Birmingham state herald., 1896-01-05
WEEKLY MARKET LETTER.
Clapp & Co.,, Bankers and Brokers of New York, Send Out the Following h.
 tering Report.

New York, Jan. 2-The youthful year always scorns the folly of it's father ;yes- terday and f1aunts the callow wisdom of the motherly tomorrow from which it's hours are daily born. The higher desti- ny is always more certain when neces- sity forges the weapons of the conquests. When to threaten war means to revive patriotism, and to fear financial disorder means that better method Is to be the new master, we can welcome slight trou- bles in order to secure the more fruitful peace.
 The average of national bank earnings in the last three years appears about one-half those of the previous three years. Fourteen southern states have built nearly TOO miles of railway in 1895, Texas and Florida leading. Total con- struction in the United States about l42S.4 miles, against 1760 last year. Equipment building was active. Pig iron production for 1895 (one month esti- mated) Is 9,S67 ,639 tons, against 6,657 38S the previous year and 9,202,703 for the banner year of 1890. The treasury and banks hold about two-thirds of all the greenbacks outstanding. The people hold the silver certificates which the United States treasurer says are pay able onIy-in silver. Almost one-fourth of our imports in 1895 were crude wool, su- gar coffee silk, rubber and hides. Twen- | the United Kingdom, nearly $5O.0OO.O 900 worth being wooden goods. Great Britain bought 45 per cent of all our exports, 70 per cent of the exports being agricultural products. Production of American wool declined 10 per cent and price 40 per cent since 1892 Interstate commerce commits sion preliminary report for the year end ing June 30, 1895. covers 650 roads, oper- ating 64,529.38 miles, whose gross earn ings were $1 ,003, ,022, 853, and net earnings s325, ,355, ,2fS. including other income total was $s5s,4l2,461. Fixed Se io- charges. divi- deficit of $31. .075, ,030. The commission will test the legality of the new railway pres fdents' agreement in the United States court.
 stocks and Eonds.
 Bonds-There were listed on New York Stock exchange during 1895 dncluding $62, ,315, ,O00 governmental: New bond is- sues, $166 526, 300; old issues relisted. $15,- EST. .O00 old securities replaced, $75, ,162, 100; making total s7,275, 900. or lowest amount since 18S6 and s52 2,529,20O less than in 1894 Sales of municipal bonds for 1895 were about $11o,475,829, against s117. .167. .225 in 1894. First-class proper ties continue in good demand.
 Railway Stocks-Railway stocks listed on New York Stock exchange in 1895 euualed $S5, 5,5a1. APO; all kinds listed $77,- 132. 800. $35, ,3S5, 200 being new and $30,S56,- 27O to replace old securities. making to- tai $143, ,37S. .970. or the least since 1885. and $107, ,S19, ,033 less than in 1894. Total sales for the year were 66.l68,649 shares, against 49.075. .032 shares in 1894 and S0,- or ,S39 shares in 1893. The New York Central. Atchison Jersey Central. St. Paul Great Northern, Lake Erie and Western Missouri Kansas and Texas. Missouri Pacific. Northern Pacific, Cleve- land. Cincinnati, Chicago and St Louis, Louisville and Nashville. Southern rail Iynl l,ac ch o. CT earnings siuce January l, 1885, than same time In 1894. The following roads report less earnings: Burlington, Rock Island, Ontario and Western, Norroik and Western, Texas Pacific and Union Pacific St Paurs net gain to November time was $3gS. POT, compared with 1S94 Northern Pacific gained $2,S93,010. Ten nessee Coal and Iren companys net gain was S331. .179, or nearly 60 per cent.
 Cotton.
 In 1862-3 the crop was 6,992, ,340 bales,an 37 per cent of it came in sight after Jan uary 1. In 1890-1 the crop was S,652697 bales and 32 per cent came in sight after this date: in 1894, from a crop of 9,951 900 bales only about 31 per cent came In sight after~this date, and for an average Of ten years past only about 27.65 per cent has come in sight the last eight months of. each crop year. These averages indt- cate possible receipts the balance of this crop year may be 1,700, 900 bales to 2,500,- 900 bales The amount in sight 10 date equals about 4.s75.O0O bales; add the min imurn percentage yet to come in sight, and this crop will likely be 6.675,000 bales; if the maximum it will likely be about | 7.475. .OO0 bales. During the past decade the smallest movement in January was 453 es5 bales in 1894, and the largest 1.001,- 40 bales in 1895. In January, 1887. the | cotton coming in sight was 662,554 bales from a crop of 6.513.263 bales, or 10.17 per cent of the crop. In January. 1893, only 565,752 bales came in sight. or only tS.A Ter cent. Should this January show I 700. 900 came in sight, we think lower prices are likely. to follow. The visible December 2. was 4,092.314 bales, and | 7s4. .437 bales less than the year previous. | when 1t was near the maximum amount. 1 It fig 2as. .024 less than December 27, 1892. l Exports September to December q,