New-York tribune., 1903-06-08

! ,ssuea were active and comparatively firm, but
explicjt denials of any deal produced a sharp
reaction Just when there some evidence
that genuine recovery had begun, the heaVy
outgo of gold on Thursdays steamer, coincident
with adverse crop news. started anotner us
astrous setback and the lowest prices In about
two years were quoted. Wildly extraVasah'
ru1nors were circulated, and the traders were III
no frame of mind to act judiciaIly. Meanwhile
reports OF earnings for May make sTlAliis4S
favorable comparisons with all preceding years
Financial conditions sound, and rates ioT
losns hardened but little although the week
shiDnents OF gold were exceptionally heavy LOT
this season. Paris is still the destination Oh
most consignments. and for the nrsI tltlie SIM
this movement began there were eVldences VI
gold exports on regular exchange operations.
Nevertheless rates for sterling exchange ue
clfned scarcely at all. and the movement OF
merchandise is not calculated to interfere Win
further engagemeuts of the precious metal since
exDorts of products have barely maintained last
wears rate while imports recently exceeded
the arrivals at this port in 1902 The mer-
chandise balance provides the needed supply oI
exchange bills when there is a large excess VI
exports but of late the demand for eXchanse
has been greater than the supply. II exchange
should decline and rates for money at New
York advance, the outgo Of gold would pe au-
little evidence of a change in the situation.
Owing to the recent heavy shipments the totai
for the year is now about up TO the average
whereas early in the year the exports were
lighter than usual. An unfavorabie exhibit was
made by the Bank OF England without aHect-
ing the London money market. while the Bank
of France contracted loans and gained gold
very materially
Domestic trade reports are extremely conIuS-
ing, and IT is difficult TO ascertain how far the
nations business has been injured by the
weather and the strikes. 1t is certain that con-
hdence has been severely shaken. and there is
no disposition on the part of jobbers. whole
salers or retailers to accumulate large stocks
OF merchandise Consequently, purchases are
limited to Immediate requirements, as
rule and this element Of caution VIII prop
ably prevail until something definite is known
regarding the two disturbing factors. In East
ern cities the high temperature has stimulated
trade in summer wearing apparel, put IN the
country districts the agricultural losses are I'M
iting the purchase Of supplies Flooded sections
at the Southwest completely dernoraHzea'
and adjacent districts indirectly affected
Idlaness through strikes and lockouts has been
more extensive but numerous settlements go
into effect very shortly, and there is prospect OF
less interruption from this source. II two nun
dred thousand employees were thrown out OF
work because there was nothing for them TO do,
It would testify to industrial depression Dut
when that number becomes voluntarily Idle II is
evidence of the wonderful prosperity that has
existed during recent years 1t is needless 10
say that the latter condition may be changed to
the former If la bor insists upon having unrea-
sonable demands granted.
An official report placing the condition OF cot
ton at IA. the lowest point for the season
ever recorded was startling in the extreme out
was in no way worse than had been apparently
expected by those who put the price above Il
cents. Moreover the acreage has been IN
creased and a brief period Of good growing
weather would rapidly improve the condition
No one expects a record breaking crop, and 1t Is
true that the statistical position cannot fail to
remain strong until September, yet on the other
hand 1t is a grievous mistake to maintain est1-
mates of requirements Of American cotton at
i, 100000 bales if current prices continue. AS
TO the cereals there was a sudden advance on
several official and private statements Of disas-
ter Large areas have been flooded and much
grain lost, but several things are worthy of con-
sideration in this connection. Primarily, the
acreage affected is only a small fraction Of the
whole; in the second place the original space
devoted to grain this year abnornally
heavy. owing to the high prices prevailing dur
ing the planting season. It is also possible 10
replant in some cases, and in others the exces-
stve moisture will prove benefit when the usual
dry hot period begins
Manufacturing plants still issue very irreg-
uIar reports Much the best news comes from
New England footwear factories. which have
abundant orders on hand, and now forward
ing through Boston at the rate of about 40 per
cent more than in the week last year.
Prices are firmly held. and the wholesalers re-
port a remarkably brisk movement in chill
dren's shoes Strength is still reported in
leather and hides. While the Eastern wool
markets are quiet, growers at the West secure
good prices, and the tone is steady, although
mills are buying very little. Cotton mills are
taking no raw material. except where it or
than now prevail Those who have moderate
stocks on hand have advanced quotations for
goods although many mills still noninally
quoting old figures. but accepting no orders.
The tendency in all departments OF this indus
try is to wait for either cheaper raw cotton or
evidence of reduced stocks of goods in the hands
of retailers. Textile production has been cur
tailed by the general strike at Philadelphia. nu-
naerous smaller controversies and a holiday
week at Paterson. A better feeling appar-
snt in the iron and steel industries, due TO the
Increased inclination TO place business
The Hon Theodore Allen, formerly of Bleeck-