New-York tribune., 1907-06-24
BUSINESS AT ITS BEST.
PROSPERITY INCREASING.
Careful Canuass Shoes Commerce
Climbing as Stocks Drop.

sentative of the large commercial and financial
interests of New York TO obtain at first hand
accurate insight into the business cond-
tions of the country, it can be announced that
there signs of a diminuton Of the pros
pe-ity which the United States has been enjoy
ing, that the volume of business for the first
six months Of this year has been greater than
for the same time in 1906 that failures have
been fewer, and that the prospects for the last
six months of 1907 are full of encouragement.
There can, of course, be safer gauge OF the
commerce OF the country at large than the
condition of business in New York, the great
distributing centre, whose numbericss indus
tries represent the occupation of those inhablt-
ing the many different parts of North America
Among the manufacturers approached, each,
or course, discusses the business situation from
the standpoint of his industry, but the
basis for the conclusion THAI there is no danger
OF a reversal of conditions is the views of
about a dozen large firms, representing as many
industries, who express the same optimistic pre-
diction of era Of even greater prosperity.
Contrary to what appears almost general be
lief the inactivity of the stock market has not
had any great effect on the mercantile indus
tries. Merchants who do not include optimism
and pessmsm in their stock of trade have not
only not been affected by the stagnant condition
OF Wall Street, but apparently little inter
ested in il. OF far greater import to them IS
the wage rate, which. The Tribune learns from
reliable sources, has been higher for the last six
months in nearly all branches Of industry than
ever before
RETAILERS RECOVER FROM BAD SEASON.
The unreasonable spring weather had a detri-
mental effect the retail business of the coun-
try, but not TO any alarming degree, for, since
the coming of warmer weather, things have i'm
proved. and manufacturers report that Collec-
tions have been entirely satisfactory. This is a
certain indication that the small people have
not suffered enough to prevent them from meet
ing their obligations. AS TO the fall and winter
trade, which has already opened for the manu-
facturers, orders are beginning to come in with
a regularity to justify the prediction that the
last six months of 1907 will show a greater vol
ume Of business done than the first six.
'Dun's Review says that from the West
comes the report that crops are creating con-
hdence, and that all the leading centres are re-
ceiving large orders for all classes of fall and
winter merchandise Agricultural prospects have
greatly improved under the favorable weather
conditions throughout the country.
This same publication in an earlier issue con-
tains some encouraging statistics showing the
defaulted liabilities in commercial failures for
the first quarter Of 1907 TO average a cents in
$1,000 exchanges. In 1906 for this period the
average reached 81 cents and in 1905 It was
81 cents.
An important item in the commercial activity
Of the country is the export trade, which shows
q tremendous increase over the figures of last
year. new record was made in May, the ex-
ports for that month reaching a value OF S134-
COZ, $50, compared with S130 J4S 3S7 for the same
month last year. and 1t is safe TO say that if
the American factories not working at their
fun capacity on domestic orders these figures
would be larger.
A BREATH OF FINANCIAL MELANCHOLY.
There is air Of pessimism in the opinion
given yesterday by Henry Clews that the action
of some Of the state legislatures against rail-
roads had had the effect of depressing the fnan-
cial market.
The money situation is the absorbing topic
Of the day all over the entire world said Mr
Clews. Since the Japanese-Russian War the
Far East has become a factor in the financial
needs. and must be reckoned with. Aside from
the money needs Of the balance of the world
both of these countries will enter the list Of
borrowers for use in internal improvements as
soon money can be had at reasonable terms
Just at present. Paris has the whip hand in
financial affairs and is constantly adding TO her
strength London, on the other hand. is on the
verge of nervous prostratiOn. English consOls
have in the last week struck the lowest price
ever known, and this coming settling day on the
London Stock Exchange is looked forward to
with great apprehension, as failures are feared.
''Of course. own city feels the effects Of
this European unsettlement, which has resulted
IN the shipment OF over Sl9oDOpD0 Of gold since
May q, and there IS every reason to look for
a large outflow in the coming week. The last
few days has emphasized the fact that the
smaller railroad system3 are willing to borrow
wherever funds be obtained.
The crop situation. while it has improved
greatly in the last thirty days, is still causing
apprehension, though the reserves carried over
from last year will provide for actual needs
The drastic measures passed by various
state legislatures against our railroads have been
the means of holding back many investors who
usually buy at this season of the year. But
most Of these bodies have adjourned and
have ceased to be a menace for the time being.
The market feels the loss of many Iarge
specuIators, some Of whom have been badly Grip
pied in the late depression, and others who have
temporarily departed pleasure bent for the
summer. Last year at this time increased div
e nod eld Of
and cotton. and the prospect that French in
vestors were ready to enter market
filed Wall Street with hope. This year
the adverse factors have dishearteneG the
holders Of securities and have resulted I'm a
dull listless market, which is likely 10 continue
until there is a material change in the general
business situation"
STEADY BUSINESS INCREASE REPORTED.
F. Victor & Achelis, a large commission firm,
speaking for the mercantile interests are op-
timistic over the commercial outlook. 'Busi-
ness shows a steady increase they report 1T
has shown since last January a large increase
that Of the same time in 1906, especially
in silks woollens and dress goods. The weather
conditions may be felt next season by the
small manufacturer and retailer. but the col
lections have been good and do not think
that the falling off in business Will amount TO
much"
Abraham Davis. Of Davis & Henis, cloak man
ufacturers. said We have every reason 10 be-
leve that there viii be large fall and winter
business. The present activity indicates that.
This has been a prosperous year in the trade,
and look for abatement. / have travelled
extensively this season through the New England
states and could see there the reason for this