The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1894-11-15
FINANCE AND COMMERCE
COTTON GOES ANOTHER NOTCH
DOWNWARD.
Again Reaching the Lowest Price on
Record-Speculative Strength De-
veloped in the Financial Market
on the Result of Elections.

| Duslhess mas DeeH awaiting the greater
part of the past week and the elections are
expected to give it sharp stimulus
Whether men are right are wrong in ex.
pecting better times, the fact that they
expect them does not tend to make things
better. In the speculative markets there
has been scarcely any movement and
nothing favorable to holders. Wheat is
PC higher, but with receipts of only s.
S45,O32, against G,59S,477 the same time
last year, there is little encouragement
because stocks in sight are far beyond all
previous records. Atlantic exports have
been only 552,317 bushels, against 94T,-
063 last year and the price has advanced
about IL, but there is scarcely any conf
| dence that present prices low as they are,
will be maintained.
| Corn has fallen about . cents, notwith-
| standing that Western receipts were
only about 1,017,69 bushels, against p
494,647 last year, and Atlantic exports
only ~, 1872 bushels, against &c., 1874 last
year. Statistics have little effect when
the supply is believed to be so far short.
Cotton has declined Is to 5-Sc, which
is again the lowest price ever recorded,
and appears to mean decreased produc-
ton hereafter, as the prices now realized
are not remunerative. For the present
| the stocks here and abroad are large
enough to kill any speculation.
Though the output of pig iron was
larger by 1871 tons Nov. !, when it was
15S,SS6 tons weekly than it was Oct. 1,
and larger than year ago, 1t is still
about ID per cent below the output last
May, before the great depression began.
1t is noted that nearly all the furnaces
in the region dependent on Gainesville
| coke and lake ore are now in operation
with an output of $4,000 tons weekly, out
| of Il maximum in that region of $4,000
| tons, but bessemer iron is rather weaker
in Pittsburg and prices for finished pro-
ducts of iron and steel have not improved.
Some of the wire rod mills have closed
for lack of orders and a few of the large
steel making concerns have reduced the
hours of work. AT the same time there
is a decided improvement in the tone of
the market and general confidence
that business will now improve.
Scarcely anything is doing in wooden
goods for spring delivery and the call for
fall and winter goods has nearly disap-
peared. In general it is believed that
the spring sales thus far are not more
than the usual quantity. The sales of
wool Mt the three chief markets of the
against 3,SG4, 700 last year and S,2l5,-
600 in 1892 for the corresponding week
There is no speculative buying and man
ufacturers are purchasing only for their
immediate needs, so that prices, though
averaging about Il of n cent lower than
Il month ago, show no tendency as yet to
improve.
The failures during the past week have
been 261 in the United States against
35S last year, and AZ in Canada against
81 last year. There has been a few
failures of consequence during the week,
but none of extensive influence.
BRADSTREETS TRADE REVIEW.
New York, Nov. 9.-Bradstreet's to-
morrow will say: Interest in the cleo
tons this week naturally tended to re-
strict the volume of trade, particularly
in the South, where it interfercd with
mercantile collections. But within few
days the influence of more seasonable
weather West and Northwest, together
with the emphasis with which political
questions have apparently been settled,
have increased the confidence of many
merchants and manufacturers in a
prospect for an increased rate of improve
ment in general trade in the near future.
and business men already report evil
dences Of n tendency on the part of intc-
rior buyers to purchase for future deliv-
cry and from such iron centres as Pima
delphia, Pittsburg and Chicago, relatively
greater stringency in reported in quota
tons for staple brands of iron and steel
than for months past. There is an in
creased shipment of anthracite coal,
both by lake and by rail, within the week
Il ,1nt. Il fn- OH haf 10
and clothing. Foreign competition in
wooden goods is noticeable, free orders
having been placed for delivery. after
Jan. 1, and American fleece woods feel
the effect of competition with Australian
and quotations continue easier. Print
cloths stocks are reduced in volume and
prices are steady. Domestic wooden
mills are fairly well employed.
Returns Of gross earnings Of 1O7 rail-
ways for Ucfober show an average, de-
crease of 81 per cent compared with those
of October 1888. The granger Cen
trial, Western and trunk line roads show
comparatively large decreases in compare
son with the Worlds fair traffic a year
ago. Southern roads, with gain of
10 per cent again make the best showing
and the Southwestern groups also show
favorable comparisons with last year.
While prices for iron and steel shapes
for Bessemer, pig and steel billets are
practically steady, there is another net
advance in prices of wheat, and lard and
coffee and suger have advanced fraction
ally also. There has been further recess
sion in quotations for corn, and for oats,
and general commercial conditions at
the South continue to struggle with an
other decrease of Is in cotton. Bank
clearings at 70 cities throughout the
United States this week amount to $780,
GOO. 900 or % per cent more than the pre-
iouS week 2 per cent more than in the
first week Of November, 1893, and only
20 per cent smaller than in the CORE
spending week two years ago. The favor
able indication il found in previous
weeks aggregates of clearings have been
over 30 per cent smaller than in CORE
spondng weeks two years ago Exports
of wheat Including -four as wheat) both
coasts of the United States and Can
ada, as reported exclusively to Brad
streets, aggregate 2,6S9,0O0 bushels this
week against 2,934 600 bushels last week,
2.S13.0 900 bushels in the second week one
year ago, 1885, 900 bushels two years ago,
4 400 900 bushels three years agos ana ms
contrasted with 2,323,000 bushels in the
first week of November, 1890. Toronto
repOrts that colder weather has. stimu-
lated business but prices are unchanged.
BRADSTREET'S FINANCIAL RE
VIEW.
New York. Nov. S.-Bradstreet' FL
noncial Review tomorrow will say:
The market has developed a consid-