The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1898-05-16
Our Trade In War Times.

Our Trade In War Times.
The volume of our trade and COM
merce has remained practically unaf-
fected by the war. Investors and busi-
ness men generally regard the present
and future with equanimity. There has
been neither imitation nor depression in
the money or industrial markets. The
functions of our banks and financial
exchanges have not been disturbed by
our conflict with foreign power, nor
by anticipated complications arising
But of it. No war in modern times has
been entered upon with less CONNER
cal excitement. Our exports and i'm
ports have retained their equilibrium;
the pulse of the home markets has re-
maned normal and steady. The won
derful victories at Manila bay and at
San Juan have given buoyancy and
elation to the markets Railroad stocks
have been active and advancing, and it
is probable that the full effect of these
victories have not yet been felt. Specu-
lative buying and selling on the Stock
exchange will momcntarily rise or fall
in response to the operations of the
bulls and the bears, who are more will
ing to see a reaction to get hold of the
securities they have just sold at profit
than to see a further steady advance
which would restrain them in this
speculative buying or selling. These
are the ordinary phenomena of Wall
street in it's dealing with stocks and
bonds and are fairly indicative of the
confidence of brokers in the unimpaired
value of American securities.
Every day brings forth fresh proof
of the extraordinary foreign demand
for our breadstuf1s. The European
supply of cereals has been shorter than
was thought at all possible before we
entered or had any notion of entering
in war with Spain. one man in the
United States fOTesaw this clearly
Young Letter has pocketed enormous
profits in his great wheat DEAL
but it is only fair to say that
he took enormous risks and that
had not his calculations prov
ed correct the financial credit Of his
father would have been no more than
sufficient TO meet the unparalleled
emergency in which he would have
been placed. There is no possibility
that this demand will decrease until
the new wheat crop is in the market.
The price of flour will probably con-
tinue on the increase for some time TO
come. 1t is the only article of domes-
tic consumption which has taken SER
ious rise; and as it is the most neces-
sary, it's rise is of course the most bur-
densOme to the workingmen Of the
country. The rise in the price of flour
has been practically Independent of the
war We should have had rise in the
price of flour possibly equal to what it
is, even if the war had not been waged.
Exports of wheat are carried every day
from our ports in neutral bottoms The
Spaniards cannot and dare not touch
them, so that if the foreign demand
were not what it is, the price Of flour
even with the war in progress would
have been far lower than it is
The New England cotton industry
has been seriously embarrassed for
some time. A strike has been in pro-
gress; mills have been shut down, and
general disorganization of the trade
has ensued. Many causes concentrated
to produce this result. Excessive pro-
duction has played the most serious
part, as it is always the most import
ant factor in the depression of a partc-
uar industry. Foreign demand hav-
ing seriously fallen off, still further
hampered the trade in cotton stuffs.
The late war in China and the plague
in India have also been contributory
causes tending in a parallel direction.
The growth of the cotton manufacture
ing industry in the south places the
New England manufacturers at the
mercy of a competitor who is unaffect-
ed by protective tariffs, who may grow
his own fibre within sight of his own
mills, who has the advantage of the
latest and most improved machinery,
whose faculties for export are at least
equal to those of Massachusetts, and
who has the unmeasurably competitive
advantage Of cheap labor, unrestricted
by conditions of time or conditions Of
employment
AS might be naturally expected in
the iron and steel industries the
utmost activity prevails, while the
tone of the market is strong, Great
activity exists in iron and steel build
ing construction works, while there is
an enormous demand for agricultural
implements, rails, building frames and
railroad locomotives. All in all, the
war has scarcely affected business,
save to quicken it in certain direc-
tiuns.
God help the reconCentrados 1t is
evident that the war board at Wash
ington is too slow to.
The Unhappy RecOncentrados.