The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-11-12
1T HAS HAD A MOST FAVORABLE
EFFECT UPON EUROPEAN
MARKETS.
BUSINESS COMMUNICATION 70 BEGIN
The English Markets Do Not Anticipate
Any Stringent Protective Tariff.
The American Securities Are
All Booming.

London, Nov. 6.-(Copyrghted, 1896,
by the Associated Press)-The Associa-
ted Press has commissioned number
of competent observers to make inqui-
ries in various business circles in Lon
don as to what effect the election of Mr.
Mckinley as president has had on the
business outlook in England. In re-
viewing and summarizing the result of
the inquiry it is shown that the election
of Mckinley has had most favorable
effect on the financial and commercial
interests here. The universal rise in
all the markets here indicates the fact
The bouyancy is perhaps partly due to
a reaction on account of the strain
which has been created in all circles here
by the American campaign. 1t seems
evident also that the rise of values in
English markets is partly due to belief
which has gained currency and which
is based on cable advices from the United
States, that while somewhat higher
tariff than the present is likely to be
enacted by the incoming congress, Mr..
Mckinley in the White House will not
resort to the extreme protection policy
which has generally been attributed to
his name.
There is feeling prevalent in the city
that an area of large and active business
with the United States is about to begin
on the Stock Exchange. The bouyancy
which has characterized American secu-
rites since Tuesday is expected to ex-
tend to Other departments. The rise
in the prices of American securities has
been general all along the line. Notable
instances are Chicago. Milwaukee and
st. Paul, which is 8 ID points higher,
compared with the eve of the election
Louisville is Z - points higher. The
stocks of re-organized American rail-
roads are in as good demand as the
higher priced stocks The chief bust
ness has been done in AtchisOn adjust
ments and Denver and Rio Grande first
consolidated. 1t is said also that there
is an immense amount of British capital
awaiting investment in the United States.
Some insurance companies, it is an
nounced, are prepared to invest 100000
or 100000 each in American mortgages.
The remarks on this point say that
while the European investor will not buy
American securities blindly, he will buy
the securities of sound companies which
have been neglected lately, owing not to
their own effects, but to the general dis
trust of American affairs.
The Economist views with surprise the
fact that there has been no advance in
the United States government bonds.
In commercial circles in London there
are estimates given of the value of Or
ders received from America since the
election. The dry goods business gener-
ally has been of moderate proportions,
but the Manchester market now expects
a squirt in American trade.
The traffic canvassers for the American
steamship lines are already feeling the
change in this respect. During the re-
cent business depressiOns consignments
were almost as scarce as the tabled Dodo,
but they are now falling like mamma in
the desert.
The country trade entertains similar
hopes of revival of their American bust
ness, which has lately been much stag
mated, but which is improving already,
notably at Sheffield, where American ad-
vices have given hope of an improved
business for another couple of years, es-
pecially in the lighter industries. Demand
for material used in the cutlery and
In the pig iron market the effect of the
election of Mckinley is already being
felt
Reports received from Birmingham are
that more disposition to do business pre-
walls in all departments there.
The wool industry has experienced a
decided impetus and better spirits are
manifested all around among those en-
gagged in that industry. An upward
movement IN prices is recorded Mt Brad
ford, where prices for all classes of woods
hardened on the improved inquiry. The
yarn spinners have already protected
themselves against dearer raw material
by raising their prices in some cases 1c
per pound The makers of Innings for
the American markets are confidently
preparing for a big business.
In Nottingham great hopes are placed
upon revival of the American inquiry
for lace. The hosiery trade, which has
lately been inactive, now shows signs of
improvement. The jute market, after a
relapse on the eve of election, is now
much firmer.
McKinley's majority has re-cstablished
confidence, and this has made an active
market at Dundee. Since Wednesday,
prices especially for fine jutes rising
quickly and showing marked improve
ment
The South Wales iron market has al
ready shown a noticeable advance. Pig
iron warrants rose pence on Wednesday
on the signs of renewed activity at the
steel centers. The copper market has
shown better tone since the election,
and it is expected that the result will
make further inroads in the already small
stocks held in Europe Many contracts
entered into were open to cancellation in
case of Mr.. Bryan's success.
THIS YEARS SUN SPOTS.