The times. [volume] (Washington [D.C.]) 1897-1901, 1900-09-10
STOCK MARKET GOSSIP
General Business improvement Ex-
pected to Help Speculation.
Much Interest in the Cotton Trade
Outlook ns Affecting Southern Sc
curifies - The Relief Expressed
That Revival Is Coming Which
ever Way the Election Goes.

That Revival Is Coming Which
ever Way the Election Goes.
NEW YORK. Sept. "a mere conf
dent tone peryades trade circles every
where 1t is stated by the blst o. the
reviews and reviewers that The bad
period of depression is passing away
and that already a large and general i'm
provement is beginning. The process
OF readiustment of values and prices is
now practically complete and buying is
beginning again. Moreover. these people
are for the NEST part optimistic enough
10 believe that the improvement Will
continue whether the Democrats or the
Republicans win. The stock market
people are of the opinion that this
change of conditions for the better IN
general business will soon be followed by
like revival in the stock marEct. This
is almost always the course taken b. the
market. 1t is not coniended thai there
will be a boom Immediately, bIt that in
the course OF the next few weeks there
will be a big and important broad ming
Of speculation and d beginning 1f an up
ward movement in prices.
In the general business situation the
purchase last Wednesday By II. c. d.
Borden OF 100000 pieces OF print cloth al
rs cents was the most reas5uring event
of last week While Mr.. Borden's pun
chase was undoubtedly due to praise
worthy desire to relieve the prin- cloth
trade from the temporary stagnatlon
l.
question that it was also inspired 10y
keen business foresight and n thorough
knowledge Of the conditions in the cot
ton market which now point u the
highest price for Gotten since the wa.
The day after Mr.. Bordens purchase
cotton advanced 81 bale Oh The New
York Cotton Exchange, and the scarcity
of European stocks resulted in a bear
panic on the Liverpool board. This was
followed on Friday by a decision of the
Manchester spinners to close their mills
and buy no American cotton whatever
during September.
The action OF the Manchester spinners is
generally considered in trade circles to
have been unwise. and was, perhaps. the
result Of a lack of knowledge of the con-
ditions now prevailing in the South. TIE
Englishmen, perhaps. suspect that they
have been for the time being made the vic
tins Of a speculative clique. end that ne
cotton crop for 1900 Will be ample 10
supply their needs at normal prices
These views are not well founded accord
ing TO the most conservative expert opin-
ion The Financial Chronicle" whose
forecasts OF the cotton crop are usually
home cut very closely by subsequent de-
velopments. estimates that the crop OF
1S99-l90G viii be 1885, $50 bales, against
il 235,5s3 last year, and 11,1Se,c60 the year
before. Takings by Southern spinners in
the year were 1560 COO and by Northerh
snnners. 2.1s3 eco bales.
Exports for the year were e,042. 600 bales,
against 1855. goo last year. and 1882, 600 the
previous year. The report says that care
full analysis Of adviees received leads TO
the conclusion that the outlook at present
is more promising in Texas. Arkansas, and
Alabama than elsewhere, and least salts
factory in tho Caroiinas. The lsteness OF
the crop however, makes il more than
usually dependent upon the favorable
weather conditions in September and the
late frost
President J. c. Fargo of the American
Express Company. is one of the people that
90 moi base their hope OF prosperity on the
reelection of Mr. Mckinley. He SAID, in
an interview yesterday:
Thus far our business has faiien off
little If any as compared with year ago.
] rather look for a decrease for the next
month or two-not so much because of
naturally bad business as fpr the reason
that in a Presidential year husi:isss for
several months preceding the lection is
always quiet. Many business neu are more
o. less absorbed in politics, while many
others simply hesitate to make any new
extensions.
After election. however. ! think the
business of the country will take on q de-
cided boom-and this whether Mr.. McKin-
ley or Mr.. Bryan is elected. The country
is bigger than any one man and its pros
perity is not going to come 20 an end or
the wheels OF commerce cease revolving
because any particular man is or is not
elected President"
Henry Clews says of the general sltua-
ton:
Railroad earnings are surprisingly well
maintained. We have now had three or
four successive years Of large gains. Some
decreases should cause no surprise. Net
results have also been satisfactory, as
shown IN the many roads which entered
the dividend list. 4 number Of roads have
expended immense sums upon improve
ments. new rolling stock, etc. These extra
expenses should soon diminish. But a very
large item. often the chief i:ra, of in
creased expenses has been the pay roll. and
outlook for further increases in dividends
is therefore not good; hut the rates al
ready established by the new beginners are
likely to be maintained: especially as the
majority of these first dividends were
started upon conservative lines with a full
appreciation that the present prosperity
could not last indefinitely.
In the money market outlook there is
nothing new. Firmer rates may be ex-
pected as the crop and regular trade de-
mands develop. but no special stringency
is yet In sight. The general situation,
therefore. warrants ample confidence in the
future. Very few active stocks are selling
higher than year ago and these only
from special causes. Many of the good
active shares are selling 5d10 points be
low last year. and some of the old specu-
lative favorites are I5G20 points lower
The market is sound and safe. Quite like
ly fl will have setbacks incident to election
news. but when these have been discount
ed there is reason TO anticipate better con-
ditions"
New York stock Market.
Corrected daily by W B Hibbs Co. men,
trTs Of the New York Stock Exchange 14To p