The sun., 1902-11-10

ding with. There continues a feeling
among many observers OF the iron and
steel trade that the crest Of the wave" in
that industry has passed. The facts seem
TO be that in the lighter lines and finished
products production Is at last greater than
consumption, and lower prices for these
products are inevitable. In the heavier
lines. however. consumption il still far
above production, with few. II any. signs
of lessening. Az showing how the ex-
treme growth Of domestic consumption
in this great industry has stihed our foreign
trade in its products. the figures just issued
by the Bureau of Statistics at Washing
ton are interesting. For TIE nine months
ending Sept go our imports OF iron and
steel were 73O.?27 tons against I4O,0s8 tons
last year. In the same period our ex-
ports of iron and steel were POO 700 tons
against 55i $50 tons In 1901. But really
the most Interesting event In the business
world Of the last few days has been the
renewed outbreak Of the war between
the American Sugar Refining Company
and it, beet sugar competitors. the point
at ISSUE being the formidable entrance Of
the Western beet sugar interests into the
markets east of the Alleghanies. Whether
Congressional battle remains Ia be seen.
Whatever the political aspects of the strug-
gle may be. il is, economically and finan-
cially, a simple war OF competition.
Two very favorable factors in the general
financial situation are the great demand
for our wheat and -four In Australia. where
the last harvest was a failure-this being
the cause Of the gold imports at San Fran
4 4 sl.as
vailed over the entire agricultural section
of our country, drying and maturing the
Gu, corn in splendid shape and giving
good top crop" In the cotton belt. There
s now rather general enlargement of the
small estimate of the cotton crop made
month ago. although as usual spectators are
OVERRIDING the BUSINESS. and Mr.. Henry
Neill Of New Orleans. from whom little has
been heard since he predicted 10000
bale crop against a 5000 Ooo-bale crop
gathered in is9a, j. out with the declara-
tion that the crop this year will be II 5o,o 900
bales anyway, and II .OoO O0o bales possibly
While in view Of the additional yield caused
by the late top crop the original Govern
ment estimate Of very small yield Will
probably prove Incorrect, there are those
who have peculiar facilities in the course
# their business for obtaining accurat"
information a. to the growth OF cotton
who are firm in their conviction that the
crop this wear will not he a large one and
will even be less than last years. The
yearly cotton crop, as being the most I'M
portant single factor in the foreign eXchang"
market and exercising an Influence almost
equally Cr"at upon tn" earnings OF South
crn railroads. ought To- be studied carefully
by every observer of the financial situation.
One matter concerning It may toe noted
lust now and that il that the movement
Of cotton this year is very early and that
both the amounts of cotton bills IN the eN-
change market and railroad earnings re-
sulting from this movement are Conpar-
ing very favorably with similar quantities
last wear A littl" later the comparison will
not be 80 favorable PHi, IT kINo