New-York tribune., 1900-08-13
MONEY AND BUSINESS.

mains lethargic until it becomes asslmilated. 1t
is mistake to think that this stiffness is death
or that his appetite will never return. Diges-
ton after overeating is slow and often un-
pleasant. but the gastric juices ultimately
complish their purpose. and normal conditions
return. This law applies equally well to bust
ness and may help to illustrate the industrial
situation. Prosperity in 1898 and 1899 started
all the old machinery and caused the erection
of many new plants: employment was given TO
thousands of idle men; increased activity in all
directions caused prices to advance; retailers
jobbers and wholesalers all purchased eagerly
in order to secure supplies before quotations
went any higher. Conservative men warned the
optimists that consumption would not increase
at such a pace but the python had captured
a most tempting dinner and forgot the dis
comforts that followed his last big feast.
All are familiar with the result. Sales de-
creased and prices declined Once the people
realized that everything was inflated beyond
reason there came hesitation in buying, and
holders began to offer concessions in order
to diminish excessive stocks. This period of
adjustment in prices and supplies has lasted
some months. and the country is now con-
valescent after a severe attack of dyspepsia
The trouble is that it still feels weak and has
lost confidence in itself so that Bryan and
China appear much more dreadful than they
really are.
Tnnnrovement Is therefore slow, but the signs
are unmistakable. Buyers active in the
markets for iron products especially for struct-
ural and finished material, and prices have
stopped declining. The reduction in weekly
capacity of iron furnaces in blast was step in
the right direction although it came rather
later than decreased production in most other
lines Only 240 furnaces were in operation on
August l. and more have shut down since then
If the export demand continues to increase and
domestic conditions improve at the rate Of the
last few weeks 1t will not be long before pig
iron makers have all the business they desire
although prices no longer at point where
fabulous profits are made. Quotations of tex
tile goods have not fallen further, and there Is
moderate activity in most grades except the
coarse brown cottons made especially for China
Wool is in better demand and sales have be-
gun to increase although there is much to
make UP at Boston, where transactions Tor
the year thus far were less than half those of
1899 to date Boot and shoe makers at the
East are not busy and this branch of manu-
featuring seems the slowest to recover, in spite
of much activity at the West. Efforts to make
contracts for leather to be delivered IN NO
vember and December show. that the manu-
facturers in session at Boston expect dcuVlly dt
the shops in few months.
Speculators have suddenly developed faith in
official crop reports. This is somewhat of a
novelty as a Government estimate of improved
condition has generally been the signal FOR ad-
vancing prices. and declining percentages nave
often started liquidation Cotton bounded UP 10
1O1S cents when the statement failed to show
the improved condition indicated by trade re-
turns Low figures of visible supply are quoted
in support of this material that is selling at
prices over 80 per cent above the quotation at
iS nt
consumption decreases. and it is unreasonable
to expect mills to take much cotton at present
nrices Hence smaller stocks will be sufficient
until the new crop begins to move freely, in
two weeks. British exports of cloth and yarns
in July showed heavy loss and domestic
spindles are also less actively employed. Grain
had developed much strength, but lost 1T all on
Saturday. owing to a sudden burst of confidence
in the official estimate which promised enough
for all requirements. Wheat is coming forward
more freely this month. but exports are light in
srite of statements that foreign buying has been
heavy.
Exports of merchandise for the first week of
August were double those of the same week
last year, and the excess over imports at this
port indicates another heavy trade balance for
the month. Nevertheless, $S650000 in gold
went abroad, and $2S O00t0 of the new British
bonds were awarded to Americans basis
satisfactory than the present position of the
United States? 1t furnishes food and products
to foreign consumers at a good profit and then
lends them money with which to pay their
bilIs-also at fair interest This purchase of
foreign bonds is the best solution of the serious
problem of international finances for our in
creasing accumulation of credits abroad cannot
we'll be met by shipments of gold. The election
of Mr.. Bryan would be another solution. as de-
preciated currency and tariff tinkerng would
soon dispose of our great balance on the right
side of the ledger in the worlds bookkeeping
Last week was the dullest for years at the
New-York Stock Exchange. Notwithstanding
many favorable reports. Railway earnings were
remarkably satisfactory the granger roads
alone showing a decrease compared with 1899
while the known increase in receipts of wheat
at primary markets promises that this division
will soon join the advance. Prices of railways
advanced cents share for the average of
sixty. and industrials gained still more. but five
city traction and gas stocks declined So share
Exchanges through clearing houses at the prin-
cipal cities continue to make most interesting
geographical comparison. At New-York the
loss most severe, which was not surprising
In view OF the inactive stock market now and
the numerous operations in connection with in
dustral organizations a year ago. At Boston
and Philadelphia there was also loss from the
figures OF year ago. while Western cities show
more or less increase. and rule the showing
is good at the South. Gold exports did not dis
turb the money market. which ruled easy up to
the close There is better demand for loans
on commercial paper. and this Is another sign
OF more activity in general business Receipts
of money from the interior were large but the
season for moving crops is at hand. and this
movement cannot be expected 70 continue