New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-25

soon the crops marketed Foreisn
exchange was tending downward when the
Malacca incident caused a sharp rise IN LONDON
discounts. TO which sterling exchange respond
ed Government finances showed deficit Tor
the first three weeks OF July OF S1e.5S1.soo.
expenditures exceeding those of the same pc
Rod last year by over S1O0o1Gon
Domestic trade in lightweight wearing ap-
parel. outing supplies AMI other seasonable mer-
chandse expands under the influence of clear
skies and high temperature. but there is stiIl
a certain amount of caution regarding commit
ments beyond immediate requirements. This
attitude is noticed in every section Of the coun-
try. although the conservatism IS less pro-
nounced in the districts where the crops are
practically beyond danger. AS to labor contro-
versies, the outlook Is somewhat brighter, al
though many thousands still voluntarily
idle and some labor leaders unwisely advise
resisting moderate reductions in wages that
would mean work for thousands who need the
money. The last few months have been re-
markable in the number of strikes of great
ma gnitude but still more in the promptness
with which settlements were reached. 1t is diff
fcult to state whether the latter fact is due TO
increasing intelligence on the part of the wage
Garner or to the large number already out OF
work and willing to take the places of strikers.
Probably both factors contributed to the result.
Small available supplies of cotton still render
it dangerous to operate on the short account
in nearby options. to which IS undoubtedly due
the 11-cent position Of spot cotton. because
there is no demand from spinners at that price.
Exports have been a little larger than they
were year ago. but the cotton market prom
Uses to remain very dull in so far as actual
deliveries concerned. until after the new
crop begins to come forward. This view of
the situation is supported by the action at Fall
River where manufacturers probably welcomed
the strike OF operatives. Speculation responds
to weather reports. but IL is now generally con-
coded that there will be large crop of cotton,
and the only question is at what price 1T
be consumed. Gables from abroad checked the
natural tendency downward of the wheat mar
ket in response to very much brighter domestic
crop prospects. but 1t is difficult to how
conditions abroad can hold wheat at its present
price, because foreign consumers will not come
into this market freely that basis. no. mat
ter how short the crops in other countries.
In the leading manufacturing industries con-
ditions less uniformly unsatisfactory. al
though still very irregular. The best news
comes from woollen mills which have been
able to open new lines OF mems wear woollens
and worsteds at higher prices without discour-
aging purchasers. Raw wool again advanced.
and the general rise I'm this commodity fully
accounts for the higher position OF the manu-
featured product. The other leading textile
fabric has gained slightly in tone because of
the prospective reduction in output. but sales
do not increase. owing 10 the fact that buyers
and sellers are still far apart IN their views. A
somewhat peculiar situation exists in regard to
boots and shoes. the sudden increase in orders
being more than trade conditions appear TO
warrant, and It may be that the sensational
advance in the hide market account OF the
packers strike frightened dealers into antici-
patinG future requirements to greater extent
than has been customary of late. In iron and
steel building materials and all other heavy
lines of manufactured products the past week
has brought no increase In actual orders. but a
decidedly better feeling regarding the future.
which IS evidenced by the numerous inquiries
and efforts TO secure prices for future delivery.
The only definitely encouraging feature of the
week the resumption Of work at the Home
stead mills.