture in Washington,
and the reports of cotton exchanges
from the various cotton growing States
and we come to the enormous figure OF
5000, 1862 as the probable crop Of cot
ton for the year 1870 8. OF course,
the weather is feature which will
make our calculation somewhat incor-
rect, should an early frost limit the
picking of the second crop. But we
are inclined to think that we will be
nearer right on figuring on 5000, 600
bale crop, than less.
We are DESTROYS to draw attention to
this large crop as one of the reasons of
the decline, and which we think has
not seen its end yet. But other rea
sons not quite so clear have had and
will have determining influence on
the future of cotton.
The receipts at all the ports continue
large. Planters and farmers hurry their
cotton to market and accept low prices
because they cannot hold. Spinners
North buy from hand to mouth, be-
cause the markets-are overstocked
with goods, and lower figures have to
be accepted In order to make sales.
The English markets are not taking
the cotton as fast as received. Man
chester must either get more for her
goods, which is not the case, or Liver
pool must fall, which it does; but as
yet the equilibrium of prices has not
beene Established. Again, the fact that
India is manufacturing portion, which
is every year increasing, of her own
cotton goods, and that silver is but 81
to 52s. per ounce, has another tendency
TO Gepress values at Manchester.
We have been very full in stating
the il huence of the market, yet the
position may change very suddenly.
We anticipate, with certainty, very
much higher prices in the future, and
those able to hold ought to do so, or
protect themselves by the purchase OF
futures.
Prices at Austin have declined to 8
and lac for middling. The Inter-
national Railroad has shipped up .ill
today 1900 bales, and the Texas Cen
trail sl4 bales-to-dsy's receipts not
included.
Some transactions took place in
wheat at about 55 to 60c per bushel-
bought by millers. Oats are In demand
81 % lac in bulk, and corn Is scarce
at 80 to 40c. Corn will decline as
soon as farmers have fnished cotton
picking, and zoe seems to be the figure
st which those best informed as to the
extent of the corn crop, say corn will
sell. At present freight rates and pres
ent pricts, no grain can be shipped
from Austin to q market.
Money remains in good demand, with
tendencies; to 1-2 per
cent. per month on good names is
readily paid, although regular custom
ers get discounts at the banks at /
per cent How plain folly it was to
enact usury laws again, when the Leg.
islsture did not have the power 70
force the lender to part with his
money. Securities are dull; bonds of
all descriptions being scarce; besides
capitalists can invest their money az SO
much better rates that bonds have no
State warrants are firm at 95 cents bid
and 90 asked; prices are likely TO 60
higher because but q very small amount
of warrants remsi- unpaid. OK &C
counts are scarce and bring 80 2 to
"a csnts with SO asked for round lots,
which are in few hands.
Pension certificates remain fsvorIte
speculative security st sc TO CO cents
bid. We believe the pension certif-
Gates will be paid, they ought TO be at
any rate, though no one can tell what
q Texas legislature will do. Exchange
is firm 81 1 to par on Galveston, par
to on St. Louis and New York.
Silver is par in currency. but gold has
again taken an upward turn. In New
York il closed 81 100 Ia on account Of
greenback successes IN Northern Slstes,
and should the repudiatiOnists con-
tinus 70 carry States and conventions |
gold will be much higher and times
become worse, because confidence viii /
again be rudely disturbed.
FRANCIS B. FOSTER.
The Dallas n,lls use up 1900 bushels