The Texas Miner, Volume 1, Number 42, November 3, 1894 Page: 1
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j| COAL CO.il
THURBER, TEXAS. SATURDAY, NOVEMBER 1894.
N< >. 42,
OUR NEW YORK LETTER.
New York, October 27. 1S94.
Editor Fexas Mixer:
SINCE my last the political contention has been growing and
distracts attention Irom some kinds ol business but the com-
mercial situation, as a whole, looks more encouraging than last
week. In dry goods there has been a fair attendance of visiting
buyers, and while orders from salesmen on the road are not large,
they are frequent and make up a fair volume of business. Much
the same state of things exists in the grocery trade, no material
change in values has taken place ; prices generally are very low,
and it would seem as it there could be no change except for bet-
ter prices. Everybody has been looking tor lower prices on
coffee, but the option market this week has been stronger on
ac >unt of reports that the crop prospects in Brazil were not as
good as previously reported; the best informed in the grocery
trade, however, believed in a lower range of prices tor coffee.
Boots and shoes continue the most active line in distributive
trade, the heaviest demand being for low and medium qualities.
In the great staples, cotton has sold at 5.80 cents for middling
uplands, the lowest price on record in this market, and the large
receipts at these low prices indicate a belief on the part of hold-
ers that higher prices are not expected.
I was much impressed with the item in the Texas Miner of
October 4. entitled '-Four Billion Pounds of Cotton Seed." and
it is evident that cotton and cattle raising must go together in
Com is firmer without any apparent reason, for the crop esti-
mates continue more favorable than was indicated by the gov-
ernment report or by most private estimates.
The wheat market is easy at the lowest price ever known.
In provisions, the feeling in the market has been weak, and
both pork and lard are somewhat lower.
The wool market has changed but slightly during the past ten
days. Sales in the principle eastern markets for the first four
weeks of October have been. 19 451 749 against 25.744.750
pounds in 1892. Although sales for the past week were slightly
larger than those for the corresponding week of 1893.
In the iron and steel industry, there has been a fair demand
with a somewhat better feeling but the output is large and prices
In the coal trade there has been some excitement, owing to
a disruption of the agreement between the agents of coal carry-
ing railroads, and there are prospects that there will be a go as
you please" fight with low prices for Anthracite coal, the product
ot which has been tor many months kept up to a full volume,
notwithstanding the depression in general trade.
In Wall Street the stock markets have been somewhat unset-
tled, in view of the political agitation, and some of the industrial
stocks have been active, but the remainder of the list show but
small changes. Railroad earnings show a decrease of 3.8 per
cent for October, compared with the same month last vear, and
11.6 per cent less than the same period in 1892. The money
market continues easy. Call loans tía stock collaterals going at
one per cent, with commercial paper selling at 2 1-2 and 3 per
cent for best endorsements, 3 to 3 1-2 for best single names,
and 4 1-2 to 5 1-2 for those less well known. There have been
no gold experts this week, although exchange was at or abcut
the gold export point.-
The political campaign is waxing hot; locally everything is
combined against Tammany Hall, and the betting men are offer-
ing odds ot two to one in favor of the Union ticket. Throughout
the state the chief issue is the tariff, and an active canvass is
being made by Senator Hill, who is the Democratic candidate
I tor governor, while the chief speaker thus far on the Republican
i side has been Governor McKinley of Ohio.
The following brief summary of their arguments affords an
j interesting comparison :
senator hill's argument.
' Mr. McKinley says the country is going to the dogs. While
he is thus deceiving the people he has but to observe and he will
see the manufactories situated on the line of the New York Cen-
tral road, which he is now traversing, busy with the hum of
industry, where the employes are working dav and ni;'ht.
especially in the woolen mills.
1 he Democratic tariff law accomplishes three important things
which cannot be obtained under the McKinley bill. First, it wtll
produce sufficient revenues to support the government; second,
it will not require the issue of any bonds to raise moneys to make
up deficiencies in the treasury, and, third, it looks after the
mteiests of the consumers ot the land and ot our workingmen.
All tariff legislation should be based upon the theory of do-
ing the greatest good for the greatest number, and that is just
the theory that the Democratic tariff law is based upon. Mr.
McKinley says that a tariff should represent the difference paid
in wages between this and other countries, and I am here to-
night to make, this statement and challenge contradiction that
there is not a single manufactured article in any of the schedules
contained in the Democratic tariff bill upon which there has not
been left a sufficient duty to represent the difference as between
the wages paid in this country and in other countries."
governor Mckinley's argument.
"What we want are more wheat eaters who don't grow wheat.
The foreign market is a free trade shadow dance. When you
get to it there's nothing in it.
For the past thirty years, he said, "we have lived under a
protectionist system, and the meal tub of the government was
always tull and the meal tub of the people was never empty.
I his is the immortal and imperishable fact ot history which can-
not be blotted out.
protection for the farmer.
•'The American farmer wants a good home market. He sells
ninety per cent of his produce in this country. The Democratic
party has been troubling itself about the other ten per cent. You
cannot have steady employment at good wages if you give part
ot the work to foreign countries. The easier you make it for a
foreign pi -ducer to biing his products into this country, the more
you cheapen the wages of the Americ an laboring man. You can't
•mport a single competing product from a foreign country with-
out displacing the American product. You can't displace the
American product without displacing the American workman,
rand you can't displace the worker without robbing his wife and
children of the necessities ot lite, aye. of the very bread they eat.
T here are two ways to preserve the American market to the
American people. First, by a tariff on the foreign product that
competes with ours; second, by reducing wages. The first is our
way, the Republican way, the American way. the patriotic way.
1 he other is the Democratic way. I would rather make it hard
for the foreign producer to get into our market than to make it
hard for the American workingman to live here."
Yours for truth, F. B. T.
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McAdams, Walter B. The Texas Miner, Volume 1, Number 42, November 3, 1894, newspaper, November 3, 1894; Thurber, Texas. (texashistory.unt.edu/ark:/67531/metapth200489/m1/1/: accessed October 22, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; crediting Tarleton State University.