New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-06

nent from the kiondike is alreduy en- iOutS'
1t is possible that foreign subscriptions to the
Cuban loan will offset investment in Jap
anese bondssso that there may be no further
movement of specie on that account. AS It is
officially announced that the Panama matter has
been settled and no new corporation borrow
ings Of abnormal size are contemplated, IT Is
possible that the money market may respond to
ordinary influences. Currency comes freely
from the interior. although there is nothing at
tractive in the prevailing rates; but this move
ment is probably due to the Treasury call for
government deposits. One result OF the Panama
payment has been an unseasonably heavy ex-
pansion of banknote circulation; not because
money was in demand but in order to find
profitable for the bonds held against gov
eminent deposits. Aside from the extraordt-
nary disbursements during May, the federal
Treasury just about balanced accounts in eleven
months of the fiscal year.
Although few industries in especially IA
vored localities report normal conditions. taking
the nation a whole there has occurred a
very decided contraction in business as COM
pared with the same season last year; and. as
it is now too late to accomplish anything bet
ter than clearance sales at bargain prices. the
commercial world will have q large loss to
make up when business revives. Yet the de-
crease in volume and the difficulty experienced
in making collections have not been produc-
This good fortune found it's origin in the wave
of conservatism that went through the
try at the turn of the year. In addition to the
fact that Presidential year is usually below the
average as to the volume of trade, there had
been several years of uninterrupted progress
which could not continue indefinitely. Moreover
the disastrous losses in Wall Street were call
culated to generate conservative sentiments
These factors all combined TO curtail excuses
and to put the business world in condition to
weather a commercial storm. Incidentally. the
moderate stocks of merchandise now being
ried should accelerate the improvement. once
it begins; and 1t is probable that all the facil-
tiles for manufacture and transportation that
now seem excessive will prove inadequate.
The feature of the staple markets was provid-
ed by cotton. which declined to much the low
est point of the season. Activity was greatest
in the July option. which fell more than 81 80
a bale in three days. There was no particularly
new development except that the latest esti-
mates of acreage and condition Endorsed earlier
statements; and the time for picking the new
crop drew nearer holders of options became
discouraged and gradually liquidated. 1t
rumored that heavy short interest existed in
the May option, but when that month terminal
ed with no evidence of anxiety to cover
tracts the last prop seemed gone from the mar
ket. There has been less talk of the strong
statistical position of late, attention being d.
rected to the moro important fact that. while
the visible supply is small. 1t is ample for
the requirements of partly closed mills Less
uniformity attended the of grain. An
early decline was followed by sharp recovery.
option traders for the long account becoming
very aggressive. There support in several
State reports particularly that of Missouri. and
excessive moisture has retarded growth
Manufacturing returns slightly better on
the whole, footwear factories receiving more
orders although shipments from Boston con-
tinue 10 fail short of last years A large bust
ness could be closed in russell shoes II they were
available, and preparations are being made for
a big season in 1905. Leather is quiet. with
notable weakness in some lines, but hides are
fully maintained. In the textile industry
ports, and gains of the previous week were aug
mented to some extent While there is no evil
dence yet of Increased activity at cotton
mills, the violent decline of the raw material
promises to bring about the contamination of
many deferred contracts this element of cost
has been the main handicap. Results at the
big drygoods sale were exceptionally favorable;
but these cannot be taken as fair index OF the
industry, because much OF the business was in
the nature OF an advertisement for interior buy
ers. Production OF iron and steel Is being re-
duced in order TO prevent accumulation OF sup
plies. as the procrastnation OF many consumers
has continued much longer than was expected.