The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1897-11-27

Cotton has Declined TO Lowest Point for
Many Years-Reduction in Price of
Wool appears Probable
New York, November OR. G. Dun
and Company in their weekly review of
trade, will say:
The heavy exports of wheat, with the
rerewed advance in prices, is the most
interesting and important feature of the
week g events. Since August /, when
the extent of foreign deficiency became
realized, exports have been larger than in
corresponding weeks of any previous year.
The cotton exports have also become very
heavy, and the outgo of corn falls but
liUtla below last years unprecedented
record, while in exports of manufacturing
products, especially machinery, ali
records for the season have been sur
passed. While the aggregate for November
last year was over $1O9, 900, 600, shipments
from New York for three weeks have
been slightly smaller, with fair pros
Beet that the known increase in cotton
and other products from other ports may
make up the deficiency. Meanwhile i'm
ports are running behind last years at
New York nearly 81, 000 900 this month,
so that another excess of exports over i'm
ports amounting to about $50, 900, 900 for
the month is probable. But this would
make an excess of about S225, 900. 900 in
four months.
After tho slight decline last Saturday
wheat rose to 100 Is for November, with
NOD ND hon.
many cents higher. Yet western receipts
are Of enormous magnitude, in four weeks
q, 072. 104 bushels agains 9,214, S38 in the
same four weeks last year, while Atlantic
exports, -four included, were for the week
1923, 446 bushels, and for four weeks s.
AZ 1889 against Z, 49,, 6S5 last year. The
shipments from other ports have also been
heavy and nothing appears to change
former estimates Of European needs.
Corn also continues to go abroad in
quantities almost as large as last year
when all past records were broken, but
the price las Slightly declined.
Cotton. declined to 5.S1 cents, the
lowest point for many years. with scarce
" any indication OF speculative effort.
More has come into sight this month
than during the same time in 1894 from
the largest crop ever raised, while takings
~ northern and southern spinners have
been smaller, and print cloths and some
other st pie goods are at the lowest quota
lions ever known. In such conditions
weakness is natural, although extreme
estimates of yield are not by some entire
" credited. The demand for goods from
the south is larger since the removal of
embargoes, and recent reductions in
prices have stimulated larger transactions
by dealers, but stocks held by the mills
are still heavy. With l, e61 900 pieces of
print cloths on hand against 2,212,00 one
year and only 26, 600 pieces two years ago
he output OF ,, 900 coo beyond the con-
sumption of last year has been q heavy
load ever since. The iron industry shows
no decrease in prodution or consumption
Of pig, but with much reduced orders for
products excess OF production is expected,
ana BaSsenler falls d shade TO SOLE and
Grey Forge to .25 at Pittsburg, though
Chicago and Eastern markets show no
change.
4 better demand helps to raise the price
of anthracite coal here to S4.l5.
q be Woollen manufacturer is still con-
sumiDg heavily in execution oftpast orders
aeu many agencies are sold so, far ahead
rhat theY seek no further business, while
others are beginning to question whether
tie demand Tor the next season will
suffice if prices are made to correspond
with the present quotations of wool.
Some reduction in prices Of wool appears,
possibly averaging half a cent, with sales
or Australian amounting to 1900 600
pounds in "a few large blocks at Boston.
But the tone is strong. No change has
occurred IN the COTTON manufacture and
the market or its products is still irregu-
lar. HE boot and shoe industry continues
to surpass all past records in output for
the month thus far 81 per cent larger than
IN 1892 and for the year 1913 per cent.
The demand has increased and there Is
somewhat more disposition to pay adj
vanced prices.
Failures for the week have been 236 in
the United States against 300 last year,
and 20 in CANADA against So last year.