New-York tribune., 1903-05-04

of liquidation in the stock market greatly re-
Iieved the financial pressure. Much more ina"
half of the proposed bond refunding has pee"
accomplished lberatIng moderate sum ho'"
the Treasury and facilitating banknote clrcuia
ton or holdings OF government funds ny .0
National banks Yet time money has MOT
come cheap bv any means. accommodation "
carry over the autumn stress commanding per
cent and commercial paper still higher rates
Gold exports have begun. AS yet there 10 SO
certainty Of a large movement, although 1t IS
probable that q considerable outgo VIII pe III
ranged in the near future. Foreign exchshse
has STEADILY risen and with the fall IN Paris
rates on London the triangular movement is u.s.
sured. Thus far the special shipments heVe "e
significance, although. if they were sent o"
when the rates Of exchange did not repies
profit. 1t is not unreasonable to look ior d i' 81
movement when conditions are favoring. Hates
are no longer calculated TO encourage iorelsn
lenders to extend loans and as there Ii s'i
heavy Indebtedness abroad, incurred ouriIis '--1
speculative activity of last fall specie VIII nave
70 eo Trnnorts Of merchandise maintain ther
gain over last years, but exports are less heaVS'
and the cotton situation is not OF klno u
enlarge the supply of commercial bills. Hdedn
while the leading European banks report u0
cidedly less satisfactory condition. loans GA
panding far in excess OF expectations
Domestic trade in general merchandise Is Oh
liberal volume, although very erratlc "ea'hei
conditions have produced irregularity IN rep'i'S
At some points the first warm weather caused
heavy retail business in summer lines Oh "e
ing apparel and kindred lines, which necessi-
tated anpeals to tobbers and wholesalers Tor
sunnIenentarv orders In a few localities this
higher temperature made up the previous losS'
but at other sections there are stih coIhpiaiii'S
of the backward season, and the North"est ca
perienced an unusually neavy fros'' AaAiNe
the country as a whole. however the business
situation has improved. Payments are also oe'
ter but not yet prompt. Distribution VI I'M
large sums due to anthracite coal miners oN
account of the commissions award Will help
the trade situation in Pennsylvania May mas
become the chief day for laoor troubles anu
thousands Of men threatened to quit WORK, put
the actual addition to idle forces was not heaVy.
Yet the numerous concessions made In oroer 10
avert strife will render readjustment olhcuI'
when It becomes necessary.
Dealings have been large at the various COM
modify exchanges. Wheat has shown little re-
sponse to the reports of frost in the Northwest
and it is evident that the trade was prepared
for q certain amount of deterioration from the
remarkably fine condition with which the season
oneoed There is still no reason to anticipate
less than a full yield, abundant moisture oelns
an evil that may be borne with equaniHlty
Northwestern mills have been curtallins 'No
hour output and it is expected that desired con-
ceseions will be secured from the railways AS
4o coarse grains the interruption to planting IS
beginning to cause some uneasiness. 1t is not
vet too late to make large crops, but many sec
+tore o,e sa,,era1 weeks behind the average time
for ee++ine corn started. Foreign crop news mas
NOT ironroved and there is a steady inquiry 1or
exnort Cotton returning from Liverpool for de-
livery AGAINST short sales bears eloquent testl-
nony to the manipulation tnat Is reSpo
for recent quotations.
This imitation of the raw material hlehsllAe'
tho artificial situation In the market for finished
products, and New-England mills are inaKiiis
more cotton goods than the market readily ap-
serbs, although nothing approaching d coillilei
surate advance in price has been mace ouS
ers only give orders for immediate requirements
ona efforts TO secure even small advances IN
prices prove futile Even less definite Is tne
situation at woollen mills Cancellations nave
eoua11ed new orders and production Is curtalieu-
Prices do not yield, but advance business III
heavy weights is held back. There seems Httie
nrosnect that manufacturers will require any
oonsidera BILE quantity of wool in the near fuGure-
Tho rext event of importance will be the Lon
do, auction sale and unless prices are firmly
hold there will be a sagging wool market mere,
desnite the firm views of ranchmen. Shoe shops
continue busy and have good contracts lot
future delivery. Despite the unprecedented
nroduction of domestic steel mills, iron furnaces,
co1e ovens and ore mines it is still necessary to
bring quantities Of materials or this lndustrS
from abroad.