Birmingham age-herald., 1894-10-06
Wheat and Cotton Drop Out of
 Sight in Values.
THE INDUSTRIAL CONDITION
Far More Satisfactory, Though Trade Continues Deceptive.
 The South Shows Up Well.

NEW YORK, Oct. 6.-R. G. Dun & Co. 's weekly review of trade tomorrow will say :: The lowest prices ever known for wheat and cotton necessarily imply somewhat re- stricted consumption of other products. With the chief money crop west and south sinking in value, it is not strange that purchases of manufactured products are smaller than was expected. Wheat has touched the lowest point ever known for options, and cotton the lowest ever known in any form with the present classification, and the accumulation of stocks in both products is discouraging to purchasers for an advance. Producers are compelled to sell at prices below the ordinary cost of raising crops, and in some western states there is also lamentabie failure of crops. Under the circumstances it would be very strange if the demand for manufactured products should be quite as large as in other years.
 Cotton is A of cent lower, the cash price being the lowest known for forty in classification it is perhaps lower than at any time since 1849. Estimates that the crop is more than 10, ,00O, ,0O0 bales are more commonly credited now than estimates of {, ,600 ,0CO were two months ago. With la vorable weather the yield seems likely to
 
 Cotton print cloths are shade stronger, as the news from Fall River regarding the duration of the strike is less encouraging; but for other goods the market is slow, as might be expected, in view of the heavy decline in the raw material.
 The condition of industries is in some respects more satisfactory. Evidently there is larger demand for iron products than there was a month ago, though the in- crease in output has been some greater than in the increase in demand, and prices steadily tend downward. Bessemer pig iron is selling at $lO.90 at Pltisburg and bar iron at 95 cents, with steel bars at 1.05, while contract to suppress the present western competitor in nail mauu- facture is expected to hold the price at $1 for wire and 85 cents for cut nails.
 The structural iron market is fairly &C., tive at the west, but without change at the east. While the coke output has now now become he heaviest ever known, 149, : 775 tons for the week, the price is declin- ing, and steps are being taken to limit the supply The volume Of domestic trade in- dicatea by the exchanges at the principal clearing houses is II per cent larger than 2 year ago, but in comparison with 1892 shows oecrease oi p per cent.
 In the money mail ket moie commercial paper is coming into sight, though on the whole the market is by no means encour- aging, and good single name papsr has teen placed at 8 per cent, the lowest rate on record.
 Commercial failures in the third quar- ter of 1894 have involved liabilities of $29,- S61 ,196, inclusive of banking institutions and railways, against $S2, 469, ,821 reported year ago Tor the same quarter, and for nine months of 1894 the liabilities have been $l31 ,094, ,502, against $251 1884 ,000. The foreign liabilities were S12 33l 1892, against S23, 605, ,S64 reported a year ago, and In trading s14, 131 ,230 for the quarter, against $58, ,814, ,176 a year ago. For the month of September the liabilities have been smaller than in any other month this year, only $6, 1897, ,124, of which $2, BOA ,373 were of manufacturing and $3,650,09 of trading concerns.
 The failures for the past week have been 119 in the United States, against 320 against forty five last year.
 BRADSrREET'S REPORT.
 NEW YORK, Oct. 5.-Bradstreet's tomor- row, October 6, will say: While no radical change has appeared this week, there are evidences pointing to continued progress in the direction of improvement. This is true of the country at large.
 From the south the most favorable report comes from Jacksonville, where wholesale trade is good and retail trade improves. Merchandise is moving satisfactorily from Savannah and from Charleston and Chatta . nooga.
 Nashville finds encouragement in in- creased bank clearings, although collections have been disappointing. Business has been fair at Memphis in dry goods, shoes and clothing, and at Atlanta the volume of trade has increased 10 per cent In most leading lines. Improvement is also shown at Augusta, and tte volume of sales of gro-