New-York tribune., 1908-08-17
NEv-YoRK DAILY TRIBUNE, MONDAY AUGUST Il 1908.

hanks. reserves far surprising all records FOR
recent years this but rates OF domessic
exchange approach nearer the point at "hic'
large transfers will be made to the interior.
| Prospects of a big cotton crop. marketed at an
unusually early date, suggest that ST. Louis ana
New Orleans will soon be drawing on this centre
and sales of futures in the foreign exchangs
market indicate that bankers are placing bills
against the cotton that will soon be going aproad
in large bulk Most cell loans are still made at
] rer cent and per cent is the highest charge
for six months accommodation on the best quail
ity OF Stock Exchange collateral Commercial
paper eau be sold for 31A per cent for short ma
turtles and per cent for regular perioos- Irus
companies are the best customers Tor mercahIie
loans Leading European banks made very
strong statements last week. and Germany was
the successful competitor for the gold ofered at
London. Th output of gold at the Rand mines
established a new high-water mark in July OF
5S4 455 ounces Although no similar statlstcs
of maximum output published regarding
silver the price fell to the lowest point in several
years Treasury finances make a better exhibit
as the month proceeds, scarcely any deficit be-
Ing noted for the first half of August, while
gross gold holdings close to the highest
point on record
Distribution of merchandise is seasonable
Retail trade is quiet. except in a few staple
articles but there is increasing activity IN
wholesale and jobbing circles. Local drygooos
interest was stimulated by the second big spe-
cial sale, which attracted many buyers from
outside and prices were fully up to expecta-
tions Regular jobbing business was retarded
temporarily by the auction, but there was no de-
n,oralizetion and the large attendance Will prob
by result in substantial purchases. Sentiment IS
improved bv the Commercial Travellers Pros
perity Congress- most of the speakers expressing
great faith in the future In several depart
ments there is noteworthy broadening OF de-
nand for fall and winter goods. but much i'm
provement Is still possible to mercantile col
lections. Weekly statements of bank exchanges
continue to show general decrease of about
10 per cent compared with the same time
last year, but Kansas City and st. Louis report
gains over 1907 and there is little difference in
the Chicago clearings Official returns OF ex-
ports of farm staples in July make very poor
exhibit, but the outgo is always lightest in mid
summer and abnormally high prices for corn
this year practically put that grain beyond the
reach of foreign consumers.
Cotton prices receded under the pressure OF
aggressive work by the short account, most
active options falling s3 bale, although August
deliveries were sustained by the scarcity OF spot
stocks. Comparatively little new cotton VIII
be available this month but in September the
crop will be coming forward freely, and weather
conditions are ideal in most states Texas
expert expects the largest yield on record. ana
many other states will supply large crops. so
that total production of 1S.5OO,OOO bales may
be secured If picking proceeds under normal
conditions Scarcely any complaint of damage
by insects has been heard this season. Exports
continue TO show the increase oyer last years
figures that might be expected in view of the
difference in price, which was almost s14 bale
for the week Wheat declined moderately in
response to the better crop situation at the
Northwest and Russian news more favor
able, but Canadian estimates were reduced and
export buying expanded whenever prices be-
came attractive. The statistical position is so
strong that dollar wheat is beginning to be
considered a permanency, even if the domestic
yield equals official indications. Cash corn is
very firm, another importation from Argentina
being reported by glucose interests, but good
weather promises abundance later in the season.
Manufacturing activities increase steadily, al
though there are exceptional cases of larger
curtailrnent. The sharp fall in raw cotton has
deferred buying of goods, pending lower prices
for the finished product, and several mills have
closed rather than accumulate stocks. Lack OF
water power is another cause of many idle
wheels and some new wage disputes have
arisen, but these are all CONSIDERED temporary
factors Worsted mills are taking raw wool
more freely although some lines of goods sell
slowly but the market for mems wear is now
fully opened, and clothing manufacturers re-
ceive fewer cancellations. Hides and leather are
firmly held and shoe shops receive substantial
orders by mail. Aside from few concessions
in pig prices are steady in the iron and steel
industry leading interests reporting good gains
in the volume of new. business. Even the rail-
ways are making inquiries and other depart
ments are fairly we'll occupied One trade
authority estimates that 20 per cent of the en-
tire steel making capacity will be in operation
next month. The increase in value of building
permits is a good sign for this industry, and also
encourages the lumber trade.