New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-03
MONEY AND BUSINESS.

Thorny are the paths or those VINO Try 10 90
anything with trust stocks. Guarding secrets
Of the trade" Is A good excuse for keeping back
information which sane man would hold an
absolute prerequisite TO any buying or other
securities man would book himself for
lunatic asylum IN charge Of an athletic guard
before he would put money into a railroad stock
OF which he was permitted to know as little as
the stockholders can find out about many Of the
so-called Industrial variety. So nobody Is par
ticulary surprised when Tobacco sells at Sis
against S153 IS September 10. drop OF $50 10.
or Sugar at SIG 70. against STAG 81 August 20,
a drop Of $50 II. or Leather preferred at S63 81
against S74 50 August %. fall Of $40 g. Such
little variations are to be expected where one
cannot know what he is buying OF selling. AS
most traders will get loaded with such stocks,
and when the collapse comes have to sell good
property in order to recover balances, the aver
age for railroad stocks fell last week 81 cents
per share while the average for trusts fell "a ~
per share.
Earnings on railways continue heavy In spite
OF much shrinkage OF grain movement. Septem-
her earnings thus far are 5 per cent larger
than last year. and g per cent larger than IN
1899. notwithstanding the recent decentralization
OF rates which. If recently stopped according TO
rcnorts cannot have failed to affect the latest
earnings vet reported. those for the third week
of September A better test OF the general vol
urne Of business Is now given by clearing mouse
payments. which have been slightly smaller
than last year owing to the diminished activity
OF speculation here but are al per cent larger
for September than IN 1892 1t is true that out
side New-York the gain was small only ID per
cent compared with 1892 but even a little ex-
cess over the transactions OF the best year In
all past history Is satisfactory, when II Is con-
sdered that the same body OF quotations. repre-
senting more than nine-tenths or the business
Of the country indicates decline Of III per cent
IN prices OF commodities compared with Octo-
Der /. 1892.
This same shrinkage in prices is so trying to
some that they piteously wonder whether the
country really has any prosperity. II they look
with open minds they will find that 213,Oi3 tons
weekly OF iron were produced in September.
with Bessemer selling at only SO 30 at Pitts
burg against 151 GAS tons weekly in the same
month of 1892 with Bessemer selling at Sl3 o6.
About 40 per cent more men are at work in this
great industry partly because 1t Is able to en-
courage larger demand by lower prices. Eastern
factories in spite Of the great strike Of lasters
at Brockton. which threatens TO spread have
Skinned 10 per cent more boots and shoes in
September than in 1892. partly because OF re-
cent reductions In price. The Iron Industry
shows no change In prices last week but some
unusually heavy orders for finished products,
and there is no evidence OF abatement In the
demand The boot and shoe factories getting
Some additional orders. and heavy sales OF sole
leather at prices not disclosed give the impress
sion that in this branch there have been some
concessions. as in others concessions have been
openly made.
The textile manufacturers are embarrassed by
the high price OF wool and the low price OF cot
ron. II is not in the least surprising that with,
wool advanced from 1914 to 20al cents. using the
average OF Coates's quotations. before there had
hcen any time 10 accustom consumers TO a
higher range OF prices for goods. and with many
mills holding n year ago cheap wool for one or
two full years consumption. some mills are now
lacking orders, while others strive to keep bust
ness by selling as cheaply as they can. A num-
her Of works have recently started up, only 10
get out sample pieces. but orders for the future
are slack Cotton. on the other hand has fallen
half a cent in a month. so that many look for
lower quotations for goods and therefore defer
buying. and yet the average OF prices for cot
ton goods is already lower than has ever been
known before and nobody can say what changes
of weather may affect the price Of cotton before
n great crop can be saved In the month OF
September go 16G bales came into sight.
against |. O69 500 last year and the decrease has
no Significance in view Of visible stocks OF Amer
lean cotton, 900 bales larger than a year
ago. while larger mill stocks have restricted the
takings Of Northern spinners 10 9O.2Jl paes IN
seatsmber against 1iJi13 last year. The ex