New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-09-11
MONEY AND BUSINESS.
eOr

Industrial pants III all Pdlir VI Alit ''"HNis = ''
! will ultimately need all the help" that the
Treasury can give them. II is an obviously un-
! warranted assumption that the money drawn
from them is required for crop moving. Through
ont the season both Western and Eastern bank
ers have maintained that the West had more
money than was needed for such purposes, ana
( It is I'm fact still lending money here. Not
100000 gold has been shipped from this port
since August 1 while nearly S1foO 900 has been
imported here there have been considerable I'M
ports Of gold the Pacific Coast. 81 which part
has been made available here. besides $5,VUO.UVV
or more a month from United States mines.
and the Treasury has added 10 its holdings or
! gold only 81 10000 more than It has put out
in the form Of gold certificates. But the New
/ York banks and bankers have undertaken to
! finance p large number ~ corporations with
enormous capital have, In fact, raised many
! millions which have been paid out for plants
and the demand upon their resources has not
been regular and continuous as ordinary drains
for crop purposes are. but spasmodic and in
/ large blocks and at times directly traceable to
the launching OF big corporations. The reserve
has been reduced S1O,571,OOo during the last
week and SO 800 900 since July s and the ms
! have been reduced $GOOOOOO during the last
week and SAG 200 600 since July :. Much OF the
money disbursed has doubtless been distributed
among country banks, making them so plethorlc
! that they have been and are bidding Tor COM
mercial paper in New-York
The stock market was not very we'll sustained
! last week though the industrials gained as
! whole 90 cents share, owing TO the heavy
! advance in two OF them while the railroad
! stocks lost 81 " share for the week The
! earnings OF the railroads were quite enough
to insure excellent support II the market hdd
not been much absorbed in the Industrial per-
! formances on seventy-nine roads August earn
! ings were 1446 per cent more than last year.
and 1OS per cent more than in 1892 Their
traffic has also increased much more than gross
! earnings. Chicago eastbound tonnage In i've
weeks having been 491 $50 tons against 261 437
last wear a gain Of $50 per cent and 216.S2o
IN 1892 gain Of JIG per cent These things
! do not kindle speculative interest. however.
comnared with the rise Of $23 % a share In
Tennessee Coal and Iron and SO a share in
| Colorado
Fresh proof OF the enormous Increase in con-
suming demands and In business comes from an
! unexpected quarter. The annual cotton report
| Of The Financial Chronicle shows that con
SUMPTION in this country rose to 3,721 ,"26 bales
for the year a gain Of 20.6 per cent over the
previous year which had surpassed all others
! The full meaning OF the statement is not seen
until IT is realized that for about three months
aarlv in the crop year the mills were curtailing
production because stocks Of goods were excess
sive and prices too low. It was not until Janu-
ary that they were pushed. and during the year
there has been an increase OF 31I,44o spindles
at the South and 10000 at the North. so that the
producing CAPACITY has risen per cent.
! The stocks Of cotton held by mills are reported
Uttle less than a year ago only 42o,e6i bales.
European production has apparently decreased
more than a tenth while American has IN
creased considerably more than two-tenths out
the crop Of II 235 49, bales was not consumed
I by about 100000 bales. the september return
! OF European mill stocks not being yet at manu-
Though every week adds to the number or IRON
furnaces at work and plants OF all sorts "hich
have long been idle are being repaired ana ell
ployed production does not yet seem 70 gam
unon the demand Anthracite No. is quoted at
SOB 80 Bessemcr pig at SOB % for future delivery
a. Pjttsburg. and Grey Forge at $40 -. while
| local coke at Chicago Is active at SZl 30 ana
Southern iron has again advanced. Finished
products are also higher, 81 ton more Is p"u
for steel plates at the East, and 81 % more for
common hairs at PIttsburg and Is cents a keg
more for wire nails Strikes which threatened
tinnIate mills in Indiana have been adjusted
and the utmost energy is shown in getting ready
new iron mines In the Northwest 20 meet the de-
mand next year. AS most OF the WORKS are
under contract for the rest OF this year while
deliveries Of ore now retarded by the press
ure Of wheat moving forward. Keller III the IRON
hrs,oase sin seems remote 1t Is rot TO be for
go,ter that the new demand may at any time
materially abate when in place Of heavy con
tracts now being executed AT very low prices
current market quotations are demanded in sim
liar contracts for the future
There Is fresh evidence that IN hides and the
industries having them for material the consum-
ing demand has run beyond all precedent snip
n,ents % boots and shoes were the largest ever
known in the first week OF September. except in
1897 but manufacturers still have orders so far
ahead that they welcome some decrease in de-
mand and prices advanced over Ia per cent
with further rise in leather, Of which sales in
many lines are much ahead OF tanning. Mean
while hides at Chicago go still higher, with
scarcity Of some grades. having now risen be
vond their average at any point since July s.
1895 and within one-half ~ ! per cent Of that
high water mark Wool has sold only moderate
" most manufacturers having supplies for some
time and little belief in continuance Of present
! quotations. and considerable sales have been
made at small concessions. but the holders gen
erally show great faith that the coming London
sales will make stu higher quotations easy here.
The demand for woollen goods continues large
but somewhat irregular that while some
grades are now advancing small concessions are
noticed in few.
Wheat shows slightly more strength. enough to
avoid continuance Of the decline. which has been
just seven cents since July |. Exports from
both coasts for the week again exceeded last
years little making about - OoD 900 bushels.
nour included for the crop year. against
iao a.. .
have been ~ ,3OOO 900 bushels against "a, 10000
last year. More impressive Just now, evil
dence - the foreign demand. ~ the outgo Of