New-York tribune., 1900-08-12
ACTIVITY IN HEMP TRADE.
ATTEMPT IN MANILA TO CORNER THE
MARKET OFFSETS OPENING OF PORTS.


The cargo OF hemp which arrived in New-York
Tuesday night board the steamer St. Cuthbert
calls mind the general activity which has pre-
vailed IN the hemp trade since the opening Of the
hemp ports IN the Philippines last February The
cargo Of the St Cuthbert consisted Of 400 tons or
about three thousand bales The steamer Enir
which recently arrived at Boston had 3 .22 bales
Of hemp board This is Of the largest cargoes
that has been brought TO the United States
FOR long time Last year. It will be remem-
bered the Ancona carried 1900 bales which at the
time was thought 70 be extraordinary. The amount
OF hemp at present aaoat its way TO various
ports is reported to be 1O6 2s7 bales OF this
Der there are $50 bales on board the Diamante.
which left Manila for New-Tork May Is; s,s2T
bales board the E. A O'Brien. which left
Manila FOR Boston April 3. and 1856 bales on
board the Ellen a. Read. which left Manila for
Boston on May q There 1s.4s7 bales bound
for London. ssO7 for Liverpool and 5000 for the
United Kingdom in general. making a total OF
81, 994 bales bound for British ports.
This large amount is not however. new business
resulting from the opening OF the hemp ports
The immediate effect OF that opening was TO IA
cilitate. not stimulate the trade OF the 1O62S7
bales aioat large number is IN fulhlment Of con-
tracts made before the ports were opened In es-
timatng the effect on trade Of the opening.
prominent hemp broker said:
The ports were opened gradually not stimuli
taneously. The effect therefore while beneficial
one, was slow in making itself felt. As fast as a
method naturally took some time. When the ports
were closed shipments We're impossible. and the
cargo contracted for August 1893 arrived in this
port almost year afterward. that IS at the be-
ginning Of the present month
The number of bales cleared for the United
States since January is only half as large as the
number OF bales that had cleared the CORE
spending time last year. The figures s. COO
bales for this year. against coo bales for last
year. On the other hand, the number OF bales that
have cleared for Great Britain this year is con-
siderably larger than the number that cleared last
year. There have been 272OOO bales this year
against 199 900 bales last year.
receipts Manila IN the
show differences So far this year the receipts
the corresponding time last year As Offset TO
the opening OF the ports are the holdings which
Manila amounts to about $4,000 bales. which
being kept OF the market for the purpose II Is
said, Of cornering IT. 1t is likely that the Manila
houses viii win out, as the market has advanced
steadily without other reason than these hold
ings which constitute the sole bull strength. on
the whole the market is two cents higher than
usual.
The corner. or what practically amounts to
has directly the opposite effect the market
which the opening Of the ports was meant 70 have.
effective blocking the market thoroughly II
before the opening took place II Is eSti-
mated that not more than S00cO bales will be re
ceived in this country this month. result OF
the Manila holdings.
The quality OF hemp being imported. in
spite Of the high price, is poor Dealers recognize
eight grades. The demand is principally for the
hIsher grades, such as fair and good current. I'm
fortunately however. dealers who order one grade
lower grade and this OF late has caused much dis
satisfaction IN the market. Most OF this dssatis-
the greater part Of the hemp that comes this
country is used for manufacturing purposes