New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-06-10


Improvement work by the Erie, which had been
| abandoned for lack of funds. and statements OF
| ali railway earnings in May indicated freight
! activity beyond precedent. The recovery III
| prices was regarded with suspicion by many
brokers, however, although some prominent con-
| Germs openly advised customers to purchase;
/ but frequent mistaken positions during the
| long period of dulness and sagging prices tend
! toward conservatism.
| In ten days $1O.4OO0O0 In gold was engaged
for shipment to Paris, and fluctuations in for
! eign exchange rates do not indicate that the
outgo has ended Financial conditions abroad
attract much attention. not only as to the
French competition for gold, but the stagnation
and weakness of prices at London where consoIs
are establishing low records for the last
sixty years. Speculation in Kaffir stocks ended
disastrously for some prominent fnanciers. ana
the gold situation will be complicated by COM
petition between Paris and India. In recent
weeks the French Bank has succeeded in build
ing up it's reserve very materially, not only
securing much gold, but contracting loans in
even greater ratio The local situation has suf-
fered by loss in cash even more than appeared
by Saturdays bank statement, yet rates are
little altered because of the small demand in
speculative channels. Looking forward to the
half yearly disbursements. bond redemption and
crop requirements that will appear next month,
many bankers anticipate Improvement In activity
and rates. Another highwater mark of
per capita amount of money in circulation was
established June 1 at S34 20. allowing for an
increase in population to S6,000000. Treasury
operations for the month thus far add over
81 100000 to the surplus, and the national in
terest bearing debt has been reduced to less
than $500 900 900. The country's finances are in
good condition.
Toward the end of last week there was pro-
nounced Improvement in the temperature. and
there is reason to expect a noteworthy in
crease in retail sales Of drygoods and other
seasonable merchandise, while the outlook for
summer resorts and outing goods dealers is
more encouraging. Latest reports from all sec
tons of the country indicate a variety of BUSH
ness conditions that permits of no generaliza-
ton. Some sections enjoy unchecked prosperity,
other cities are moderately behind. while there
IS no hope in the most pessimistic reports 1t
is acknowledged that enough noisy calamity
howlers stop the wheels of industry most
effectively, there must be confidence at the
foundation and it Is becoming increasingly diff
cult to launch new ventures or even maintain
former activity. because Of the loud assevera-
tions that the crops are ruined and national
prosperity is over AS a matter of fact the
agricultural communities in position TO
stand much heavier crop losses than are threat
ened and the curtailment Of spring trade
be made up very largely by a fortnight Of good
weather. In some directions where there was
danger of excess such as speculation in real
estate or securities. the moderation is a benefit
rather than a disadvantage to all except the
brokers. Eliminating this city in which Wall
Street operations contributed a large share Of
the bank exchanges last year, it Is found that
CleaTlngs averaging about 10 per cent more
than a year ago. and liabilities OF failures in
May We're much smaller than those in May.
1906. These actual measures Of legitimate bust
ness merit more attention than prophecies of
disaster
Official statistics recorded the June condition
of cotton 705. which the lowest of re-
cent years, but a slight Offset there was an
estimated increase I'm acreage to a new high rec
ord figure of 32OGOOOO other unofficial re-
ports Endorsed these statements by the De-
partment of Agriculture. and even with much
late planting it is now evident that the yield of
cotton will fall considerably below the large
crop OF 1906. While this is unfortunate for the
planters. they will have the partial reCompense
OF abnormally high prices. the present quota
ton OF 1874 cents at New York representing
big profits all the old cotton carried over.
while distant options also put a high value a
bale on the new crop. Spinuers are very busy.
both here and abroad, but no famine condition
is threatened, as the visible supply Is double
jhe figures IF three OF four years ago. Last
weeks exports and amount brought into sight
compared closely with those in the same week
in 1906 and takings by Northern splnners
were actually larger. Grain exchanges have had
another season of violent fluctuations. in re-
Spouse TO variable weather reports from the
West, with the net result of slightly more nor
NAL prices for wheat. Several authorities now
agree in estimating the crop this year at 600
100000 bushels which would be more than
enough for domestic consumption and seed
while exports could he augmented by the large
stocks carried over from last year. 1t is also
true Of corn that farm reserves are still ample
to supplement a smaller crop than last years.
and prices have fully discounted the reductions
that are being made from original estimates Of
the leading crops. Flour mills are remarkably
busy considering the cost OF raw material and
each week Of late has recorded n substantial in
crease In exports of wheat and -four as COM
pared with the outgo last year despite the inter-
rtption of the strike at this port and the rise Of
10 per cent in price