The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1889-10-17
TRADE REVIEW.
Weekly Review Of Trade by Dun's Agency
Prospects Bright in All Branches.

New YORK, October 11.-R. G. Dunn Il
Cos. weekly review of the trade says:
The government crop report was very en-
couraging but the loss of gold by the great
| foreign banks, over 81, 100000 by England
100000 by Germany and 100000 by
France, was large enough to increase the
apprehensions of monetary pressure.
Large shipments went from London, Brazil
and Egypt. These two opposing influences
ruled the markets during the week. Crops
are large and business heavy and the COM
mercial outlook most favorable, but mon
ey is comparatively close and there is a
possibility that it may be closer yet.
| At New York thus far there has been no
increase, but rather relaxation of press
ure, and foreign exchange is unaltered
since last week. The outward movement of
products is large; exports from New York
for twosweeks exceeding last years by 1871
per cent while the increase in the imports
is but 8 per cent. Large foreign invest
ments of capital in American industrial en-
terprises are reported, and of late no con-
siderable foreign selling of securities. But
the movement of money to the interior
continues large, the treasury alone
forwarding $525,COO on Thursday. Re-
ports do not indicate an increasing
pressure in the interior money markets and
the demand is active at all cities reporting.
The supply at nearly all is ample, and the
anticipated rise in rates at Chicago does
not yet occur. The volume of trade is in
creasing at nearly all interior points re-
porting, and this involves a larger demand
for money. The bank clearings last week
were 2H per cent larger than last year. At
New York 2 per cent smaller, at Boston,
Philadelphia and Chicago, the decrease be-
ing large at Chicago, but II per cent larger
at all the other cities. Taken together,
this increase at points where speculative
activity has the least influence in
mate business than has ever been
recorded at this season in any previous
year, and the heavy railroad earnings 10
per cent above last year for September tell
the same story.
The great industries are making progress.
Several more furnaces of the largest size
have gone into blast since October 1, and
the weekly output on that date was at an
increase of Az per cent in September and
l5R per cent for the year. In spite of this
enormous production prices are not only
sustained by consumption, but are slight
ly advanced, though southern iron
is still sold here below $17 for No. l, while
$17.25 to $3.50 is quoted for northern. Bar
iron is in better demand. Structural and
plate works are crowded ard sales of rails
within ten days have reached 100000 tons,
annual contracts for renewals of track.
The sales of wool at Boston have been
2,15S,000 pounds and more demand is seen
there, but less at Philadelphia where con-
cessions in price are still thought neces-
sary.
The government crop report was rather a
| surprise to many as it shifted wheat estim-
ates from a fraction over u to 1913 bushels
per acre, making the probable yield not
much below 5000O0,000 bushels.
The corn report indicates the largest crop
ever raised, and the same may be said of
| cotton with the proper reservation that early
frosts may yet greatly reduce the outcome
| With heavy crops business in all depart
time the will be stimulated and at the same
ments demand for money will be increased.
Pork products are not much changed.
Coffee and sugar are a little weaker.
Oil and the miner metals are substanti-
ally unchanged.
Another indication Of the general pros
perity is seen in the large sales of
boots and shoes, though prices were
never so low at any previous time, and
leather, Just now quoted firm, is as low as
at any time in thirty-five years.
The coal trade is disappointing and
actual prices are much under the schedule,
while wages are said to be 10 per cent
lower than year ago. At Rittsburg, how
ever, the trade is improving and the glass
trade good, and factories Of all kinds bet
ter employed than year ago. In the
stock market there was decline until the
7th then some recovery, then on Friday
another sharp depression, partly due to
continued weakness in trust stocks,
but more largely to monetary
pressure and to the more threatening state
of controversies at the west upon rates.
The comparatively slow movement ofgrain
at present prices also has an influence but
the market for railroad stocks is so far free
from public interference and in such strong
hands that a serious depression has not
been generally apprehended.
The business failures during the last
seven days number pa, as compared with
206 last week and 191 the week previous to
the last. For the corresponding week last
year the fgures4were 227.