New-York tribune., 1900-08-20
MONEY AND BUSINESS.

ancestors
here Reasons for gratitude numerous
that there should be more than one day set
apart for thanksgiving in this closing year of
the century. There is little danger of monotony
in a recital OF success, and National pride has
reached point where repetition of good news
is anything but tiresome.
Exports of gold from this city to the amount
of ST 937 2S2 in two weeks without advancing
rates for money although the average of loans
reported by the associated banks rose above all
previous records. demonstrated most conclu-
sively the solid position attained. Security
kets also added their testimony by advancing 81
cents a share for the average of sixty rail-
ways. and Al cents for forty industrals, where
in previous years such large shipment
of gold would have affected values disas-
trously. Official returns for July show that after
making due allowance for the small net specie
movement there increase of $36.S04. .26S
in foreign Indebtedness to American producers
and manufacturers. while reports of foreign
commerce at New-York alone for two weeks Of
August indicate much heavier trade balance
in August, as exports were $22. 2.43S, ,4S9, an in
crease Of 60 per cent over last year, while i'm
ports were $1S 1886 almost exactly identical
with the figures Of 1899
Domestic affairs make equally encouraging
exhibit. Exchanges through the principal clear
ing house associations show that outside of
Eastern cities there was an increase in the
volume of business any preceding year.
New-York exchanges last year were unduly
swelled by speculation in Industrial securities
and Boston much more active in its prin-
cipal markets-wool and boots and shoes. Since
the recent decline in prices these products have
been slow to resume normal activity. although
there were some good symptoms last week
Shipments of boots and shoes increased 1903
cases over the previous week to 49, 1913 cases. but
were nearly 10000 cases smaller than in the
same week last year. The annual meeting of
manufacturers failed to accomplish anything of
Importance. and the assembling of dealers from
distant points failed to accelerate operations
Sales Of wool at Boston were 2S92O00 pounds
against 1858, 900 in the week OF 1899
The average of hundred quotations on
August 10 by Coates Brothers, of Philadelphia
was 20.49 cents, against 20.40 year ago. While
prices do not change. there is little activity in
the raw material, due mainly to the small trans
actions in lightweight woOllen goods.
reduction of So ton in certain structural
shapes OF iron at Pittsburg not surprise
to those thoroughly familiar with the trade
Sales had been made at concessions from the
regular market price by concerns outside the
beam pool and 1t known that some forms
had not been put on a parity with pig iron and
other material. Similarly steel rails have been
months A sharp cut in this department would
occasion no anxiety; In fact. 1t would be a relief
to those who fear foreign competition Taking
the market a whole there is cause for
alarm over last weeks developments Prices
were steady. aside from the one reduction men
toned. and there was prompt recovery from the
bottom point touched by steel bars. Reports
from Pttsburg were not particularly bright,
but greatly increased activity was enjoyed by
concerns further west and south. Export or
ders grow larger, and an abundance of do
mestic business is assured Restricted produc-
tion Of coke and pig iron means no further
accumulation Of stocks. and excessive supplies
have caused all the trouble. ConneIlsviIle coke
ovens are being blown out at the rate of 10000
tons capacity weekly, but coal mines are not
limiting operations. and prices tend upward.
Added to the larger operations that will be in
order soon on regular fall buying there is a
heavy export business to be considered
Railway earnings continue to increase Those
reporting for the first week of August indicate
moderate gain in the aggregate. although
granger lines are still doing somewhat less
business than last year. Full returns for July
show increase of about per cent over last
year. and nearly % per cent over 1898 A de-
cided decrease appears in eastbound tonnage
of grain and provisions from Chicago, but ali
classes of westward freight heavy. and pas
senger business is exceptionally good. Sales Of
railway shares at this city were much smaller
than last year. and the value Of railroad bonds
sold only about one-fourth as large as in
1890. But prices were we'll maintained in the face
of many influences calculated to cause depression
Values must be pretty definitely established to
resist the attacks of skful operators. especially
when aided by London sales which it is esti-
mated have exceeded purchases by about 80
600 shares in August thus far. Fluctuations
have been wide in city gas and traction stocks
at time the advance amounting to an aver
age of 81 a share. but unsatisfactory re-
port by the Brooklyn Rapid Transit COMPANY
helped to depress this class toward the close
and the week ended only 65 cents higher
Wheat declined three cents but is still
above the price at this time last year Crop
news is more cheerful, and trade estimates ex-
ceed official representations by more than &C.
100000 bushels. During the first weeks of the
crop year Western receipts OF wheat fell far
below those OF 1889. but in August the increase
has been so heavy as to raise the total since
July to 81 .415 1856 bushels, exceeding last wear
to date for the first time although by only about
2 per cent. There is free outward movement
at Atlantic ports. but Pacific exports are light
Farmers rushed their grain to market at an
unprecedented rate for the last two weeks. ex
ceeding the total movement in the correspond
ing weeks Of the two preceding years For
eigners are beginning to show less interest
in corn since holders insist on prices seven cents
above last years. Atlantic exports in two weeks
declining than 100000 bushels from the
movement year ago. A large yield is now
practically assured. Cotton advanced to 1OL
cents on Monday, the top point of the season.
also touched in July. but at no other time since
1890 Confusing crop returns and conflicting