New-York tribune., 1900-09-03

OK cants for snot and the current months op-
ton When trading in the new crop year opens
tomorrow 1t is probable that spot Will adjust
itself to a ratio which actual business may
be transacted the speculative option VIII rise
proportionatey During the year ending Fri
day night about 9250.O00 bales came into sight
Prior to 1898 100000 bales of American cotton
were sufficient and in 1896 the price was
cent lower than now, although the yield was
100000 bales smaller. But consumption In
creased very rapidly during the two years 1898
and 1892 and much more raw cotton was re-
ouired On this basis the yield for the year
Just ended would probably be short. But the
previous year closed with stocks at the maxi
mum, which allowed for restricted production,
and decreased spinning has added another inn
portant factor. If the mills require less raw
material lighter crop will suffice and the fact
that some New England mills have sold their
raw cotton to exporters at a good profit and
closed their shops indicates that the goods on
hand were excessive and there was no profit in
spinning at current prices. Readjustment is in
progress; idle wheels in conjunction with mod
crate sales will ultimately reduce excessive
stocks and the future OF this industry will then
depend the figure at which new raw cotton
is held by planters 1t is claimed that foreign
spinners must take certain amount of cotton,
but as a matter OF fact 1t is an extremely un-
certain amount. During the last year Great
Britain took 100000 bales less than in 1899.
and 100000 legs went to the Continent
Wheat does not vary much to price. but
present figures are evidently satisfactory to
farmers who market their grain fast 1t
can be moved Many Western cities are report
ing new records for single days receipts. while
total arrivals for four weeks Of August aggre-
gated 27.070.5S8 bushels. against 14,779.111 in
1890. 14354 621 In 1893. 2O441, ,361 in 1897. a.
S96,947 in 1896 and 1865. .268 in 1895 1t is a
remarkable fact that the crop should come
forward much more freely than in either OF
the previous five years. notwithstanding numer
official and unofficial estimates of deteriora
ton in condition and probable reduction in yield
Although the interior movement is liberal.
foreign buying is falling considerably below last
year's-neary 20 per cent for the crop year to
date. This may be partly attributed to better
crop conditions in a few foreign countries. and
also to the increase in price, which has probably
averaged 10 per cent since July 1. Corn has
been firm, holding seven or eight cents a
bushel above last years price, but receipts and
exports alike decrease heavily While foreign
purchases of this cereal reached record breaking
figures for the year ending June 30. 1899. it
looks as though excessive prices would cause a
heavy reduction from those figures this year.
Large receipts OF wheat have brought the
granger roads into line and all classes of
railways snow an increase IN earnings over last
year. which also means over every previous
year. While the gain is only one-half of per
cent grain carrying roads, it is heavy on
Pacific. Southern and Southwestern lines.
averaging @ per cent for all United States rail-
ways reporting thus far for August In the
| light of these figures it is not surprising that
railroad securities hold steady in the face
| OF an exceedingly dull market. aside from some
manipulation for a decline. Industrials have
| shown little more activity and much wider
| fluctuations. but the net result amounts to only
six cents share decline, while city gas and trac-
| ton stocks gained II cents. Exchanges through
| the principal clearing houses show the same
| marked geographical differences that have pre-
| vailed for some months. The decrease compared
with last year continues heaviest at New-York
with Boston. Philadelphia and Baltimore next
| in order. while Western and Southern cities
| show gains with scarcely an exception. Exports
| from New-York during four weeks of August
were nearly one-half larger than last years
| figures while small gain of only ga per cent
in imports indicates a splendid foreign trade
balance for the month