New-York tribune., 1900-09-17
MONEY AND RUSINESS


vail. because of its deeper and broader scope
The best news Of the last week was the official
statement OF foreign commerce for August This
showed an excess of merchandise exports over
imports amounting to SAL 1.636474 Net exports
of specie swelled the trade balance to S5S 315
for the month. In the previous August the gain
was $35524O93 and in 1893 only $22, ,794, ,O44,
owing to large imports OF gold
Constantly increasing credits abroad on mer-
chand1se account rendered inevitable some form
of loan to pay part of the bills. Hence there is
no occasion for surprise when European coun-
tries want to borrow. The latest proposition OF
this kind comes from Germany and will prob-
ably result in $2O.OOOOO0 being loaned without
the shipment of any gold. Only moderate part
of other recent foreign loans was made bv actual
movement Of specie these borrowings aggregat-
ing at least $70,OOO,OOO including the German
loan; yet net exports of gold since January 1
were only 500 79O727. This country's position
IN International affairs grows stronger each
day. ana the end is not yet. Exports Of mer-
chandise from the Port of New-York in the
first week of September were 276 per cent larger
than last year. while imports for two weeks
show little change from the figures Of 1899
Most industries show gain for the week but
there Is much anxiety over the strike of anthra-
cite coal miners. This difficulty is proving more
serious than at first appeared probable many
workers having stopped who previously an
nounced their independence Of the organization
From fifty thousand to seventy y-five thousand
men will be idle to-day and If vigorous agita-
tion by the leaders can accomplish their pur-
pose more mines Will be closed before the week
ends. At some points the men are financially in
position to hold out many weeks without hard
ship to their farnilies. and mine operators show
no inclination to yield. Should the deadlock
prove lasting there viii BE a check to exports of
coal, which had begun to rn?va in considerable
volume, and domestic coCsu<aers will find nrices
rising But 1t is p,cnakla that work will he
resumed before long, and the chief effects will
be higher prices obtained by retailers on con-
tracts with consumers and depression in the
stock market
Better conditions exist in the iron industry
orders coming forward freely and prices holding
firm in most cases. with occasional advances
There IS much shphuidng and machinery
plants are crowded with orders more men being
now employed at some Of these works than ever
before Boot and shoe shops are also starting
up wheels that have long been still and there
is corresponding Improvement in sales Of leather
and hides. WoOllen mills have only fair orders
but there is much confidence in the stability of
prices. and wool quotations do not alter. al
though sales at the three chief Eastern markets
are less than % per cent of last years transac-
tions. Prices of cotton goods advanced nearly
4 per cent for ten standard grades and there
was an encouraging reduction in stocks at mills
But prices for raw cotton were out of propor-
ton to print cloth quotations, and there is not
much probability of extensive manufacture at
present figures.
Last week a record breaker at the Cotton
Exchange. sales averaging more than a million
bales daily. Fluctuations were the widest ever
known, 81 80 bale being a common occurrence
FTVI,o 4{x
numerous outsiders. who found Wall Street con-
ditions dull, and commission houses reaped a
harvest. The disaster in Texas was the chief
influence, but late reports from that region in
dicate much less damage to the crop than earlier
estimates. Still, prices closed very near the top.
Spot cotton ended the week an eighth below the
top record of IL cents reached on Thursday
and some options a little below best fig
ures. but the tone strong, rejecting the ad-
vance in many grades of goods Foreign stocks
of cotton have reached low point but they
are not compelled to replenish, and the question
of consumption is the only weak one in the po-
sition of cash prices while the enormous long
interest in option contracts is the weak spot in
speculation. An overbought market is always
in danger Of collapse. even when actual condi-
tions warrant strength. One authority est-
mates the decrease in consumption at 1926, 900
bales, and while it is impossible to secure any
accurate information IL is safe to presume that
the present advance OF 20 per cent in price over
last year must result in much less cotton being
used.
Cotton planters not the only sufferers
from the Galveston storm. The effect on South
ern railway tonnage must be severe for some
time, although there will be partial compensa-
tion in the movement OF materials for the erec-
ton Of better wharves bridges and structures
Of all kinds
Wall Street failed to see anything encouraging
in the splendid results of New-England cleo
tions although there was reason to expect much
smaller Republican majorties as this was the
stronghold of the "anti-imperialsts." and also
because there much talk of Republican
apathy In those States. Other influences were
numerous and effective. Primarily the coal
strike. next the disaster at the South, and later
in the week fears of tight money. There was
much call for movement Of currency to the
South to handle the cotton crop which Will
probably be pushed rapidly to secure high
prices. Moreover the needs of Galveston were
great, and this took funds in that direction. De
mands from the West for grain movement are
much smaller than in previous years, and the
banks were we'll able TO bear moderate reduc-
ton in the surplus which is $50 S36 175.
against 1915, ,450 year ago. and 81 24O. 400 two
years ago All classes of railways show gains
in earnings over last year for the month of
August. and partial returns for the first week
OF September are equally encouraging. but the
average OF sixty railroad stocks declined 81 l3
during the week
|
The cool wave arrives just in time TO rescue
the oyster from the embarrassing situation of
being in season in unreasonable weather.