New-York tribune., 1908-06-15
MONEY AND BUSINESS.

| q market for the Union Pacinc Dohus- oPo'
the assurance of the success OF that supscrlp
| tion support was withdrawn and tradlng lsh
| to the lowest daily figures for many years Al
first the dulness unaccompanled py pro-
| no1nced weakness. but Thursday the Erie
announcement started heavy short selling ana
! the decline caught many stop loss ordefS'
which added to the amount or STOCK thIo"h
! upon a market devoid of the power or apsorp-
ton Stock Exchange traders were also alarmed
by rumors that radical features would be IN
| cornorated in the Republican platform, causing
further haste to unload long stock or sell snort.
| At no time was there any indication that In
vestors were frightened. but the speculative
contingent imagined many things and sud-
| 6an1v noted cause for uneasness in railway
earnings although figures for the hrst week
Of June were much better than preceding re-
ports.
Scarcely any new borrowing on Stock Ex-
change collateral increased the ease IN the
money market, and loans were made at very
attractive terms. Call money fell to l1a per
cent. and loans over the end of the year were
placed at less than 4 per cent. while the fas-
tidiousness that has marked the attitude OF
bankers toward commercial paper suddenly dis
appeared While there range OF apout
I per cent between best names ana less wen
known Endorsements, It was possible TO OBTAIN
all the money required for any legitimate rner-
camille undertaking at not over az per cent
Preference is still shown for short maturlties
because of the general concession to precedent
which holds that rates advance in the fall
when the crop demand appears. AS matter
of fact. lessened commercial, industrial ana
snecuIative activity has piled UP so large sur
rIus IN the banks that pressure need De
feared unless recovery all along the line Is
far greater than is hoped by the most oPtirris
tic Treasury operations show an equilibrium
,.+u,een receipts and expenditures for the first
half of June, but next month the money mar
ket should gain on balances with the govern
MONT unless deposits in the banks are drawn
unon Gold exports seem to have ceased, ana
foreign banks make good reports of ample re-
os although official discount rates have not
been reduced.
Commercial conditions gradually 1mproV-
ing and there is no disposition to force recupef-
alton beyond safe pace, which Is the pest ledt-
,re Yet distribution of merchandise Is steauIS
a,,;,e r,anv retail dealers finding that stocks
are vanishing more rapidly than they expected,
and there is a tendency to prepare for future
business which has not been conspicuous dur
ing the last six months. Reports are still ir-
regular the Southwest suffering from hooos'
hut that section was in the best position to en-
dure setback having shown the largest ratio
of Improvement heretofore. In the leading
,,anufa curing centres there is less idle ma
chinery retail trade in staples responding 10 IN
creased payrolls. and the lower prices OF most
commodities encourage consumption Meats
have advanced because of small receipts OF i've
stock at primary markets, an aftermath OF the
nressure to realize when carrying charges rose
last fall while the excessive cost of corn is also
an element that curtas the supply of livestock
That nrices advance at all. however, is signf-
cant Of the sustained demand. despite setback
that must have weakened the purchasing power
of many households. Emigration also CON
tinues official returns for May indicating that
Al 635 more aliens went back than in the same
month last year, while immigration decreased
156. 49, This comparison IS particularly strik-
ing because all monthly records were eclipsed
in May, 1907
At the leading commodity exchanges atten-
ton is concentrated weather reports, but net
changes in quotations are less violent. On the
whole the past week has favored the crops, de-
spite excessive rain. Cotton prospects have i'm
proved in most states, although some damage
has been done along the Mississippi River. On
the other hand abundant moisture has accel
Grated growth the high lands. so that there
is disposition to increase estimates Of the final
crop Receipts are larger than year ago, but
the last week also supplied increased exports.
which may be due in part TO the fact that prices
are now averaging 50 bale lower than at this |
date In 1907. This may also account for an in !
crease of 10000 bales in takings by Northern
spinners Wheat declined moderately when the |
government report appeared, indicating the |
largest crop on record. with the single excep- !
ton of 1901: but recovery followed when rain |
continued falling in the Southern zone. where |
winter wheat is ready for harvest, and the week |
closed with scarcely any net change. Corn |
planting has been delayed by rain. but is now |
proceeding rapidly, and the official report |
of ia for FIRST
time on record. A late dispatch from govern |
ment sources estimates the value of farm prod
ucts this year at SS,O0O.OOO.OOO. an unprece- |
denfed sum- which appears the moro remarka BILE |
when the lessened purchasing power of the peo-
pie is considered.
Industrial activities slowly broadening.
and the steel business has the encouragement of |
lower prices at last Unfortunately. this reduc-
ton was deferred so long that buyers will now
feel tempted to wait for still better terms, hu-
man nature being averse to purchasing on a de-
cIining market. Had this cut. even q moro
drastic reduction. been made when the situation
was most demoralized II would be possible now
to attract consumers by starting a moderate ad-
vance There is much steel business under
sideration. however. and when buyers salts
a substantial tonnage will be placed Anthra-
cite mines surpassed all records OF production
in May. but time has been reduced somewhat
this month while output is increasing in the BIZ
luminous region and coke ovens are more
tive. North Carolina cotton mills have agreed
to continue running short time until September
/, but New England mills maintaining i'm
provement, apd footwear factories begin TO get
fall contracts. Leather and hides are strong
the latter making further gains the reduced
slaughter of cattle. and tanners exhibit more in
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