New-York tribune., 1900-07-09
MONEY AND BUSJNESS

Presidential conventions often have an i'm
portant influence on business during the sue
ceeding months. If scarcely any such influence
appears or seems probable this year. IT is partly
because the outcome Of both National Conven-
tions has been in all essentials foreseen. It was
not supposed that Bryan would try to escape
from the is to l obligation that he could
possibly make any other issue paramount to
that If he tried His Convention invites the dis
satisfied to take his view. and those Of them will
do who would have chosen anything TO beat
Mckinley" The new monetary act has brought
no dissatisfaction, has cleared away anxiety
about Treasury reserves and gold exports and
has left no pretext for the idea that general dis
aster can be averted only by some sort Of finan-
cial revolution.
The chief embarrassment at present is In the
industry which last year swept forward by
prosperity to such high prices that they cannot
be maintained. The sober conferences of its
leaders no longer end, as they did some months
ago with the assertion that prices cannot de-
cline, but after they have declined about 25 per
cent it is now admitted that in some branches
of the industry prices have fallen not enough
while others have fallen not at all Adjustment
between various branches of the industry has
TO hinder it much more than the usual
pride and rivalry between different interests
The particular control obtained in the carrying
coke, in the production of Bessemer pig for
use in the central region, all have direct bear
ing the terms which the works can
make with their hands employed for the COM
ing year, and with wage schedules pending
large part Of the works are now idle for
time In order to clear the way for altogether
prosperous business the coming year, vacations
longer than were at first expected may be found
requisite. Meanwhile each week sees some
what lower prices through prevailing uncer-
tainty as to the future.
Many works are closed for similar reasons in
the textile manufactures. the Fall River com
mittee having arranged, il is said, for a months
stoppage Of two million spindles because goods
have accumulated much beyond the demand
while even some of the largest woollen works
running only part time or force Raw
cotton is still selling at over 10 cents in Itself
sufficient reason for much hesitation on the
part of possible buyers, and in addition the
expectations regarding the new crop vary
widely In wool there has been considerable
yielding of prices which, in view Of large trans
actions for which definite figures are not given
may foreshadow others more important than
quotations indicate and there are high authori-
ties in these trades who hold it a serious ques-
ton how far the habit and determined disposI
ton Of buyers and consumers as TO all wool
or part wool goods during years Of exceptional
prices for the material. may have changed the
character Of the market and the goods chiefly
produced.
In the boot and shoe business the high price
Of leather and taking it out OF the shoe" have
gone on so long that the hesitation of buyers
this year has been greater than in any other
year since 1891 a prosperous condition in 1892
made the shipments from Boston in June 30
Per cent Of the shipments during the five pre-
Vious months. and in the later years. though the
ratio ranged as low as % per cent in the lowest
and up 10 % per cent in the best of Years since
then. there had not occurred until 1900 shin
ments in June barely 81 per cent Of those from
January to June L Many dealers have large