New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-09-26
MONEY! AND BIZ SINESS.

MONEY AND 81 SINESN.
Neither foreign nor domestic events VI last
u.,ek nresentod any reason for decline in Sc
curties or halt in business. lmpapap'e
drama about silver declarations by Eastern
state conventions were not worth. from bus-
ness point Of view, the little breath spent IN dis-
cussing them for no one supposes that the SILVER
folly has more strength now than IL had TWO
years ago. when it was buried under balIo's III
Eastern States Nor have there been any re-
vcrses I'm crop prospects or In the financial out
look When a veteran leader In speculation
saws. 81 do not recollect the time in thirty years
"when conditions affecting business and trans
"portatlon were so universally and distinctly
favorable az they are now he makes strong
statement. in view OF the situation after specie
resumptIon and yet one which has some things
10 support IL.
II is Amazing TO see how the excitement about
tight money has vanished. Though rates for
money are actually a little higher than they
were when the excitement seemed greatest, peo-
pie have comprehended by this time that the
supply Of money which can bc drawn hther
from Europe IN case of any need is practically
unlimited and that merchandise balances are
constantly accommodating against the Old World.
Last week imports again fell OF heavily going
much below those OF year ago so that for
three weeks the aggregate at New-York has
been only S2900Op. or AZ per cent more than
in the same weeks Of last year which would in
dictate an aggregate Of about S54 300 900 from all
ports for the full month. But the exports In
three weeks have been 10 per cent larger than
last year. which would indicate aggregate
Of Sil9.3O0.OO0 FOR the month The excess
OF exports last year was phenomenal. over
SG2 OOOOO0 but the figures SO far indicate n still
greater excess this year. Toward settling such
enormous balances the imports Of gold last
week S22l5O62. or similar imports in recent
weeks. do not go far.
Exports OF wheat In three weeks OF September
have been from both coasts. -four included, H.
sOo.a26 bushels. against l1.460210 In the same
weeks Of last year and the exports Of corn were
also smaller Yet the quantity shipped. although
IT looks small In comparison with last years rec
ord. has in fact been rarely surpassed Exports
by means small enough to indicate any
surprising decline in the foreign demand FOR this
year. although decline OF something like
third would hardly be surprising. in View OF last
years phenomenal movement. Since July the
exports from both coasts have been about 40
GOOOOO bushels against 45GOOpO in the same
weeks OF last year but the proportion OF shrink
age has been greater since August. and In July
the foreign demand WAS even larger than year
ago.
The exports OF cotton show an Increase. having
been since September / 16S 567 bales against
15I .9DS to date last year. but the price is this
year more than n cent lower so that the value Is
not nearly so great AS the value Of the smaller
quantity last year. The fall in price to the
lowest quotation ever known stree modern
methods OF dealing were employed has caused
no surprise this year. although IT Genes in the
arst npt of he
in prices rarely amounts TO much SO far the
quantity which has come into sight s nearly
200 900 bales smaller than appeared to the same
date a year ago. and Northern spinrers have
thus far taken only II ,S4l bales. against no.
81 last year. The fall In price naturally affects
the demand for cotton goods. and all the more
because stocks Of goods on hand are known to
have been unusually large in some grades. and
the weakness in print cloths. Notwithstanding
the curtailment Of production by some important
mills. IL especially suggestive. Very little I'M
provement appears in wJollen goods. and there
IL prospect that the proportion Of machinery idle.
which Is already large. may be considerably In
creased unless the orders received by the manu-
facturers speedily expand.
In striking contrast is the situation In the iron
and steel manufacture Nothing like an UNI
healthy or flight, movement In prices Is seen,
but they are slowly advancing. last week record
Ing slight gains OF 81 n ton or less I'm Eastern
plate and bars, wire nails and central bars. No
further rise occurred in pig. but 1t is supposed
that the combination of Valley producers can
now maintain the price OF Bessemer. and the or
ders for finished products have become so large
that few think 1t will be possible to avoid gen
eral improvement In prices. The coke output
has again Increased without change In price.
and also the production OF minor metals. with the
markets generally strong. The American pro-
ductiOn OF copper was ZOOS tons in August and
the foreign production $500 tons. The boot and
shoe manufacture at the East Is still shipping
more cases OF products than ever before In the
corresponding month, and in some mysterious
way. though the jobbers appear TO be never CIV
ing orders the manufacturers are always send
ing shoes. Leather Is not active. although hides
at Chicago show a little more strength.
The volume Of payments through the clearing
houses averages slightly lower than last year in
! September. 90 per cent. but is 124 per cent
larger than In 1892. The third week, however,
showed some gain compared with both pre-
vious years Railway earnings In the first half
+ OF September amounted to 40 per cent more
! than last year. and 90 per cent more than in the
same weeks OF 1892. which is somewhat sur
prisng In view Of the decentralization Of rates re-
Gently prevailing now said to be substantially
relieved by new adjustments Prices Of stocks