New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-03-28

will take more than few days OF enthusiasm
to restore full confidence.
There is good cause for complaint among
hs1-ers at the unsatisfactory returns on money.
which averaged little over Ia per cent on call
for the last week. Time loans are also offered
AZ very attractive terms. but there is little in
crease in demand Notwithstanding the higher
prices for securities and the resumption Of spec
ulative activity In commercial channels also
the inquiry for accommodation is light. Mean
while offerings Of exchange bills against mer-
chandise exports are small and the rates OF
foreign exchange have advanced still further.
The combination OF easy money and firm ster-
ling revived discussion Of gold exports. which
are the more probable because OF continued
efforts Of Paris bankers to withdraw the yellow
metal from London. When the movement be-
gins Il Will probably be triangular operation.
Paris rates for sterling ruling low. It is prob
able that the first export of gold will so on
Tuesdays steamer. with further shipments later
II the situation remains unchanged There Is
no occasion for alarm. but rather grattdcasion.
in the pending movement of specie. 1t is not
n question Of adverse trade balance, but mere
lending Of funds when they are more needed
elsewhere.
General trade throughout the country feels
the Impetus OF higher temperature. and spring
goods at last going into consumption at
normal pace. Many sections report business
equal TO last years. and few fortunate States
in the South and Southwest are more pros
porous than ever before. Yet the commercial
world Is not moving without hitch. There Is
much complaint regarding collections. frequent
renewals being asked. and many failures occur
ring. There is already a large army OF IN
employed and new controversies are constantly
arising In many cases the disputes over
tri1es in trade agreements, such arbitration
clauses, and it is to be hoped that some COM
prehensive plan can be prepared which Will be-
come universal, having the approval OF the
prominent men on both sides. Bank exchanges
are making more favorable comparisons with
last year. not only at this city. where specula-
ton is n factor but throughout the country.
Jobbing trade is expanding retail stocks be-
come depleted. and with a revival OF confidence
there will he less Of the tendency to limit pur-
chases to immediate requirements
II IS frequently declared. now that Mr.. Sully
has passed from the scene. that legitimate in
fuences will dominate the cotton market. and
prices will be fixed by the normal standard OF
supply and demand. Unfortunately for the in
dustry. It Is by no means certain that this Will
occur. During the recent collapse It IS proba-
bic that a large short interest has sprung into
existence. VIII It be able TO make deliveries
during the next five months. particularly
n the mills continue 20 seek supplies on
an increasing scale? These facts should
generate caution among traders. although
there is a natural inclination 10 attempt
TO recover some Of the losses experienced
in previous ventures on the short side Of the
market. The statistical position is too strong
10 warrant the sale Of cotton without knowing
where It IS to come from when the option
natures. and the Census ginning report places
the total Weld at little over 100000 bales.
Conflicting weather reports produced Irregular
ty in grain with moderate net decline for the
week to a less abnormal position. Exports are
very unsatisfactory. both as 20 wheat and corn.
and idle domestic -four mills testify that home
consumption is FAR from liberal
Manufacturing returns arc more encouraging,
on the whole. although many events OF the week
were unfayorabIe. Cotton spinning promises 20
increase. provided the raw material does not
start in 10 make more records. but buyers %
goods az first hand are naturally tempted 10
await tho better terms that are expected 20 fol-
low the decline IN cotton. WooIlens are I'm only
fair request. the quiet market suggesting
the possibility 81 Idle machinery in the near
future unless business materially expands. Sim
liar conditions are reported at New-England
boot and shoe shops. Present shipments through
Boston are liberal but when the Easter orders
have been filed there will he little work in sight.
BY way 81 compllcatlng the situation. labor
troubles have arisen. It is n most unpropitous
time for employees TO start argument, for IL
viii be profitable for employers 10 close shops
next month unless orders come forward much
more freely than now seems probable. Further
improvement IS recorded In the iron and steel
Industry many plants expanding operations.
and quotations average slightly higher. despite
the reduction In sheets that followed the adop-
ton OF q lower wage scale.