New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-12


The sharp reaction in cotton followed by par
| tial recovery indicates a market largely con-
| trolled by manipulation. In March thus far
| 191 1923 bales have come into sight, against
| 1S6685 last year. and 191,6T5 bales have been
| exported against 1866 last year. European
| commercial stocks of American cotton, with
ElliSon's latest estimate of mill stocks, make
| 1905 600 bales. against 3 $4,000 last year. but
| his estimate OF reduced consumption would
| make the European supply enough for twenty
and one-half weeks, against twenty-nine weeks,
or more than the remaining half years require
ments, last year. American commercial stocks
are 1881 900 bales against 100000 last year
Northern spnners have taken 1,939921 bales
whereas their consumption in twenty seven
weeks of the crop year IL at last years full rate
has been only 1,205l1S which would leave
734, SO3 bales taken by Northern mills and not
consumed besides the 425.s67 bales they held
last September. This. with commercial stocks,
would exceed thirty-five weeks consumption
both of Northern and Southern mills so that
the quantity which must yet come forward to
cover all demands here and abroad for the re-
naming weeks of the crop year is not very
large The goods still rise in price, but 1t is ad-
mitted by all that present prices have greatly
restricted contracts for the future
The opening Of London wool sales with a
sharp decline of 7l4 to 10 per cent came just
when American markets were much weakened
by failure of mills to buy and by many can
cellatons of orders for goods which, though
large. had not met expectations In many lines
No doubt mills are using up their stocks OF ma
terials, which We're quite used up several months
ago according to many official and other esti-
mates, but wool is near at hand. and all
accounts promise an Increased yield. The mar
ket for hides is declining still, nearly per cent
since March l. and per cent from the
In Yields
very little and orders for boots reported not
an eighth OF the usual quantity at this season,
for mems and women's heavy shoes not a quar-
ter and for light shoes the smallest in five
years, dealers generally waiting for lower
prices.
The output Of iron furnaces March l was
292. 643 tons weekly, or 53T less than Febru-
airy l. and yet unsold stocks increased in Feb
ruary 35.515 tons. indicating consumption IN
manufacture about a thousand tons a day
smaller than the reduced output. AS usual all
the associations and combinations striving
to maintain quotations. and as a great part OF
the production is under contract at prices fixed
last year 1t is only the new business that coull
be affected by yielding, but all know that much
new business is at present prevented or delayed
by the prices asked. which are for pig and prod
ucts generally more than double the prices asked
early in 1899
Official and other returns of wheat in farmers
hands March 1 differ little. and are 4O.OOO.O0O
bushels lower than year ago. but with visible
supply there are known to be 21S.OO0.O0O bushels
on hand, with exports in February over 20 per
cent smaller than last year. and In the
previous months IS. 900 bushels smaller. 1t
can hardly be expected that in this and the next
three months exports will amount to %, "a .S41
bushels. they did last year, but even then
$4,000. 600 bushels carried in visible
w N 9Th
almost large. the prospective export demand
smaller and accounts from growing wheat gen.
orally satisfactory there is little to stimulate
speculation. The exports of corn have fallen
behind last years this month, though in pre-
vious months 1900 600 bushels larger than last
year But it is no longer upon the grain move
ment that the country relies principally in it's
International exchanges. Other exports mainly
made the shipments from New-York in the first
week of March 40 per cent greater than last
year while in two weeks imports here have been
S4,12I,O0o, or II per cent less than last year
Stocks have yielded little. the average Of
sixty railroad issues being AZ cents a share
lower than week ago. and 53 cents lower than
on February 3. Rarely have five weeks of ex-
IRENE dulness brought no yielding beyond half
1 per cent of par value. but earnings if not
quite so good as in January show increase OF
1876 per cent more than last year, and 17.5 over
1898. The market is otherwise employed OF the
five most active railroad issues only 26S8O6
shares were sold last week, of three street and
gas issues 4422l3 shares and of Sugar To-
bacco, Wire and Federal Steel $50 465 shares
The average price of the ten most active indus
trials fell 81 IS share last week and of the
street and gas stocks 81 SO a share But Wall
Street is perhaps the only place where folks
insist upon playing against what the inno-
cent Captain Devery would call brace game
Just now, moreover It's most capable people are
much occupied in trying to guess what the COM
ing currency bill will bring forth 1t is inter-
esting to notice that 1t is not at present the pre-
Vailing impression, apparently, that the meas
ure will speedily affect the market for securities
to any appreciate extent.