New-York tribune., 1906-08-06

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which engagements could be profitably arranged
the strength In exchange being due 10 sales OF
stocks by London. Domestic rates OF exchange
| do not show the discount on New York which tn
| dcates heavy interior demands but these crop
moving requirements Will soon appear and IL is
only because Of confidence in Treasury aid that
\ local banks do not prepare for the inevitable.
/ The Treasury deficit in July was about 10 per
cent less than expected, owing 70 large customs
receipts. and the total stock of gold nstains
new high record nearly every day. Is is doubt
full whether many people appreciate the increase
| In government stocks Of gold during the last
year. A year ago all previous records were SUR
passed with am aggregate Of about S12oOocooo.
while the high water mark is now 500. .Ooo. 900
larger.
| Believers In the periodicity of calamities who
have been looking for some time for a check TO
the marvellous prosperity of the nation are be-
ginning TO get discouraged. This is especially
noticeable that the years agricultural re-
suits are assured. Signs numerous and all
point the same way. Not only have savings
banks deposits increased but withdrawals We're
heavy during the last year, which probably
signifies that homes have been purchased by the
thrifty depositors. and still the splendid earn
ings of the year more than replace the unpre-
cedented sum taken out The common stock OF
the greatest Industrial corporation in the world
has been restored 70 the dividend list because
net earnings warranted such action. the highest
previous quarterly record being surpassed by
about SO, 100000. and after making all proper
allowances for development and maintenance of
the property over S5GNOOOO was added TO the
surplus, raising that sum close 20 S90,o0O.000.
These are large figures and testify 70 the recent
unprecedented activity of trade while some idea
of the future may be found In the statement that
there are now about seven million tons Of un-
filed orders the books.
One OF the most interesting developments IN
the commodity markets was the sharp advance
in coffee which can be attributed only to the sue,
cessful progress of the valOrization' bill In the
Brazilian Congress. Within a month an advance
Of one cent pound has occurred, and a further
rise of two cents seems 70 be threatened by this
artificial support provided by the government
of Brazil. In connection with the possible cur
tailment OF consumption. IL is interesting 70 note
that imports in the fiscal year ended June 30
were almost 20 per cent smaller than the aver
age for the two preceding years Yet the dOmes-
tic visible supply Is by no means exhausted
and. whatever the result, holders of the present
stock of over three million bags have already
seen their market value rise over S4,O00O0O.
Cotton has ruled remarkably steady, encourage
ing crop prospects in the Southwest being neu-
tralized by decreasing supplies better foreign
demand and too much rain in Atlantic states.
Holders OF options have suffered by the
gradual settling Of wheat prices TO a much lower
level but the nation as a whole will benefit,
since it means not only assurance OF large crops
20 the producers, but cheaper -four TO the con-
sumner and better international trade baIanc.
through a return TO more normal exports than
have gone out during the last two years
Scarcity OF labor is still retarding progress In
some manufacturing industries, the most serious
feature pertaining to the coke industry because
II is particularly desirable at this time TO have
a large supply of fuel for pig iron furnaces.
With so much business In sight at the steel mills
and resumption taking place at iron furnaces
as fast as repairs can be made, all records OF
production will soon be surpassed, provided the
coke can be delivered. Shoe factories continue
to eclipse all previous records as to weekly ship
ments and there is good reason TO anticipate
long continued activity. as supplementary fall
and winter orders already followed by pre-
lfminary spring business, and the leather market
is readily maintained by the certainty that con-
sumption will continue heavy. Current business
for both hides and leather is not large but hold
ers are so confident that the only changes in
prices are upward II it were possible for cot
ton mills 70 accept all orders for immediate de-
livery it is probable that there would be a large
volume of business but most spinners are sup
piled with contracts for the immediate future
and as this is gradually being realized by the
place forward orders.