New-York tribune., 1900-07-16
. MONEY AND BUSINESS.

The midsummer curtailment of business has
come to be a feature so regular and so inapor-
tant that it needs study by itself. In extreme
heat, when prostration Of those at work is most
frequent, the workers have been accustomed to
petition that all the resting time permitted In
the year should be allowed at that season and
in iron and some other lines it has become
an extensive change. In later days there has
come the desire Of the workers organizations
to get little time for negotiation on points
Of difference and the employers also gener-
ally welcome the opportunity to make needfuI
repairs without bearing all the losses of idle
ness. All these things have tended to expand
the summer vacation and 1t is likely to be of late
the turning point Of the year. The Sheet Steel
Company appears TO have arranged its wages
for the coming year without difficulty. But in
all other lines, including some of the most i'm
portant, adjustment has yet to be reached.
The bar associations Of the Pittsburg and of
the Eastern region have failed to reach agree
ment, and have abandoned the effort to main
tain prices, so that extremely low quotations
are being made in some contracts even liz
and 1.25 being reported. The beam and angle
conference ended in no reduction of prices and
the other associations have reached no settle
ment AS early as July the output of pig iron
had been reduced to 2S3, Alb tons weekly. and at
that point the increase in unsold stocks on
panies, S6,S5S tons for the month Of June
but the stoppage of several more furnaces has
undoubtedly increased the deficit materially by
this time. The employers have rightly antici-
pated a material decrease in the demand for
finished products at this season, while MANY
Of the men have persuaded themselves that all
things ready for a considerable advance
in wages. The big conferences of employing
companies have other grave differences to
laro
prices, and heavy contracts for TRANSPORTATION
of both, and host of differences which NAV
make the season of idleness rather longer than
has been expected.
In some other industries the boot and shoe
and the textile especially, the delay Of readtust
ment threa tens to be long For a month or
more 1t has been decided by the Cotton Selling
Committee to close many of the most important
cotton mills, and it seems certain that enough
will concur to render the movement effective
But the trouble is really in large measure about
the high price of cotton which may not WELD
very rapidly, even with a shrinking demand
until the old supply closely approaches exhaus-
ton. 1t is also admitted now by the most
Jealous in the wool interest that prices of wool
have ranged considerably lower since June
and offers are now being made at figures much
below prices recently asked by Western holders
Yet the West and South, although much demor-
allZed by the Iau at London sales and the daoi
sion to omit the sales in September, do not vet
seem to understand that the wool manufacturers
at present hunting for a consumers market
and until they can find one they are not prepared
to determine what kind of wool they can afford
to buy what they afford to pay for it.
In many other ways the slow readiust-
ment of prices to more normal conditions goes
on, and with less resistance people come to
understand that ii must take full effect even in
the great iron and steel industry and in coal
and iron mines. before there be a revival of
demand. The reported sales of leather at low
prices are generally denied, usual but in
some way much leather is being sold although
prices OF boots and shoes not at all advanced
The American Smelling Company has again re-
duced the price OF lead. There reports not
yet fully verified that large sales of copper at
slightly lower figures are pending.
The market variations in breadstufrs have !
little meaning of late. although the monthly /
bureau report raised wheat for the moment 2Ib |
cents. but did not prevent lower prices on |
Friday than Monday For some time there |
has been such want of enduring faith in the !
official accounts that they seem 10 hurt rather |
than helm sneculators for an advance. Year 4