New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-10-02
MnNEY AND BUSINESS.

rupted that few paid the usual attention 10
financial events. All the more 1t is necessary
now to get acquainted with them before begin
ming week which may prove especially I'M
portant II the anticipated Boer outbreak be-
gins in South Africa the real relation OF TINS
TO other money markets will soon be demon
strated II the sharp downward turn in wheat
AZ Chicago at the close Of last week means any
,bir, II starts October with different prospects.
II the crazy performance in Southern cotton
markets last week has broken the force or the
inward movement, that also may have I'M
portant results In any case, the orders for I'M
ports Of large amounts Of gold from England
and Australia will operate strongly to modify
the difficulties attending enforced liquidation IN
I stocks.
With war constantly expected for weeks gold
has begun to move this way in such volume
that Il IS difficult to suppose American demands
will be satisfied in case Of actual war by ship
ment Of securities hither The movement ind-
Gates that such American securities as are still
held abroad are not so easily dislodged as many
have supposed but may be held all the more
tenaciously because they are investments quite
beyond the reach Of European complications.
This years merchandise balance. in nine months
about S31OOO0O0O in favor Of this country, with
small net imports Of gold every month except
ing one when loans abroad were made, must
have created heavy credits abroad, no matter
how they may be interpreted, and while Sep
ternher imports we're about 100000 larger
than last year, the excess Of exports then was
S42O0OOOO.
Speculative advances I'm wheat and cotton
might have checked the outgo Of staples, If car
ried far But wheat sharply declined at Chi
cago as the month ended, closing but two cents
1 orfu fro,
both coasts, -four included, have been 17004973
bushels, against 17,40730j last year, which
with the official returns for July and August
make 40 162, POP bushels exported in the first
quarter Of the crop year. whereas almost the
greatest export movement ever known started
last year with 10 SO bushels for the same
weeks The evidence OF foreign needs is the
more conclusive because corn exports also were
1851 O24 bushels in four weeks Of September,
against II $4,000 in the full month last year,
making over j5,O0O00O bushels in the quarter
against 35,OOOOOO last year. While corn also
yielded a little at Chicago. II closed nearly a
cent higher for the month
Southern cotton exchanges and accounts OF fac
tors and traders have been tangled up fearfully
by the fraudulent dispatches which caused fran
tic buying all over the South al prices far above
the actual market and A great many people
will not know how much cotton they hold or
how much they owe until after litigation. Such
a performance is not apt to assist advance
for the moment and the first month OF the cot
ton year brought into sight 1.054,563 bales
against 9S2, 100 last year from the greatest crop
ever raised. Home and foreign commercial
stocks OF American are $4,000 bales greater
than a year ago with mill stocks also some
what larger Takings Of Northern and South
ern spinners were $1,000 bales larger than last
year, with exports 10000 larger. Yet the price
is now one and a half cents higher than year
ago without reckoning prices made by fraud.
so trace Of encouragement can be found In
the condition Of industries. While some works
are actually running night and day to turn out
bar iron sold long ago for delivery at 1c per h..
and put furnaces under contracts 10 deliver pig
for use now at Sl1 per ton or less. the fact that
those who must have more pig are paying
SD 80 and those who must have more bars are
paying s. - does not represent the whole bust
ness \ material yielding I'm prices. IL It should
come. would therefore affect much less OF the
business than might be supposed but last week
there was a little further rise In quotations for
Bes emer pig and local coke at Chicago. and
for bar iron at Pittsburg The boot and shoe
manufacture closed September with nine
months shipments for the first time exceeding
cases larger than last year and $4,000 more
than I'm the same month OF any other year. and
without change for the week in prices, which
average only about half Of per cent higher for
the month.
Consolidation efforts and the new selling plan.
With the rise in material. gave ii general i'm
pulse 10 cotton goods and so many Of them adj
yanced from an eighth 10 half cent that the
average was nearly IL per cent higher for the
week against per cent for cotton and
per cent FOR the month against II per cent FOR
raw cotton. Many Of the mills have sold their
production for some time ahead. Woollen
goods are stronger, though marking up nominal
quotations goods actually withdrawn from
the market is mere deception. It has been an
nounced for some time that the product OF all
the worsted mills controlled by the American
Woollen Company were fully sold FOR the coming
season. and some mills producing mems woollens
Of various kinds have also been fully sold up
The market continues to show a good demand
though somewhat less even and regular than
has been expected. Meanwhile prices Of wool
are somewhat advancing and appear to average
an advance Of about quarter Of cent for the
last month.
Stocks were depressed by dear money and
two holidays coming In succession. and the av-
eraBe Tor sixty railroad STOCKS declined ~ cents
per share. while the average for Industrial
stocks declined 81 per share but the main feat
ure has been a continued liquidation in street
railway and Industrial stocks ~ which nearly
all declined Sales were small in amount and
not very significant. except showing rather
more strength than was expected for good rail-
way stocks. The earnings continue excellent.
for September thus far reported sos sol .35s. be
Iao