New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-08-22

Wall Street mas become cautious TEE ei"i -
solidations of such magnitude. and II Is only TO
be regretted that this atmosphere or cofserVa-
tism was not generated sooner
Aside from moderate shipments OF goid 10
Cuba nothing has occurred to harden the money
market. and consignments OF Australian soio
continually arrive at the PACING coast. WINE
this money is really in transit for Great Britain
1T is not accompanied ny exports from New
York. because sterling exchange can be RENTED
in anticipation or the crop movement that Is
soon 10 come. Wheat bills promise to be scarce
If present prices are maintained, but there IS
assurance of liberal cotton exports Although 1t
is generally believed that the countrys inteTna-
tional position would be weakened by exports
of gold local bankers would probably WelcoIne
such an operation, because It would tend TO give
them more profitable returns on loans. Cali
money is still offered at less than j per cent
and accommodation for three months can be
had at "a per cent. while a large loan matur-
ing in twelve months was placed by prominent
institution at AZ per cent. These rates indicate
that there is little anticipation OF pressure on
account OF interior Withdrawals for handling
the crops, although that movement would seem
to be near, judging by the changes in rates of
domestic exchange. Exports Of gold can have
little terror for nation whose Treasury con-
tains over $700G0000o in that precious metal
Domestic trade conditions scarcely altered
Improvement in some directions being offset by
decreased activity elsewhere. The local job
bling trade in drygoods has expanded because
of the presence of many retailers. and several
drives" or clearance sales met with crafty
ing results. Distribution OF merchandise.
measured by railway tonnage. begins TO COM
pare faI orably with the movement year ago,
but many classes of freight affected by spe-
clal conditions such as the strike in the meat
industry and the interruption in the building
trades. These two. and several minor labor dis
agreements. exercising an unwholesorne in
fuence on business. against which there oper-
ates the helpful factor of increased confidence
in nearly all agricultural communities outside
the zone of injury to spring wheat. Mercan-
tile collections are little prompt the
whole. and further improvement is expected as
the crop is marketed Even IL full allowance is
made for special conditions. the July statistics
of foreign trade are most discouraging. Exports
valued at SS4. $50. 431. which Is the small
est total for any month since August 1898.
while imports were valued at only S71, 800,
the poorest showing since February. 1892
Farm staples have provided the commercial
sensation of the week. several erratic price
changes taking place. OF all the leading prod
ucts OF agriculture cotton huctuated least al
though the market was closely followed and
widely differing statements were issued. Some
damage undoubtedly occurred which Is to be
expected at this time. and no estimate OF the
final yield could have any value unless allow
ance was made for some deterioration One
authority. formerly very active in tho market
issued statement in which the crop was placed
at less than 10.750000 bales. but there are few
who accept this low figure, and the trade stu
looks for nearer 100000 bales Corn is
going abroad a little more freely than II did
In the same week in the two preceding years.
perhaps because OF the small wheat movement
ana the price appears TO be dependent upon the
major cereal Wheat has attracted the bulk of
attention. and dispatches from the three leading
spring wheat States were SO consistently gloomy
that traders covered short accounts and shifted
TO the long side OF the market regardless OF
consumptive demand. which cannot be expected
TO remain normal at current prices.
Manufacturing returns still sufficiently
Irregular 70 cause confusion and IL is imposst-
bic TO arrive at any definite net results Prob
ably there is little moro activity on the whole
than there was a week ago. but whether the
general trend is In the right direction cannot
be said Shipments Of footwear from Boston
were 10000 cases smaller than in the Sam
week last year. and there IS less business in
sight than there year ago. but the gen.
eral tendency TO purchase only for Immediate
needs may prove in the long run an advantage.
II certainly should tend 10 prevent repetition
OF last years excuses In the textile industries
wooliens still provide the best news. new lines
being withdrawn almost as soon as opened. but
procrastnation still prevails among buyers OF
cotton goods al FIRST hands. After a long period
OF more or less success in maintaining prices Of
iron and steel products by agreements and
pools. the system has evidently been found de-
tective and several sharp reductions have been
made Sufficient time has not elapsed to de-
monstrate whether this Will stimulate trade,
thus far the attitude of consumers apparently
favoring stu further delay I'm placing orders.