New-York tribune., 1901-08-19
MONEY AND BUSINESS.
two years.


Some loss was caused by a storm at the South
and the elements have also been unkind in
many fruit and vegetable sections. This is
f1ected in less demand for sugar used in pre-
serving. and Gamers of vegetables have an ad-
diionaI difficulty in the restricted supply OF cans
through the closing of tinplate mills by the
strike. The labor controversy is likewise affect
ing hardware lines and interruptng construc
tion but the number of idle mills has not in
creased to the extent threatened by labor lead
ers. while resumption at many points is encour-
aging. Removal of plants from towns where
proper protection is denied brings a new factor
of great Importance. Meanwhile. fall trade has
opened earlier and is of greater volume than
usual. with dealers sanguine, as shown by ex-
tensive preparations. Foreign commerce in July
exceeded the commerce Of that month in any
previous year. At the principal cities there Is
a heavy gain in bank exchanges. averaging 30
per cent over last Year; Pittsburg alone report
ing decline. which is the first tangible meas
ure of the strikes interruption to trade. The
loss is only 81 per cent from 1900, while there
still appears a gain Of 45.3 per cent over 1889.
Gold comes from Australia and the klondike,
while Treasury disbursements are heavy and
offerings OF exchange against unparalleled wheat
exports and London's liberal purchases Of
stocks make more remote the probability Of any
mercial paper Is offered in the local market. ana
interior banks seek To make loans on such coll
lateral. Large profits last year on the farms
establishment of new banks and less corn 10
move than usual all indicate that there will be
small demand on Ncw-York reserves Resump-
tion of production by African mines promises
soon 20 add 10 the worlds stock Of gold. All
these factors combine TO make the ease in the
money market permanent. This influence. to-
large interests. not only prevented further re-
action In stocks. hut caused sharp advances
Al the close on Thursday railway securities
showed a gain OF s. = industrials ~ 81 while
gas and traction shares have risen So - Slight
reactions OF "a cents. =: cents and 81 -, re-
spectively. occurred by the weeks end.
Forward!nFs Of footwear from Boston the
rate Of twenty thousand cases weekly. and
frequent complaints by jobbers that they
cannot secure deliveries with desirable prompt
ness. indicate that there Is lack OF bust
ness In boots and shoes. With the rapid de-
velopment Of this manufacture At the West
and south the Eastern shops have somewhat
altered their methods and there is perceptible
decrease in the production Of heavy boots, while
the tendency IS TO increase largely the output OF
better grades Of shoes. Aggregate sales at the
East are rapidly expanding. may be Judged
by the proposed increase in capacity of the
factory in this State which already holds the
record for daily output. This concern is also
preparing 10 make all the leather consumed In
its shops Most markets for leather and hides
are steady with decreased receipts of cattle at
interior cities prospects for fattenin6 live
stock become more favorable
Unchanged prices for wool the rule yet
holders steadily grow more confident. Manu-
facturers are in the market. buying freely at
q
small advances tend to restrict operations
Stocks of raw material at the mills decreas-
ing and shipments out OF Boston exceed re-
ceipts that supplies do not accumulate.
Speculative buying has become feature. and
last weeks transactions were exceptionally
heavy. 1t is evidence Of great Improvement
that purchasers no longer seek concessions, bid
ding for large quantities at regular rates. Con
ditions in the goods markets entirely salts
factory. orders coming in large quantity and
many mills receiving urgent calls for early ship
mcnts of light weight cloth. of which the pro-
duction has already been sold for months ahead
Lower quotations for print cloths calcu-
lated 10 reduce surplus stocks. but the depressed
markets threaten to make reduction In wages
Inevitable. Plans for general cut early next
month have been widely discussed. and action
will be taken If a sufficient proportion of spin
ners can agree Operatives announce that a
general strike will follow, and Ii Is no secret
that employers would not object TO having their
mills idle for time, provided all equally
affected Possibly the lack of unanimity on the
proposed wage scale may prevent any change
or bring a compromise at only > or 10 per cent
reduction instead OF over H. as originally sug-
gested The situation is more satisfactory at
other points than Fall River. especially as TO
finer goods while in lines exported to China
there is considerable activity.
Iron and steel products begin to reflect the re-
duced production in general hardening of val
ues Although the change is most pronounced
In lines directly affected. such tinplates. that
have risen 30 per cent. hoops and biets are
definitely stronger and skelp cannot be secured
at old prices Structural lines least dis
turhed and most active. while railway supplies
move freely at old terms. Statistics of pig iron
production for July have been issued later than
usual and fall to show much shrinkage. while
kept pace with output Since few furnaces have
been banked thus far this month. it is probable
that stocks will exhibit material expansion by
September l. Even considerable increase
would not be distressing. however. for the de-
cline has continued practically without inter
ruption for ten months. While both hard and
soft coal are quiet. the markets firm. and
shipments would be much heavier II cars were.
available. Scarcity of cars and lack of locomo-
tives seriously embarrass many rsiiroads Coke
production In the Counellsville reKion has con-