New-York tribune., 1900-10-08
MONEY AND BUSINESS.

Sterling exchange below the importing point
and no effort to bring in gold is interesting
commentary the position of this country in
international affairs. 1t is a season when there
is naturally a movement of gold and high
prices for cotton and grain should make the
imports Of specie heavier than usual Exports
of merchandise from this port during four weeks
of September nearly so per cent larger
than last year. while imports were about 10
per cent less, indicating much larger trade bal
ance in favor Of the United States than in the
same month of 1899, when our credits in
creased 39,174,712. But this country does not
need the money, and while rates higher at
London than here it is more profitable to let
this balance remain where it is. The Bank Of
England is subject to heavy drains, and strin-
gency is general in foreign money markets. Mean
while the New-York banks have larger reserves
than year ago, despite liberal shipments to
the South, deposits at the Sub-Treasury for
transfer to New-Orleans having exceeded $5,-
100000 since the crop year began. At first
glance it would appear that New-York bank
cIearings were improving, as the weeks total
was only Z per cent under last years, instead
Of 30 per cent, as in recent weeks; but this is
explained by the double holiday in honor of
Admiral Dewey in 1899. An increase in the per
capita circulation to $27 OF is most gratifying
as it exceeds all previous records in amount,
and, incidentally, is all sound money.
Confidence in security values seems steadily
increasing. and the volume OF transactions in
dicates that the market has become more than
a professional one. The average price Of sixty
railroad stocks advanced 81 O2 last week and
in two weeks the advance amounted to 81 90
share. Railway earnings continue larger than
in the corresponding period of last year al
though the gain in September was less decided
than in any previous month this year The
granger group is still the only one exbibtipg
loss compared with 1899 while Southern roads
are doing remarkably WELL and tonnage at ST
Louis In September exceeded the same month in
any previous year. After the regular gain which
occurred in every month last year over 1898. and
in every month thus far this wear over 1900 q
would not be surprising if a moderate loss
should be experienced during the closing noontbs
OF 1900; but there is more than an equivalent
gain 10 the roads in the lower cost of iron and
steel Industrial shares have Jared equally we'll
the ten most active averaging 81 u higher than
Two weeks ago. While the five principal traction
and gas companies gained So 35 during the 4or+
night. Some reaction came at the close on so+
urday because Of the decrease in bank rasar,,o
but II must not be forgotten that higher rates
for money would automatically remedy tbaro
selves by attracting gold from abroad. It yvouId
also be beneficial TO the stock market II sIteb+I,
buying on small margins. which Is a1u,o,,-
menace to permanent solidity
Orders for iron and steel products ara .oo,,...--
out more freely, and it is apparent that Dur
chases are less retarded by the political situo
ton. Many contracts were placed dUriro ~
last week that had been expected to ha ~.
poned for month longer. but an enormous TO-
mage Is still held over the market Furroo.a
ana mills are making preparation for the ac-
tlVlty that is confidently anticipated during +ha
TWO closing months Of the century The dis
position to delay operations will cause an en-
barrassng rush when the season opens MANY,
fairly large domestic orders for rails cara
bridge materials, ship plates and structural
forms OF all kinds were reported at unchanged
prices. and export orders continue satisfaotorv
In pig iron. however. concessions were securAd.
partly owing to the slow demand but mora he
cause of lower freight rates at the South ,vb,ol
made closer competition at receiving notn+s
More hands are now employed in this industry,
than at any time since the sharp fall OF nrices
last spring and underlying conditions annaar
SATISFACTORY. Lower transatlantic freight ra foe
are expected, and this will facilitate the STEADY,
development of export business in these nrod
ucts Coal has not advanced further IN tba
wholesale market, but retail prices are irreeuIar
and dealers hesitate TO place contracts for f,u
winter supplies. The strike has not caused as
much inconvenience was feared mainly
owing to the continued mild weather bur tbara
Is the customary suffering among the ntners,
families
New-England shoe shops are gaining steadily.