New-York tribune., 1907-08-05

serves and British consols touched ne" ~"
record for about sixty years.
While !. * undoubtedly true that many c"li'-
n1ercjal undertakings are still postpoiieu '0
If is not possible to borrow money d'
80. tho oeneraI trade situation is most sa'is-
factorv Seasonable merchandise goes lie.'
into consumption. and there is no longer t"e
necessity for plans to prevent storage id'iii''
tc;ne ovort3xed and in the jobbing markets
.horo &c confident ureparation for next season
distribution Visiting merchants arrive in many
of tho principal markets and are placing ORDERS
that are remarkably liberal in view ot the liisi'
level of prices So much has recently peeh VIII
ten regarding the question whether 'faue ie'
tion was inevitable on account OF inancla' SUM
,oncv that If has become increasingly interesting
and instructive to watch the weekly statlsticS VI
actual events The first really detinlteiy ADVERSE
renort was the increase in liabilities or Id"ureS
during the month of July, but carelul s'uuy Va
.ns details shows that a few very large suspen-
sions of more or less speculative nature sup
nI;ed the increased defaulted Indebtedness. Less
than . per cent in number of failures ias' month
sunplied much more than 30 per cent OF the iie
biIfties and the average loss for each OF the re-
manning suspensions less than the norman
an,onr+ in the same month of the preceding dcc-
ade Each week tells of Increased paiih
changes at almost every city beyond 'He M
ence of Wall Street. but New YORK VIII Plooao''
continue to report loss until sales or securit'e'
hecorne more than half those of the same tiiiAe
last year. -
Cotton has held steady at about L" GENTS io'
SPOT middng uplands, consumers showing h'tiS
interest in She exact percentage OF chdhse -
conditions during July. as it has been evident
that moderate improvement occurreu' Ioi' -
ooints and exports are now at about the io"e7'
these figures nave iio
;,,;scarcn but in the trade it is SeneraIly pe-
1io,.ed that consumption will be malhtaNneu
,,.bicb means large profits to planters even dO
the estimated reduction in size OF the crop anu
this in turn assures a liberal distributor VI
other products in that section frices ol nc
have received the support OF shlaileI ieOe'p'
and = better export inquiry, anu frequent SeH9
tionaI dispatches of injury have heipeu 10 heeP
Tho market from being dull. option trading
however. made little progress on account VI q"
feeling that the official report might change li'e
sentiment one crop expert has announced a
su-eenina reduction in the corn crop. but II IS
eranera1Iy believed that the weather has been SO
favorable 10 rapid growth during the last le"
weeks that danger from frost IS practically over
whereas that had been a serious feature.
Industrial conditions are almost wholly salts
factory although a few new labor disputes nave
broken ont but the most serious strike tlat Was
threatening To interrupt a great business was
settled when the handlers OF iron ore returned
TO work. 1t was also important in the steel IN
dustry TO note the enormous earnings oL the
leading corporation although these figures are
announced from month 70 month so that there
was no surprise in the report Tor the secohd
quarter Too much significance IL attached 10
tho moderate decrease that occurred in the ton
,aga cf untitled business because il is well
knoo-r that orders for steel rails await some
definite decision 70 an improved method
while II is also obvious that tn" tight money
market prevents many structural undertakings
that Will add to the contracts on hand wnen-
ever there is relief in the money market. In
tbc textile industries the only unfavorable de-
yelopment is the strike In the silk mills WhIIe
producers OF cotton goods still find business
coming TO the primary markets. despite the con-
stant claim that prices are excessive. II IS
noted I'm the footwear industry that buyers stiI
wait for decline in prices Proportioned to the
fall In hides.