New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-18
CONDITION OF TRADE.
.Dnn.s Review" saws:


Industry suffers from epidemic OF ultra con-
servatism. emanating apparently from the theory
that d season o. ~ a Presidential cleo
ton furnishes another precedent As a result
tranc Iessened preparations for future business
are curtailed and iess money Is "a IN t
connne their attention 10 the highest classes OF
All these factors combined to produce a re-
action entirely out of proportion to the natural re-
high prices OF materials and other excessive
OF production resulting in accumulation or
goods that could not be sold at q proht hetIehcIl
ment has made considerable progress, wage earners
Gie % The .e aa strxe has been ad
justed. leaving little friction between employer and
improves, and there is no fundamental weakness
In the nations commercial or financial position
however, railway earnings thus far available for
with 1903. and bank exchanges at New-York for the
last week lost 25.4 per cent yet at other leading
cities there was small average increase OF u5 per
Conditions in the leading manufacturing indus
Try are practically unchanged Southern foundry
pig iron is dull and barely steady at 49, and Besse
no Improvement in demand in any division of the
industry, yet operators are not to undertake
naIv uncha6eeS 6ut indSnepdert nrodI1er o fr
quently make concessions the small contracts
offered. There is large tonnage moving in any
business on hand while for merchant pipe there is
a fair demand. Thus far the railways have ordered
structural steel is particularly Disappointing view
OF the IaCJ that building plans filed during Nav
We're more numerous than last year As TO value of
contemplated work. there were notable gains in
Brooklyn, Pittsburg, Indianapoli and Minneapo
OFFSET by heavy decreases in New-YOrk. Mlwa ukee
Cincinnati, New-Orleans and Detroit. Prices OF
minor metals are lower and demand small. except
that exports of copper continue liberal.
"Bradstreets" says:
Favorable features this week are the further i'm
provement shown in leading crops and the ending
of the tie-up on the Great Lakes Wheat oats and
cotton have improved, but corn is still backward,
dustry have remained quiet, and may he said to
have marked time" The notable underlying feat
ure OF the entire situation is the feeling that with
an average crop of wheat and large yields of the
other cereals and of cotton now in prospect. good
fall and winter business is TO be looked for Pend
ing further progress in this direction, the tendency
is to await events Prices of leading products have
feit the influence OF crop news. wheat, oats and
cotton declining while corn has remained very
steady reports of backward conditions and
current quietneSS in business, and the decreases
or 80 per cent OF gross in NAY and Of per cent in
April net, indicated last week confirmed by
fuller details. IL IS to he recalled that present
periods year ago Transportation business gener-
ally Is therefore better than in 1902 Bank clear
ings q more immediate reflection Of current bust
ness. show an enlargement over last week, but
grand totals will stin show recessionS from year
ago The cross current OF ebb and flow noted at
different cities, however, may possibly be Signid-
cant of a change in the tide. Collections still re-
fleet the Influence Of backward spring in retail
trade. and are complained OF as slow at number
or centres. Money continues easy and stock mar
portant feature being the launching OF the new
Southern Pacific stock issue which depress-
ing market influence. Bonds in good inquiry
Foreign exchange Is slightly easier at $50