New-York tribune., 1905-07-31
more satisfactory as agricultural products were
hroupht to rnaryeAt

more satisfactory as agricultural products were
brought to market
Liberal offerings OF foreign capital conunue
to contribute to the Of the Local money
market. but otherwise the financial sruauon
is devoid of significance. AS partial onSes 10
the offerings OF loan bills in the foreign ex-
change market there Is more or less demand TOT
remittance that probably nnds Its origin IN SUD
scriptions TO the Japanese bond issue, The re-
cent decline in grain quotations raises the nope
that exports will be more ncarly normal this
year, and, with the outgo of cotton. win supply
a sufficient quantity of exchange to meet
large share OF the foreign obligations when they
mature. which IS probably the only way tnat
heavy exports of gold can be averted. Not tnat
large movement of the yellow metal would De
disaster, for gross stocks In the Treasury are
nearing the maximum, and bankers would well
come an occurrence tending to provide better
interest return. Transfers of currency to the
interior promise to be fully as large as usual
this year, and whether this movement is In the
nature of withdrawal of balances from local
correspondents actual borrowing is immate-
rial in so far as it's effect on the local money
market is concerned
Recovery from midsummer inactivity in gen.
eral trade has appeared earlier than usual
this season. although there are several ele-
ments in the situation that tend to oounpli-
cate matters. Strikingly favorable comparisons
made In almost every instance with the cor
responding time last year. but the question of
Price tends TO lay calming hand on many in
dustries although speculative activity is usually
all that could be Desired Rumors of threatened
labor controversies are heard in several i'm
portant industries. but the actual amount Of
interruption at the present time Is very small.
Accumulation of anthracite coal by the pro-
g.
struggle with the miners. but is a seasonahle
occurrence, consumption being at the lowest
point of the year. while spring discounts have
been reduced 80 cents ton. which is not adapt
ed to stimulate buying in advance. such
occurred in April and May. Reports of the
building trades somewhat Irregular, with
exceptional activity az the West. and the mar
kets for building materials as a rule. in
very good condition. Lumber mills are busy.
except in some cases where high water inter
rupts work
After forcing cotton to 11.40 cents for spot,
there was sharp reaction hen the long account
attempted to realize profits but the extent to
which the speculative public has been induced
TO purchase options gives a support that is not
readily overcome. A circular was issued
predicting that prices would rise to 10 cents.
and demonstrating that the crop would fall
at least 25O0OOO bales short OF requirements.
Even if it is conceded that these figures are
approximately correct. there is still no prospect
of a cotton famine, because the new season will
open with larger surplus than the estimated
deficit. Meanwhile. it will be most remark
able if the current years rate of consumption is
maintained in the face of inflated quotations.
Reports from the spring wheat States denying
extravagant rumors regarding the damage done
by rust produced sharp reaction in wheat quo
tatons, aided by the liberal receipts of new WIN
ter wheat. which is being harvested and thrashed
under most favorable conditions. Prices are still
above the point at which normal exports can be
arranged. but there is an encouraging improve
ment in the outgo of corn.
High prices Of raw material are the most
potent factors in several manufacturing indus
tries. particularly textiles and footwear. Hides
have risen still further TO the highest price in
over a generation. and leather naturally tends
upward. Shipments from Boston thus far this
year surpass all records except that of 1903
and the decrease in comparison with that wear
Is only nine thousand cases, or about one-third
or one per cent. Producers of cotton goods
are In a very strong position. although the
demand from China has fallen off, and some
Joboers expect that decline in the raw cot
ton market will bring lower prices for goods
The facts should not be ignored, however.
that the market for goods has not risen in
Pi'Po4 'i'Il u Cottou' ana tnat the mills
working on raw material purchased much he
low the present price. There is no sign of
cheaper wool. and new lines of woollen and
worsted goods are purchased about as rapidly
as they can be opened, placing this industry I'm
the most satisfactory position 1t has occupied
Tor many years. Structural shapes still occupv
the position of prominence in the iron and steel
industry, but the demand is broadening all
consumers exhibiting less reluctance about plse-
ing orders.