New-York tribune., 1904-05-30


market, demand is light. Foreign exchange
rules firm. in the money market proving
more potent than the heavy outgo of specie
The supply of commercial bills is small, but
should increase as the season advances. Were
1t not for the fact that subscriptions 70 the
Japanese loan must be made in London, 1t is
probable that much of the present movement
of gold might be avoided. as Japan is sending
gold TO our Pacific Coast in payment for sup
plies and we are sending gold to London for
japanese bonds. The final payment on Panama
account has been made and the Federal Treas
ury shows deficit of over $J0,o00,OO0 in conse-
uuence. but 1t is understood that S6O00000 will
remain here for investment in New-York real
estate on behalf of the Panama government
In regular lines of domestic trade the last
week has brought rather more encouraging de-
velopments than otherwise, although the net inn
provement is small. Latest reports show con-
tinual falling off in immigration. indicating that
wage eaTners abroad recognize the fact that 1t is
not good time to seek employment in the
United States, and the railways have laid off
mora hands, while several labor struggles have
blocked traffic and ruined much perishabe
freight. The wise among the labor leaders
know that voluntary idleness is unwise at this
time, but unfortunately there many in au-
thority who do not understand the industrial
situation thoroughly. As an offset to these ad-
reports and the logical concomitant of increased
confidence among dealers, particularly in the
agricultural sections. The first really warm
weather of the season accelerated the growth Of
vegetation and also necessitated the purchase
of lightweight wearing apparel. straw hats and
other seasonable goods that had previously ruled
very quiet. Open weather is also encouraging
building operations. and work has been resumed
on many unfinished structures. while plans for
Tod
Nervous and irregular markets have prevailed
for grain. contradictory crop adv!ces following
each other in close succession. Conservative
authorities agree that conditions more favor
able IN the long run, and. even in cases where
replanting has been necessary. the acreage is
large and soil good Nevertheless, it is simple
matter to initiate option prices by sensational
dispatches but the advance is usually lost the
day following. Statistics OF supply would seem
to indicate that the present level of prices is
warranted but. on the other hand there is the
neutralzing influence OF an insignificant foreign
demand. AS to corn. the export movement is
even less satisfactory than that of wheat. New
Orleans manipulators attained some success in
forcing an advance in cotton. encourag ged by less
favorable reports from plantations. but subse-
quently it was recognized that 1t Is n trihe
early for alarm the current crop. and by
way OF depressing Influences port receipts
larger than expected and exports were smaller,
while there was a further reduction in consump-
ton at domestic mills.
Leading lines Of manufacture still lack uni
formity. some encouraging reports being more
than balanced by unsatisfactory developments.
Results in the textile industry were better than
in any recent week 1t feared that the
Sweetser-Pembrook auction sale would result in
the overlooking OF jobbers with supplies at low
prices. Instead. small dealers from all sections
OF the country competed for the offerings. and
the primary market in way injured by
the sale. Reports from the woollen mills are Il
little less gloomy. considerable supplementary
demand appearing. and there was better move
ment OF carpets which were recently opened at
unfavorable terms. Jobbers report that the
footwear business would be brisk il they could
get tan shoes. Supplies OF this leather are not
abundant. and II is doubtful whether factories
can be found that will undertake TO produce
summer shoes at this late date. Staple lines OF
footwear are quiet. Production OF pig iron Is
running beyond consumption, and It is probable
that statistics OF stocks on June / will show
large increase. Domestic demand for steel prod
ucts continues slow, and the only distinctly
good news OF the week pertains TO pending ex-
port business