New-York tribune., 1900-08-06
MONEY AND BUSINESS.


Two satisfactory points are brought out by the
detailed official report Of foreign commerce for
the year ending June 30. aside from the gain in
aggregate and the heavy trade balance in favor
of this country Exports of manufactured ar
tfcIes increased 10 S432 2S4 366 or 81 per cent
Of the total. and imports Of raw materials or
articles only partially manufactured constituted
1898 per cent Of all receipts To the total Of
manufactured products exported may properly
be added about S7O0OOOOO worth Of -four and
corn1neaI. which are included with 0readstuffs
These figures indicate that American workmen
are getting a bigger proportion Of the worlds
business than ever before and greater prosper
fty among employees in the manufacturing towns
and cities means corresponding benefit 70 the
whole country. Instead OF being only the worlds
principal farm, plantation and mine, this cOun-
try has become the manufacturer, securing the
profit Of grinding its wheat into -four, spinning
its cotton into cloth and making machinery Of
its iron.
But excessive imitation Of prices threatened TO
kill the goose that laid the golden eggs. Both
foreign and domestic consumers withdrew from
the various markets and restricted their pur
chases. until the gradual readjustment OF values
has at last made the outlook again more en-
couragtng- In many products the fall has been
severe and the last week brought further re-
ductons in some items. Increased purchases
are reported, however. and the long period Of
stagnation seems to be ending right in the mid
summer season. when especial activity could
hardly be expected Yet the increased buying
of bars and plates and other forms Of partially
manufactured iron made the week a busy one
at Chicago and some other cities. A sensational
sale Of steel bars al 80 cents was reported. al
though this was by no means the general quota
ton and heavy transactions occurred simulta-
A ?
all the iron centres there is noticed a dIspo-
sitiou on the part OF buyers 10 close contracts
at current quotations or with small concessions.
They have deferred purchases as long as pos
sible and are now showing some anxiety TO pro-
vide for the future without waiting for better
terms There is still some interruption by
strikes, and possibly workers may take advan-
tage Of the increased activity TO make other
demands.
Opening Of light weight wooIens brought out
fair business. the delay Of few weeks beyond
the usual time proving Of some value. Quota
tions were higher than a year ago but lower
than the nominal prices ruling up 10 last week
Transactions were smaller than at previous
openings, conservatism prevailing here, in
other branches Of trade. More interest was
taken in wool, and sales at the three chief mar
kets Increased TO 5,613.979 pounds. against
4, 4,337 500 in The preceding week. There was still
q heavy loss compared with the corresponding
weeks last year. when sales were averagtng TO-
100000 pounds. The tone is frrner, although
prices are practically unchanged Cotton goods
are weaker brown sheetings having fallen TO
the price quoted six months ago. and in wide
sheetings it is necessary 10 go back ten months
TO find sales at 20 cents, which was quoted last
week. Lack Of Chinese orders is being felt,
and one Southern mill contenplates putting in
entirely new machinery. since the grades shipped
TO the Far East are not available elsewhere. Cot
ton dropped to 915 cents, fall Of over half cent
for the week Restricted consumption accounts
for much Of the weakness, while crop news and
port receipts had a depressing influence
Grain still tends downward; wheat has fallen
about L. cents from the top price Of the recent
advance. and corn IS Z cents below the best
figure. Nevertheless wheat is cents and corn
cents above the price at this date last year
This large difference may account for Atlantic
exports during the crop year thus far Of only
$40 $50 bushels wheat, including -four, against
10 POI 2i9 in 1899. While crop news grows
steadily more encouraging, and high prices are
calculated to bring grain into sight, western re-
ceipts OF wheat in five weeks were only 10 934S-
14S bushels. against "A 27S COZ last year. and
Of corn 20 9S2, ,219 against 26. $50 633 Hence
ii is not surprising that granger roads continue
10 show a loss in earnings as compared with last
July although all other classes OF railroads re-
port an increase. Sixty railroad securities de-
clined to an average OF so % share on Mon
day, gradually recovering until the close was
20 cents higher than on the previous Saturday
Trading was light except as accelerated by two
dividend declarations, and the strength was es-
pecially noticeable because of the duIness 1t
is customary to have g sagging market when
sales are far apart. Investment buying con-
tinues and stocks paying steady dividends are
0F Tha kat ND ia
freely, although most OF them had a quiet week
and the average Of forty declined 10 cents to
$50 80 a share
No change appears in the financial situation.
Rates ara low and more money is offered than
trade requires. although commercial paper has
been more active than for some weeks Specu-
latiou is light and there is little new borrowing
on stock collateral Money comes here from the
interior in spite OF increased demands for NOV
ing crops. and payments By the Sub-Treasury
helped 20 swell holdings Of the associated banks
which report a surplus in excess OF the reserve
legally required amounting to over S29. 100000
Meanwhile the Bank OF England's reserve is
down TO a low point. and it seems probable that
much Of the proposed British war loan OF $50
100000 will be offered here. This country could
easily spare that amount OF gold but as the
war loan is only three years investment
special Inducements would be required TO secure
the money The per capita circulation OF money
IN the United States on August l exceeded ali
records. amounting 10 S26 IS, an Increase OF
seven cents over .Tuua I which -. htwha..