The times. [volume] (Washington [D.C.]) 1897-1901, 1900-08-13
ATTEMPT TO CORNER HEMP.
Action of Manila Exporters Has
Largely Increased Prices.

NEW YORK, Aug. 1.-THE cargo o.
hemp which arrived in New Yorh
Tuesday night on board the steamer St
Cuthbert calls 10 mind the general activity
which has prevailed in the hemp trads
since the opening of the hemp potts in the
Philippines last February. The cargo OF
the ST. CGthbert consisted OF 400 tons. OF
about 2,6o0 bales. The steamer Emir
which recently arrived at Boston. had
23,212 bales of hemp on board. This Is
one OF the largest cargoes that has en-
brought to the United States for a long
time. Last year the ADcoHa carried 1S,eeo
bales. which at the time was thought to
lie extraordinary.
The amount Of hemp at present efoat
on it's way to various ports is reported to
be 1G5,257 bales. OF this numb r there
are 1880 bales OH board the Diamante,
which left Manila for New York on May
10; 6,927 bales on board tae E. A. O'Brien.
which left Manila for Boston on April 3,
and IL. 36S bales on board the E len H.
Reed. which left Mania for Bo ION on
May 20. There are 16 4Si bales bound for
London. 3.9O7 for Liverpool and $500 for
the United Kingdom in general making a
total of 1884 bales bound for Bit 81
ports.
business resulting from tee opening OF the
hemp ports. The Immediate effect Of hat
opening was TO facilitate, no 10 stimu ate,
tie trade. OF the .257 bales aho2t a
large number is in fu:filment OF Goa
tracts made before the Por,s were open d.
In estimating the effect on t.ade o the
opening. a prominent hemp broker said:
The ports were opened gradually, lot
s.multansously The effect, thereto. e.
u lille benef1ial one, WIS .os in m.h g
itself felt. As fast as a p9rt could be gar
risoned IL was opened, ard this method
naturally took some time When thu pcrts
sere closed shipments were impossible,
aid the filing Of orders as de aged For
Example, a cargo contracted TO- August 4.
1889. arrived in this port almost a year
afterward, that is, at the beginning of the
present MONTH"
The number of bales cleared for tie
United States since January l is only hall
as large as the number of bales that had
cleared at the corresponding time last
year The figures are 81. coo bales for tbs
year. against 16l GOO bales for last year.
On the other hand, the number o ba es
that have cleared TO- C at Britsr this
year is considerably larger than the nun
Der that cleared last year. There have
hsen 272. 000 bales this year. aga n (
900 bales last year.
The receipts at Manila in the two years
also chow differences. So far this yea the
receipts have been 619, 900 ba,es against
41s.oGe bales during the corr espoDdiag
time last year. As an offset to the penii g
of the ports are the holdings which are
being made at Manila. The present stock
at Manila amounts TO about 222. Geo ba es,
which are being kept of the market Tor
the purpose, ii is said, of coFre ing IL. 1t
is likely thai the Manila houses Will win
out as the market has advanced steadily
without any other reason than tn s. ho.d-
ings, which constitute the sole bull
strength. On the whole. the market is 2
cents higher than usual.
The corner. or what practically amounts
TO corner. by the Manila houses, is being
watched with much interest by dealers in
this city. II has directly the opposite eff
feet on the market which the opening OF
the ports was meant to have. Ii tends to
make the opening valueless and Il # ct We,
blocking the market as thoroughly as Il
was before the opening took pace. 1t Is
estimated that not more than 80 600 btIes
will be received in this country this
month as a result of the Manila holdings.
The quality OF hemp row being lmpor ed,
in spite Of the high price, is poor. Dealers
recognize eight grades. The demand is
principally for the higher grades. such as
fair and good current Unfortunately,
however dealers who order one grade
frequently ind the shipments TO them 10
be of a lower grade. and this, of late, has
caused much dissatisfaction in the ma ket.
Most OF the dissatisfaction has been ex-
pressed in New England. where the gIe ter
part of the hemp that comes to this coun-
try is used for manufacturing purposes.