New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-06-27

cause OF the adverse Datance Incic mas hcOAi
no further talk of gold exports. but the East
will soon be called upon for funds TO handle the
crops although up TO the present time cash has
accumulated at New-York. specie holdings OF
the associated banks rising above all records.
Rates OF foreign exchange have moved narrowly.
the supply of bills being small. and demand for
remittance about normal. in spite OF some net
selling of stocks by London In this market.
Notwithstanding the fact mat business does
not usually increase with the approach OF mid
summer, it is possible to discern a slight ex
pansion in the distribution Of merchandise at
retail, particularly those seasonabe lines OF
wearing apparel that were dull earlier in the
year. when purchases are usually made: 1t Is
also encouraging to note that mercantile col
lections are more prompt In addition to these
satisfactory current indications. little more
confidence in the future is evidenced by the
placing of contracts for distant delivery. This
forward business however is still on a decidedly
conservative basis there being no inclination
to accumulate burdensome stocks of goods.
Many small labor controversies have reached
settlement, but a serious struggle has started
in the clothing manufacture over the open shop
issue. Committees of the Civic Federation have
been striving to avert this strike for several
months but now that It is started there Is dam
ger of a stubborn contest. Although few cities
report large increase in number OF building
operations the amount OF money involved Is
much smaller This is only another evidence
of the indispositon to attempt costly undertake
ings, the elaborate apartment houses, depart
ment stores and other structures of that nature
involving more risk than investors In
the mood 10 undertake.
At the markets for the leading farm staples
the chief influence continues TO be provided by
the weather According to the best authorities
on the subject. the past week has averaged very
favOrably, despite some rather severe storms.
Sunshine and high temperature needed to
mature corn, but the plant is strong. and some de-
lay may be experienced without loss. Estimates
of the wheat crop in Italy and Spain have been
reduced. and If it should prove that foreign crops
short, 1t may be possible for domestic grow
ers to secure high prices for large crop. Con-
fiict between good news at home and bad news
abroad combined to produce great irregularity
OF quotations. but the net result for the week
was not large, The movement of corn. both to
primary markets and out of the country COM
pares very uutavoraby with last year. Dis
patches from Southern plantations have been
uniformly favorable that the price OF spot
cotton fell below il cents for the first time this
season, but even at the attractive prices there
was little inquiry from domestic mills. and the
Liverpool market was also dull
Manufacturing conditions show little alteration
the large reduction In prices OF cotton goods
falling to produce the expected demand, and
transactions have only increased for quick de-
livery, disposition being shown to prepare for
future requirements. Many lines Of goods are
now offered below a parity with the raw ma
terial and It is doubtful whether buyers Will
find more attractive terms unless cotton falls
very much lower than now seems probable The
reductions in prices OF prints during the last
week were not so large might have been ex-
pected in view OF the other changes in the week
preceding. In the other textile industries the
only change Is moderate Improvement In wool
lens Shipments OF footwear from Boston for
the last week were much smaller than in the
same week of 1903. and It is beginning 10 appear
that the movement year ago was far beyond
requirements, many large wholesalers having
carried over excessive stocks New business Is
consequently restricted but the more conserya-
tive attitude OF tn trade promises well for the
future. There Is sim complaint that tan shoes
cannot be delivered time Low prices and
diminished activity prevail in almost every de-
partment OF the iron and steel industry