New-York tribune., 1901-09-23
MONEY AND BUSINESS.

The needs OF consumers were not decreased
by a week of mourning. and accumulated or
ders for goods necessitated vigorous distribu-
ton. Cooler weather also proved an important
influence market conditions, greatly acceler-
ating the movement of heavier wearing apparel.
fuel and many other seasonable lines Of ner-
chandise. Another encouraging incident of the
week was the final settlement of the steel
strike Labor controversies are now causing
little interruption, except at San Francisco
where ships of two hundred thousand tons
capacity are on the loading list, and more tom
mage is due for all of which grain is available.
Railway earnings continue to exceed all previ-
Gus years, and bank exchanges for five days ex
ceed the full week last year at the principal
cities by about 80 per cent. For the first time
In the nations history exports Of merchandise
for twelve consecutive months exceeded $500,
100000 in value.
With these evidences of a solid rock founda
ton for both domestic and foreign trade. it was
not altogether surprising that security prices
should rally after the decline Of the previous
week. Yet the reaction came much more
promptly than was generally expected, and
quotations were supported by large interests to
an extent that suggested imitation and
deavor to compel the heavy short account to
cover at big loss. There would be more rea-
nent If the rise had been less abrupt. 1t is prob
able that intrinsic values warrant the quota
tions, but reaction and irregularity almost
certain conconitants of such sudden recovery
from a severe shock Monetary considerations
no longer disturb. Local banking institutions
have been in much better condition since loans
stock collateral were reduced. and distribu
tion Of about $4,000, 600 by the Treasury put
cash reserves a stronger footing. Relief of
this kind cannot be continued indefinitely, but
interior Withdrawals also limited by the
crop season, and imports of gold Will soon be a
factor in the situation.
1t will he several weeks before the steel in
dustry regains normal position. Two months
of interruption must leave imprint that can
not be effaced Immediately Much of the do
mestic business will be made up by vigorous
operation. but doubtless good share of the
work has gone to independent plants that had
idle mills seeking contracts The country at
large will not suffer but the principal producer
has lost the profit much business. and the
strikers have lost wages. The controversy was
national misfortune in so far as export orders
could not be filed. and foreign producers took
full advantage of the opportunity. European
makers have put their prices well below a
parity with those prevailing here, and notwith-
standing exceptionally cheap ocean freghts it
will be easy matter to regain lost markets.
This factor will not meet with serious con-
sideration for some time, however, as domestic
requirements will be enormous. In other divi-
sions of this industry the activity is well main
tanned. Railroads the most importunate Gus
toners, freight and nearly all forms Of
equipment being urgently sought. Quotations
are still irregular. with hardening tendency in
raw material.
| Stocks OF wool in Boston have increased about
| 30 per cent since the year opened receipts ex-
ceeding last years by 80 per cent. owing to the
! large clip and confidence CT dealers. who readily
accepted consignments. Heavy shipments con-