New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-10-15
MONEY AND BUSINESS.

each day. Violent fluctuations III prices VI
manufactured products have ceased ana the
lack of aggressive speculation IS most Ia
vorable symptom. The coal strike alone causes
uneasiness. although thus far few manufactur-
ing concerns have been compelled to suspend
through lack of fuel and the moderate tenn
perature in this vicinity still averts the suffer-
ing from cold that exorbtant prices would cause
If the weather were more seasonable. The pre-
1inoinarv statement Of exports in September in
dicates an unusually heavy trade balance In
favor of this country, Notwithstanding smaller
shipments of the two principal products. Inc
decrease in quantity was more than made up
by higher prices, however, and when exports
of manufactures are added there will be the
best statement of foreign trade Tor many months.
especially as imports were light. Engagements
of gold are insignificant compared with the
amount that is known to be due. but foreign
conditions are such as to demand consideration
and American creditors would not profit by
ShyIock methods. great financial stringency
abroad would embarrass trade and cause the
loss of much business to our exporters. The
volume of domestic trade, measured by bank
exchanges shows the usual decrease at the
East compared with the same week last year.
part of which may be attributed to less specu-
lation and financing of industrial combinations.
Gains are general at the West and South, and
at all points exceed those of 1898
Money ruled rather frmer in the local mar
ket although the knowledge that shipments
of gold were route had an easing effect. and
the net advance was small. Despite free trans
fers of currency to the South. the weekly bank
statement showed only small loss in reserve,
and time loans mixed collateral were made
at per cent, with commercial paper of high
grade selling at about the figure. The
call loan market has not been erratic. as it was
tad
day and per cent the next. Foreign exchange
fell to 4.S316, but recovered slightly when gold
was taken although the pressure of cotton bills
continued Railroad stocks made a further
gain, averaging IS cents share for the sixty
most active and partial returns for the first
week of October indicate that earnings have al
most reached the figures of a year ago That
they do not fall below the remarkable record
of 1899 is astonishing, and only be
planned by the steady development of trade in
general merchandise, because there is known to
be heavy loss in receipts of grain at interior
cities. Quotations of ten industrial stocks have
made big gains recently averaging SO %
share since September "a and five traction and
gas securities rose Sc % a share during the
same three weeks.
During September fifteen pig iron furnaces
went out Of blast, but the decrease in weekly
capacity only 5000 tons, according to THE
Iron Age Furnace stocks increased SO S41
tons in the month, but supplies in the hands
Of consumers have fallen very low, judging from
the urgency of mills for immediate shipment
when purchasing material. There is less
talk of concessions in prices, and the industry
seems to have reached a level where business
can be transacted at definite quotations. Large
orders for steel rails have been placed. and the
tary East River bridge contract has at last been
awarded, while a large Japanese contract for
structural iron reported. Car builders, pipe
makers and manufacturers of implements bought
freely, and the force of at work in these lines
was Increased. Many orders are still held back
prospective buyers stating that they will not
make extensive arrangements until after the
election, but numerous small orders cause
greater activity than was generally expected
this month.
Shoe shops not yet working at full capac-
ity but few are idle, and shipments from Bos-
ton have reached the largest movement since
last April. Buying in this line also indicates
low stocks by the haste for prompt shipment
and business is no longer limited to fall and
winter goods, but includes moderate lots Of
spring footwear The demand is not confined to
a narrow territory, orders coming from widely
separated points. and reports from Western
and Southern cities indicate a good retail trade.
Sales of wool also the largest In many
weeks, comparing favorably with the actual
purchases for consumption a year ago although
speculative operations in 1899 swelled the ag-
gregate TO about double the present total. Prices
are steady in both these lines The sale of silks
was more successful than anticipated good
prices being secured. Higher quotations are the
rule in the cotton goods market due to decreas-
| ing stocks and the excessive prices that pre-
vailed for cotton early in the week
After reaching eleven cents in expectation of
a much lower official report of condition, cotton
collapsed completely when the Government re-
! ported an average of 81 per cent and made the
Texas figure point higher than on Septem-
| Der /. Instead of the usual indifference to the
Departments statement there was a general ex-
hibtion Of faith and holders of options FASTENED
to unload. Support was completely lacking. and
the drop exceeded 50 30 bale in three days
Trade estimates of a crop greater than 100000
bales were issued and receipts at ports and in
! terror towns Endorsed those figures. Northern
! spnners are purchasing sparingly and for
egners nave taken much less cotton thus far
this season, although high prices make the
value of shipments greater than a year ago.
! Traders have evidently begun to realize that
there is free movement of the new crop to
market that in most States the boIls have
opened and are beyond the reach of harm from
! frost and that the world will not consume as
much cotton this year at prices so per cent
higher than in 1899
loss of about 212 cents occurred In the price
of wheat, due to smaller exports from Atlantic
coast cities and activity at Russian ports In
stead of a scarcity in Northern Europe there
appears to be much graiI. available when
the price is made sufficiently attractive EST
mates of the American visible supply promised
large increase for the week. and there was a