New-York tribune., 1907-06-24

CulSO OF SOIO INaI DeSdu on May - Ids iAO"
amounted TO s1S.5O0.O0O and there is every
reason to expect further shipments, as ex-
change rates remain at almost the highest point
of the year and the Bank of England has fol-
lowed the example of the Bank Of France, re-
nitting the loss of interest in transit to SHIP
pers. With Europe so importunate for goid' II
is impossible TO check the movement, and this
nation is apparently in strong position 10 alevi-
ate the foreign situation When the crops call
for money there may be pressure, and proposed
issues of securities will also need funds
but these matters usually adjust themselves
automatically. Tt may prove that Europe mas
no permanent use for the gold now being Sc
cured here. and any rise in domestic rates above
a parity with London or Paris may start d
movement westward. although the recent ratio
Of imports to exports of merchandise has been
most unfavorable and the normal trade balance
can be restored only by a large autumn outgo OF
grain and cotton.
Settled summer weather tardy IN ap-
pearing, but it's advent brought out the distrl-
button Of seasonabIe merchandise that had peen
expected. Dealers stocks were reduced mate
rally and better feeling was generated IN the
entire commercial world. Activity was most
pronounced at retail, extending from the Dig
department stores in the cities 10 the sHaii
country dealers in the interior. few weeks
O
tail stocks down to the point where duplicate
orders will be necessary, and wholesale branches
will in turn be busy. DrygOods, clothing ana all
forms Of summer wearing apparel lead IN actiV-
ity but staples have also felt the stimulus OF
normal weather. Outing goods find READY SAFE
and the summer resorts have started a season
which will be short unless early losses are mace
up by a late fall. In some lines there Is the
quiet usual at this time of year, but. as rule
there is much more activity in business than IS
customary at the close of June Business ar
Western cities last week made an excellent COM
parison with the figures of year previous, as
indicated by gains in bank clearings of from "A
per cent at Cincinnati to 45 at San Francisco
with such intermediate records as II at Chicago,
27.5 at Minneapolis and Alb per cent at Kansas
City A new monthly record of immigration in
May is also significant.
At the commodity exchanges option prices
have become most irregular. spectators hesltat-
ing between large consumption and better crop
prospects Dispatches from the South are al
most unanimous in telling of improved cotton
conditions. but the market holds about $40
bale above the price a year ago, which was SO
higher than that of 1905 Hence. the market
seems to have discounted q considerable decrease
in size of the crop and also to make fair
allowance for we'll maintained activity among
spinners. 1t would not require much increase
In general crop expectations TO supply normal
years needs. including the heavy stocks now on
hand, whereas prices are beginning 10 affect the
movement TO Northern spinners. On the other
hand, exports last week were considerably larger
than in 1906 Grain prospects have improved
rapidly of late many tardy sections now report
ing conditions normal and early wheat harvest
ing is about to begin AS the weather reports
became more favorable there was n downward
tendency in prices, but export orders came for
ward so freely that losses generally re-
covered.
Some contraction of industrial activity is Gus
tomary at this time. many plants closing during
tho last week OF June for repairs and inven-
tories The first half OF 1907 has made re-
markabIe record at most mills and factories. and
machinery IS in need OF overhauling. Had the
crop outlook continued dsCouraging It is prob
able that the vacation period would have been
prolonged, but the favorable weather OF the last
ten days has renewed confidence in liberal con-
sumption. and there Is prospect Of another big
six months volume. Some labor controversies
are pending, but fewer than usual, and the man
ufacturing outlook is bright. Cotton mills have
ceased to take forward contracts because OF tho
large business on hand and fear OF speculation
and cancellation, while the opening Of the new
raw wool season is attracting much better prices
than had bean expected, Eastern dealers being
assured that mill stocks are light. In the foot
wear industry there is still a disposition TO delay
placing contracts until raw material prices be-
come settled. hides having declined still further.