New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-10-22

81
and 34IT, 265 two weeks ago. The movement
was still smaller in the summer months. Dear
ings are far below last years, but of a more
satisfactory character, wool now being taken for
consunlption and not on speculation. Stocks are
light and a normal demand for goods would
stimulate purchases of raw material Prices OF
wool and goods have not changed since Octooei
l. but remain steady at the bottom point OF tue
year Some improvement was shown at Lonuoh
as the sale advanced, and this tended 10 stiIIeh
the tone of local markets. Cotton goods nave
risen so rapidly of late that the demand SLACK
ems and buyers now look for reaction on ac-
count Of the drop In raw material But the
manufactured article has not risen in proportion
- rau, cotton. so il cannot be expected to react
as promptly.
Last weeks decline of eleven-siXteenths OF a
cent in the price of cotton does not sound very
large but it means So Al bale. and in less than
two weeks the drop. has amounted 10 30 %
bale Improved crop conditions and restricted
consumption explain the change. Although
planters are known to be putting every effort
into picking the crop promptly so as to avoid loss
by frost they found time to send half a million
bales to market last week which is 70 per cent
more than in the same week last year. Specn-
lative holders were also extremely disappointed
by the official report of damage by the recent
storm in Texas which was put at only $4,000
bales British spinners, with low supplies of
raw material, exhibited more interest as the
price became attractive. American growers will
watch with interest and, perhaps, anxiety the
experiment IN cotton growing on the west coast
Of Africa by American negroes under the
auspices Of the German Government. 1t will not
prove commercially important for some years,
even If successful, but may have influence in
the future. Increased spinning at the South and
dispose OF any serious competition from this
source in the markets of the Far East.
Money is easy. owing to a smaller movement
toward the interior and expectation of liberal
arrivals of gold from abroad. Last weeks aver
ages Of the associated banks showed only small
loss in surplus while the loan item decreased
remarkably in the face Of an active stock mar
ket. Foreign exchange was irregular but closed
above the point where further imports of gold
would be profitable. Probably European mar
kets will not be drawn upon any further at
present as their needs are known to be great
Nevertheless, the increase in foreign indebted
ness continues, September exports exceeding i'm
ports by S56.0O0OOO, and for nine months the
trade balance in favor of this country mer-
chandise and specie account amounted to Sill
O45,465, indicating that the calendar year will
exceed all records. Exchanges through the pTin-
cipal clearing houses make a better comparison
with last years phenomenal figures than at any
recent date and the gain 1898 at some
cities is worthy of note: New Orleans, 1O17 per
cent; Pittsburg, 705; Chicago, 321; New-York
B; Cleveland, 29.1; Boston. 25.5 and Phila-
delphia, 24.7. Stock market operations exceeded
three million shares, and prices continued their
upward march. sixty railroads averaging an adj
vance of 50 SO each, and the most active indus
trials gained 81 o. while gas and traction stocks
rose So 90 a share. There was little reaction
at any time, in spite of the customary realizing
sales by conservative traders.