The record-union., 1896-12-12
SPECULATION HALTING AND TIMID.
BUSINESS NOT LIKELY TO SHOW
ANY DECIDED GAIN
Until After the Holidays, or Until
Doubt About Action of Con.
gress is Set at Rest.

NEW YORK, Dec. 11.-R. G. Dun &
Co, in their weekly review of trade to-
morrow, will say:
The approach OF the holidays and
doubt about the action of Congress put
further improvements off until the new
year. While industries have gained in
working forces, they are waiting for
commensurate gain in demand, and
meanwhile are trying to clear away en-
baTassments which restrict them
Speculation has been halting and timid
There is no sober minded fear of for
eign difficulty, but some have sue
ceeded in imagining that Congress
might go SO far beyond the Presidents
prudent message regarding Cuba as to
embroil this country with Spain.
Money is in abundant supply, lending
in London continuous, and there is moth
ing to cause less activity in general busi-
ness except that the rush of orders de-
ferred until after election have not been
continued. The volume of business
shown by clearings has been for the
week 81 per cent smaller than last
year.
Scanty returns Of railroad earnings
for December embrace so bad a report of
st. Paul that they fell 1914 per cent.
below those of 1892. and earnings in
United States roads, amounting to $31, :
626,2 ,266 in November, were 100 per
cent less than last year, and 12.2 less
than in 1892
The wheat market was weakened.
with less gloomy news from other coun-
tries and larger Western receipts.
though only 3,691,714 bushels, against
6.oo3,4O4 last year. disappointment
about the break in prices may help 10
increase receipts. Atlantic exports were
but 2.15J,6o1 bushels, flour included
and for two weeks have been but t.
I4S,l1S bushels, against 4.17244S last
year. Pacific dispatches show that ex-
ports continue very heavy, and about
100000 tons more are available from
California. The market has declined
IA cents. and the decrease in demand
for flour, with high rail rates. has
closed early all the Superior. Duluth
and many of the other Northwestern
mills.
Cotton has declined 3-16, in spite of
all the stories that the crop has been
nearly marketed. and continues to come
forward steadily. With over 5000. 900
bales in sight, there are estimates based
on Government reports that the yield
i is $4,000 bales or less, which would
leave but 100000 to come forward in
eight months and three weeks. When
the official report first came there was
rush of buyers. A few minutes turned
the current and a rapid decline fol-
lowed
The iron output December 1st was
l142, 2lS tons weekly, against 124,OI7
November 1st and 213, ,197 a year ago
and unsold stocks reported were 81 ,9O1
tons smaller than November 1st, but
| these do not include stocks of the great
steel companies. The entire industry
| is for the time demoralized by uncer-
| tainty regarding the great combina-
| tions
Textile industries are working a lar
ger force than in October, but there is
not much evidence of larger demand.
and some kinds of goods are accumulat-
| ing. AS raw cotton is lower some YIELD
| ing in prices of staples is expected, and
| buying is on that account more re-
stricted, few qualities of goods hay-
| ing slightly declined. Print cloths are
weak in tone. with enormous stocks.
! Woolen goods are not in better de-
| nland, and there is general indisposi-
ton to make commitments ahead Sales
OF wool in two weeks, IA, ,37S 900 pounds.
against IL, ,999.2 last year, are this
year largely between traders, as the
mills find at present little encourage
ment to buy and London sales are a
shade weaker. Quotations are not
changed, although more frequent con-
lcessionS are reported.