New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-11

local financial situation. and the usual heavy
disbursements by the government for the hrst
week OF July increased the favorable balance on
Sub-Treasury operations: but for time IT
seemed If Increased requirements ON stock
market account would harden rates for money.
Offerings continued abundant, however. call
money ranging from to liz per cent. and ma
turing time loans were readily renewed at from
. per cent for sixty days up to 31a per cent for
long terms. Heavy payments on pension, war
and civil accounts produced a large deheit IN
Treasury operations for the FIRST week OF. July,
and internal revenue receipts fell somewhat be-
hind last years. An available cash balance or
about $160 100000 and gross gold holdings or
$3.50 100000 suggest that there is no cause for
alarm regarding national finances The total
money in the hands of the people on July had
increased to an average of $50 so for each man,
woman and child, which is little short of the
highest point on record, attained on May L
Foreign exchange has held very firm, the sup
ply of bankers bills in anticipation of crop re-
mittances being about equal to current require
ments.
Domestic trade conditions are practically I'M
changed Iessened activity at some points being
about balanced by better business elsewhere
In addition to the dulness that is to be expected
at this time of year. the last week has contained
more than an average amount Of unfavorable
weather and the army of unemployed was in
creased by more strikes. Settlement OF the
clothing workers strike was not fastened by
the resignation of Mr.. Henry White. the inter-
national secretary for his influence in that or
ganization was powerful for good. Leaders sucl6
as he, honest and conservative, are the only SEQ
walton Of the trade union movement, and his
prompt reinstatement is desired by all who APP
preciate the Importance of peace in the indus
trial world. The recent decline in prices of COM
modities is a step in the right direction. and
brings nearer the resumption Of consumption on
a normal scale. It is an economic axiom that
during periods of depression in business when
the purchasing power of the people is weakened.
the price level of prosperous times cannot be
maintained. This was clearly demonstrated ten
years ago when commodities that cost $50 81 on
July T. 1893. fell during four years of Demo
cratic tariff to So 45 July l. 1891, according
to Dun's Index Number. The PRESENT cost OF
the same articles is S97 10. decline of Sc IS
from the top point last March. but stan far above
the panic times soon forgotten.
Produce markets have experienc ed week OF
violent irreguiarity the net result being de-
cidedly higher level of prices After falling to
a new low record for the season In response to
estimates that the crop might reach more than
1000 600 bales cotton suddenly recovered with
out any tangible reason Foreign cables were
higher but the increase In experts not
servative about placing contracts for mate
rial. 1t is probable that the chief source of
strength was the option market, where excess
sive short account had accumulated during the
recent decline and in the effort to
profits bids were raFidly advanced IN far
present stocks. crop prospects and the situation
at domestic cotton mills concerned. IT is
difficult 10 find any arguments in favor OF higher
prices There was more excuse for the sharp
rise in wheat quotations because dispatches
from the Southwest were unanimous regarding
the severe transforms. 1t is not possible TO de-
termine the extent of injury at this early date,
but undoubtedly many million bushels of wheat
were lost. on the other hand. It should not be
overlooked that wheat was anything but cheap
before the advance began.
In the manufacturing world It has been a
week Of unusual Quh,t, in some cases machinery
being overhauled inventories taken, but more
frequently lack of orders explains tho idleness.
Even at the recent large reduction in quotations
of cotton goods there is very little demand in
the primary market, purchases continuing linn
tied to immediate requirements. There is still
n disposition to hope that further decline in
the raw material may bring still cheaper cotton
goods 4 little better demand is recorded for
y ooens new lines being opened under fairly
favorable circumsa ances. and the raw material
Is firmly held IN domestic markets. while
the London auction sale attracted brisk competi-
ton and brought slightly hr1ner quotations.
Shipments of boots and shoes from Boston for
the last week considerably smaller than
year ago. and 1t is o!1Iy the more fortunate man
ufactureIs who have sufficient business on their
books 10 keep plants fully occupied.
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