New-York tribune., 1904-08-08

ports of increased net earnings in spite or losses
in gross
Nothing new appears in the domestic financial
situation. but foreign happenings were OF more
than ordinary interest a sharp decline oc-
CURED in British consols in response to the an
nouncernent that the exchequer would again be
compelled to borrow. There is much interna-
tional significance in the present position OF
British finances, although the Bank OF England
reported small gain in the proportion of reserve
liability to within 4 per cent OF the position
q year ago It is also reported that depoS4tS III
the British Postofice savings banks are being
reduced. which is not good sign Of business
conditions in that nation. Announcement OF d
new Japanese loan added to the uneasiness until
it was discovered to be an annual affair, in no
way related to war finance. The New-York as
sociated banks eclipsing all records OF casA
holdings, that easy money continues espe-
ciaIly as there is little demand for accommoda-
tion on Stock Exchange collateral Rates Oh
sterling advanced and moderate engagements
of gold were made for export. but this outgo is
not likely to attain significant proportions al
though money will go where it is needed.
Trade reports from the leading cities OF the
United States contain much that IS encouraging.
A long period of conservatism has resulted in
depicting stocks Of merchandise In the hands OF
dealers and as confidence increases there is
more disposition to prepare for future require
ments by arranging for shipments several
months in advance. These purchases in anticl-
patton of a revival of trade are not yet general.
chiefly because of local influences where wheat
has been injured where the labor troubles
are extensive. Disagreements between employer
and wage Garner unusually numerous, owing
largely TO the unwiIlingness of organized labor
to accept reductions in wages commensurate
with changed conditions. Many labor leaders
still fail to comprehend the fact that prosperity
will return much more promptly If scales can
be so arranged as to furnish full employment
Tor all. After brief period Of comparative
peace in the building trades, controversies have
again appeared. and a serious struggle may re-
suit. This is particularly unfortunate just now,
because there are numerous evidences Of re
vival in building that would be welcome to ths
manufacturers OF structural steel and to dealers
in lumber and building materials who have not
experienced normal conditions for some time
past.
1t has been n seasonably erratic week at the
exchanges handling farm staples. wheat provid-
ing the widest variations, with a net advance
Of considerable size. Reports from winter wheat
sections indicate that most Of the crop is prac-
tically out of danger. and thrashing returns sug-
sest that the loss will not be as serious as many
feared. But the last week provided a novel
feature in reports from the Northwest stating
that millions OF bushels of spring wheat were
ruined. 1t is impossible at this time to ascer-
tain how much damage done by rust and
smut. but it is very possible that dispatches
have exaggerated the situation for speculative
effect. This is not unusual occurrence. and
small available supplies facilitate operations
against the short account. Receipts have In
creased well above The movement to primary
markets year ago, whAe exports show a heavy
loss These are not arguments in favor of in
hated prices. Corn has also developed much
strength IN sympathy with wheat although
there is every indication OF very heavy yield
The cotton outlook is even more satisfactory.
private estimates indorsing Official figures.
which would seem to promise an unprecedented
Yield. Yet prices are fairly well maintained at
about 9@t cents for the early options
Woolien mills are still the brightest spots IN
the manufacturing world, prices being fully
maintained without seriously checking pur-
chases. and new lines OF mems wear are being
put the market al very satisfactory terms
Raw wool is very strong, but there is less de-
mand, manufacturers having stocked up sufti-
ciently for current requirements. The other
prominent textile industry has made no prog
ress Buyers OF cotton goods at first hands
corfne themselves 70 pressing needs and the
only transactions during the last week OF any
account were export sales for China Shoe
shops are doing less business than a year ago
judging by the shipments from Boston. but the
large factories report sufficient contracts on
hand 10 keep machinery active for short time
and sample business in spring styles is of an
encouraging nature. The material of this
industry is very strong owing 10 the interrup-
tion Of supply by labor difficulties. A few large
deals IN the pig iron market have materiallzed,
which indorses the recent growing feeling OF
confidence. Thus far the new business has not
extended TO finished steel. but the attitude OF
purchasers is encouraging and it is probable
thar large orders will he placed in the near
future