New-York tribune., 1900-10-01
MONEY AND RESLNESS.

| OF 81 90 or more, and some we're sold ex divi-
dend' while a few have become so scarce that
not a single sale occurred 1t proper that
the coal roads should advance $5 a share.
they were the heaviest losers IN the preceding
week Industrial and traction shares averaged
a point higher also, and trading was about
equal in volume to the corresponding week last
year. Logical explanation of the weeks ad-
vance is as impossible as finding a reason for
the depression in the previous week. Business
conditions were practically the same. railway
earnings continued moderately in excess Of last
year, there was nothing definitely settled as to
the coal strike, and foreign affairs were not
calculated to bring higher prices Berlin mar
kets were badly disturbed. and much disap-
polntment was felt the failure to secure
gold shipments from New-York. American Sc
curlties were sold by German holders but for
elgn exchange rates declined still further. Imports
of gold were discussed, but while the abundance
or cotton bills and merchandise balances general
ly indicate that gold might be secured it would
be Improbable so long as foreign interest rates
are double those ruling here.
Notwithstanding predictions of hardening
money and steadily decreasing surplus reserves
IN the associated banks. it is becoming more
apparent each week that the fall crop moving
Will be accomplished without causing stringency
mere. Southern banks have drawn heavily on
their balances at New-York but shipments to
the West are still small. There is a large ex-
cess over reserves at this date last year. while
interest and dividend payments in October will
probably reach $7OOOOO00 exceeding all pre-
vious records for this month Although specu-
lation has equalled last years exchanges
through the New-York Clearing House were 80
per cent smaller than in the same week of 1899
In few other large cities there appears some
ROTn rod
that period of unequaIed prosperity cIearings
In all earlier years were smaller than current
figures. Gold is en- route from Australia, and
African mines will soon be increasing the
worlds supply faster than ever before The re-
markable strength of silver has been a feature
OF the financial markets, prices reaching the
highest point since March 1897. This was large
ly due to Eastern demands shipments from
London to China, India and the Straits for the
year thus far showing gain of 33 per cent
over 1899
More men WILL be employed in the various in
dustrtes to-day than the first day of Sep
tember, in spite of about 125 900 idle in the
anthracite coal region. Labor leaders have
failed to secure large sympathetic strikes in
iron and steel and kindred lines while MANY
steel companies have resumed after agreement |
with the Amalgamated Association In iron.
unpIate' glass and other manufacturing con-
Germs the forces at work have been largely
augmented during the month. boot and shoe |
shops have more orders and sawmilIs are |
crowded with business Cotton mills are not |
spinning freely because the raw material 10 |
held at prohibitive prices, and there is an in
chnaron to delay woollen making for a month /
longer. Prices Of wool are lower but dealings |
are restricted, and at the West there is much |
confidence in the future of this product, which
tn %ot
ala not cause any uneasiness in the trade OIL
wells are active and new gushers were located
which brought the first change in price for over
TWO months. Refined fell 20 points to T65
cents the lowest price since July, 1S99 and %
cents below the price at the beginning of this
year.
Iron and steel prices remain UNCHANGED and
the feeling grows stronger that no further re-
auctions Of consequence will be made. Long de-
layed purchases are being made more freely
but it is not surprising that conservatism should
be shown after such a severe shaking as these
values have received. One sale Of two hundred
tons Bessemer pig iron was reported at Pitts
purg at decline Of 25 cents, but ten times as
much was sold at the old price of $14, and other
markets handled liberal tonnage at former
ngures. There is a better movement to the
coast for export, and foreign buying of steel
rails has been heavy. No dinnution appears
dlnculty in securing transatlantic freight space
at reasonable rates that one large iron maker
has made plans to have his own fleet within
snort time. Every weeks statement shows that !
new foreign customers have been secured for
American iron and steel products and this
class embraces a large share of the total ex
ports from this city, which for three weeks ex
ceeded last years by 315 per cent Imnorts IN
Iour weeks We're 30 per cent smaller than in !
1893 making certain another heavy trade hal
ance in favor of this country for the month Of
September.
Wheat declined 25s cents and corn advanced
IA. Both sold freely in the speculative market
but there was only moderate cash dealing
Weakness in the leading cereal was partly dne
to the heavy loss in Atlantic exports hut a
more potent influence was the fact that was+
ern receipts in September exceeded last years
IN spite OF the gloomy crop reports that caused
the advance to SO cents last Saturday Cuo+a
tions lO cents above last years is the simple
explanation of corn exports only two-tbir6s as
large An advance of 20 per cent in price may
be expected to cause corresponding decrease
in the amount sold abroad particularly as for
eigners are not overburdened with prosperitv
as evidenced by many recent loans Crop CON !
ditions in Argentina most satisfactory and
another large exportable surplus is confidently
predicted by an eminent authority Russia is
sending out large quantities, evidently taking
advantage of present high prices Live hogs
and pork products are firmly held which NAV he
ATTRIBUTED 10 the strength Of corn rather than
to any vigorous demand or light supply
Cotton is stubbornly held 1O24 cents desnite
lack OF orders from Northern spinners and only
moderate exports. Planters are endeayorinp, 70
move their crop to market promptly. but lack