New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-09-10
MONEY AND BUSINESS.

signs. During the first week there the re-
sumption of activity in retail business which
usually follows the return Of multitudes from
their vacations. Fall trade in all parts of the
country opened briskly, and there is less inter
ruption than is customary in Presidential years
Sound money Endorsed in Vermont, and the
protective tariff was blessed by $4,000 workers
in the tinplate region. Wheels resumed their
busy hum In many other shops that have been
idle for months, and nothing was done in two
cases where cessation of work confidently
expected. Sales of 100000 pieces of print
cloths saved the day at Fall River mills while
political agitators have not yet prevailed upon
the anthracite coal miners to go hungry when
plenty of work awaits them. Foreign demands
have helped to put this industry in strong
position. and prosperity makes it an especially
good target for malcontents. Uncertainty re-
garding the outcome of this matter is the only
disturbing feature. but this cloud is Of sufficient
size to make many men anxious. 1t brings up
visions Of Homestead riots and interruption to
business, with scenes Of suffering and starva-
ton for innocent women and children.
In the stock market the coal roads were weak
declining much more than other railways, but
some investment buying Of dividend paying Sc
curities and a small balance of purchases on
London account resulted in little change in the
aggregate. Sixty railways averaged a decline
Of only nine cents a share, and were 1t not for
the political campaign which keeps many con-
sentative out Of the market there would
be some response to the fine reports Of earn
ings. Considering last years unprecedented
record. 1t is remarkable to find such a steady
gain in all classes of roads for August. Ton
mage is especially heavy the South for while
there was less cotton to move. the price was so
high that planters have never been we'll off,
and business of all kinds is booming. More
nd haeu
springing up in that section to such extent
during the last few years that even the Solid
South" may surprise Mr.. Bryan by its vote for
continuation of present conditions.
Money remains easy, although there is a dis
tinctly better demand for commercial loans.
Withdrawal OF funds from this city for crop
moving Is less than in previous years, but the
decrease in legal tender holdings by the asso-
ciated banks is probably mainly due to this
The surplus is ample for usual demands.
but large reserves at the, West and South to-
gether with increasing banknote circulation.
preclude the possibility of customary drafts
Once more the total money in circulation makes
a new high record and the amount for each per-
in the country on September 1 S26 IS.
exceeding the previous highest per capita figure
of August l by seven cents. Notwithstanding
the holiday. exchanges through the principal
clearing houses showed an increase over the
moderate decrease compared with last year and
the customary good gain over 1898. Dull stock
speculation accounts for large part Of the de-
crease compared with previous years at this city
Reports for five weeks of foreign commerce at
New-York show heavy gain in exports over
last year, and practically change in imports
so that the final official statement for August
may be expected to exhibit much better results
than in $780, aside from the gold shipments
which will bring the total Of foreign credits up
to high point.
More activity is reported at iron works for
all forms except pig Stocks of the raw material
had grown so heavy that further curtailment
during August deemed necessary. and on
September 1 the weekly capacity had fallen to
231, 77S tons STILL furnace stocks had increased
nearly 10000 tons during the month, and sales
at Pittsburg of Bessemer pig and Grey Forge
were only made at concessions But aside from
pig iron, all departments of the industry are in
a much better position. Purchases are liberal
and all forms firmly held, while many kinds
Of structural material and merchant steel are
advancing in price. Recent purchasers of bars
tried Intellectually to duplicate earlier orders,
being compelled to pay about 81 more a ton.
Resumption of tinplate mills means a good de-
mand for steel. and increased activity in all
directions cannot fail to reduce stocks of pig
and cause a return to larger capacity of fur
naces in operation. Coke ovens begin to reflect
the improved conditions in iron and steel for
instead Of the usual reduction of ovens in blast
there was a small gain last week.
Cancellation of orders for standard grades of
woollens and the substitution of poorer qualities
made an appearance OF increased activity that
was deceptive. Actual new business is slight
and prices are barely maintained. There is much
idle machinery at Eastern woollen mills Quiet
conditions in the market for the manufactured
product naturally bring dulness for the raw
material. and sales of wool have fallen to less
than a third of last years figures. Prices are
remarkably well maintained. however. holders
making few concessions, and the average of one
hundred quotations at Philadelphia on Septem-
Der / 2037 cents. During the last week
there a slight decline. so far as any
change occurred. Although the latest statistics
OF shipments from Boston OF boots and shoes
are discouragingly small 70.345 cases. against |
9S,053 year ago, the market has recently de-
veloped a moderate degree of outside interest
and manufacturers are beginning to hope that
the tide has turned II has been long season
OF depression. waiting for excessive accumula |
lions to become absorbed, especially as the Sc |
we're decline in prices made sales unprohtable
But at last there is a gleam OF light introduced
by few moderate orders. Leather markets are |
more active In consequence and the partiaIv !
speculative advance in hides at the West NAV
be retained by improved conditions in the East
ern markets for manufactured products
Cotton opened the new crop year with an ex- |
citing week Prospects of heavy receipts at |
Southern ports and plans for curtailing con-
sumption at Northern mills has caused heavy |
selling Of options. This short interest was az |
fectualiy routed prices advancing 50 so a hale |
III TWO DAYS Planters were advised to hold |