New-York tribune., 1900-07-30
MONEY AND BUSINESS.

not encouraging. however, for some mills are
closing on account of accumulated stocks or be
cause of unreasonable demands for higher wages
by employees To what extent these controversies
are fostered by political agitators cannot be
determined The approaching campaign will
bring more interruption, many investors prefer
ring to wait until the uncertainty is over before
undertaking new enterprises. The fact that the
result is less in doubt than usual this year will
not prevent conservatism by the more timid
Foreign difficulties increasing. but financial
disturbances in Europe fail to cause a sign of
monetary stringency In this market, which is
rapidly becoming the financial centre of the
world. Not only this country furnish guam
titles of food and materials to troops in China,
but it is also in splendid condition to lend all
the money that may be needed
Contrary to expectations, no gold ex
ported last week, while receipts from the Klon-
dixie and Australia swelled the total in the coun-
try and the aggregate in the Treasury rose
above all previous records. With abundance
Of money and low rates ruling here It will in
deed be surprising II high interest charges in
London do not result in shipments of gold there
soon. Net receipts from the interior and dis
bursements by the ub-Treasury have increased
cash holdings by the associated banks to $249,-
406, 400. against $236, ,051. 400 three weeks ago
and S226, 800 at this time last year. Ample
funds in Northwestern banks will probably re-
duce the usual shipments of currency from here
for in handling grain, but demands from
the South for moving cotton may be up to the
average. The enormous increase in banknote
circulation adds to the funds available, and
there will be the regular disbursements Of in
terest bonds and pension payments, besides
the purchase Of about $2OOOOOOO old 2 per cent
bonds by the Treasury within the next three
weeks.
- ricr frOo for hat+a
ders for bars and plates, together with activity
in structural material, make the outlook brighter
in this important industry. contract for 1000
tons of armor plate for Russia was taken by
the Bethlehem Steel Company, and agricultural
implement makers continue to purchase freely
of steel bars Quotations are generally lower.
Pittsburg mills selling Grey Forge at SIS and
Bessemer steel billets at SO. Manufacturers
claim that there is profit in such transactions.
but the fact that prices have reached level
which brings actual business is encouraging to
thousands of employees, who were constantly in
fear Of being idle. The total production Of pig
iron in the first half of 1900 was 1912 500 tons,
exceeding even the enormous figures of the last
half of 1899. which We're 1881, $50 tons. Hence
it is not surprising that unsold stocks on July
/ had increased to 33S,O53 tons. against 63,4 ,420
at the beginning of the year. The conference
of iron and steel manufacturers at Chicago re-
tacitly understood that works would be closed
If business did not improve
The announcement by the American Woollen
Company that light weight goods would be
opened to-day as a big surprise to inde-
pendent manufacturers and caused much
activity at the mills 1t generally expected
that the opening of these goods would be de-
layed until the middle OF August, and the in
dustry has been quiet for weeks this
account, no one wished to make large con-
tracts until prices were fixed by the combina-
ton. Wool has sold little more freely. al
though last weeks total business at the three
chief Eastern markets was only about 40 per
cent of the sales in the same week last year
Territory and California woods were most active,
but Texas growers are not willing to sell at cur
rent quotations. and unsold stocks in that State
placed 100000 pounds by a trade estf-
mate.
Cotton rose to 101s cents on Tuesday aided
by a gloomy official report, but subsequently,
there was a partial reaction. Crop news is more
cheerful each day and the first bales of the new
crop from Georgia and Texas have been mar
keted unusually early. AS there is over cent
difference between spot quotations and the new
crop options it is not unlikely that the present
yield will be hurried forward rapidly as pos
sibe, and increasing port receipts probably in
clude much cotton not supposed to be marketed
until September l. Takings by Northern spin-
ners are Insignificant, but Southern consump-
ton is steady and exports are of good size
Shipments to Great Britain for the crop wear
show heavy loss compared with the total to
date in 1899. but Continental mills have taken
only about 100000 bales less In the goods
market the only event of Importance was the
reduction in price of bleached cottons which
caused great activity. Other lines shaded
without inducing more than moderate sales.
Fall River mills not reducing stocks of print
cloths, although idle spndles prevent any in
crease.
Wheat declined is cents with better crop
news and total exports. including flour of only
9241 442 bushels in four weeks against II 1872
972 last year Receipts in the same weeks were
helped to keer the price cents higher than it
year ago Corn is firm at an advance of
cents over last years price. with liberal ex-
ports and light arrivals at the interior II Is
rather puzzng that present quotations do not
tempt farmers to market more freely for sum
plies on the farms are not supposed to be low
This decrease in receipts of grain is responsible
for the only loss in railway earnings compared
with July 1899. OF the seven classes int; which
"Dun's Review separates railway returns earn
ings by the granger group decreased 94 per
cent, while all others gained from At to 257
per cent, and the total increased 81 per cent
over last year, Railroad securities however
did not respond to the better business, the sixty
most active averaging 81 cents lower for the
week The market was extremely dull Indus
trial stocks opened strong on Monday. but heavy
realizing later resulted in a decline Of 80 cents
for the average of forty stocks.
Eastern makers of boots and shoes are receiv-