New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-10-01
MONEY And BUSINESS.

The failures in the wOOllen business caused
less disturbance than might have been ex-
pected from their magnitude. The vicious
practice of selling paper through brokers has
some redeemng features, one OF which is that
the liabilities of each firm that sells its paper
become widely scattered. No bank cares to
have large amount of such paper made by
any one firm, and much greater caution has
been shown since the failure of Shaw Brothers
and other leather concerns Consequently, the
losses through the wOOlen failures will prob
ably fall upon many banks and other note
BUYERS scattered all over the East, but
not very heavily upon any one of them.
Though there was some apprehension early in
the week when these failures became known,
it soon appeared that the Mayer-Levy syndi-
cate of dealers had depended mainly on ex-
changes of credit with each other, and had not
involved other houses to a great extent. When
no other failures resulted, there was some i'm
proycment in the demand for woollen goods,
though the week can. hardly be called salts
factory one to the trade. In cotton goods,
Notwithstanding the curtailment OF production
by the drouth and the stOppage of many
mills, business was only moderate in volume,
and there was a slight decline in print cloths
A sale of pig iron at 500 on the Metal
Exchange, though the result of unsuccessful
speculation, calls attention to the fact that
this industry has not recovered as was ex-
pected. Thrice this summer there has been a
brief or partial recovery but in each case the
nreSsure of stock offered for sale has quickly
caused a relapse. 1t does not appear that the
demand for consumption has materially i'm
proyed. Steel rails are offered at $37, and it
is said that many establishments have no
orders beyond December l, even at that price.
Bar iron sells at less than 2 cents and nails
under So 20. 1t is hoped that the restriction
in production by Western mills for a month
may check the downward tendency in mails,
but BUYERS of most forms Of iron are holding
back. The opinion of Mr.. Carnegie, expressed
in THE TRIBUNE last Monday, that "matters
"vll grow worse for some months before
manufacturing interests can reach profitable
business though cOntrOverted by some good
authorities, such as the Iron and Steel AssOci-
atoms Bulletin, is shared by very many who
would otherwise be purchasers. The manu-
facturers complain that raw iron costs too
much, and the fuTnace-Owners claim that the
high cost of anthracite is destroying the
business where that fuel is used and driving
the manufacture to regions where bituminous
coal and coke can be employed. Whatever tie
causes. it is an undeniable though uLwelcOme
fact that the great lion industry is still very
much depressed.
The prospect of large exports is somewhat
clouded by the recent course Of the mar. cts.
There were shipments of $500 bushels of
corn about the middle Of last week, but a re-
Not 81 Chl n
lowing corn. Wheat was weak until Thursday,
and the later speculative Improvement was not
caused by any movement for export or CON
sumption. Cotton advanced d Tor middling
uplands, but the sales other than for speculation
were very small, and the exports were only
80, 900 bales last week. against 1920 for the
corresponding week last year. These products
seem to be held for speculative purposes at
prices above those which foreign buyers can
afford to pay, though there is of each an
enormous surplus which cannot be consumed
or sold unless the foreign demand Is main
tanned. The exports of breadstuifs last month
were small, those of wheat and -four being
little more than half as large as those OF
August, 1892 But pork and lard have been
declining, and the downward movement has
been fastened, it is said, by the death OF
large holder at Chicago. The fact that eX-
ports of provisions in August were nearly
twice rs large as in the corresponding month
last year gives color to the belief that the
decline in pork products has brought prices
down to normal position. Sugars, coffee and
tobacco have been stronger, with some adj
vance and more active demand oil has been
sluggish all this week, but closed about cent
higher than "a week ago.
The bank reserves have been exhausted.
The statement of Saturday, it is true, showed