New-York tribune., 1908-06-22

dands nas.ed and of statistics OF railway earn
tnxs in June thus far, more than ~ per 'e
smaller than In 1907, whereas similar com
nartson of quotations shows a Isli oi 1898 ~
. per cent Some encouragement IoI 'h0 i"'
NAV he found in the report that the numoer y.
idle freight cars is diminishing "' ~
two thousand daily.
Cold bas continued going to Germany where
Oh. n.ed Is go Rreat that the loss OF interest III
+rans,t "a readily refunded. The posltlon was
strengthened sufficiently to permit reouctioii
in the official rate of discount to per cent pul
Rerlin is still the highest money Market anu
much cash is required to meet se'0eih "
H. and ~ the month Further engagements
now under negotiation will bring totai exports
from New York on this movement 10 Soo'ooooVo'
a,d the only noticeable effect is found in the
exchange market, money rates ruiins ueoiueui'
.as,er than when the outgo began. The state
nent Of the condition Of all the nat,onai Danhs
in this country just compiled. indicates that re-
.os have been built up to a position that
,ro,oises ample financial facilities for handing
.be rrons Current prices Of grain ana coteoh
sugSest that the farmers will market their prou-
ucts promptly but If any general efrort IS niaue
to hold back the yield 1t may put straih oii
the banks Treasury operations for the Inohlii
thus far supply a moderate surplus, and II Is
proba BILE that the deficit for the fiscal year VIII
be further reduced during the last week OF june
Some banks return government deposits rather
than pay the 1 per cent interest charged unoer
the new law, but the total amount of public
funds so held continues over Sl5O,OOO,oOo-
In commercial lines 1t Is between seasons, ana
nrtet conditions are to be expected, while In
some flooded districts there has been a total
suspension of activities. The net result OF all
operations as measured by payments through
the clearing houses, shows decrease OF ABOUT
16 per cent, as compared with the same week
last year, which means that recovery is unoer
way It is still noteworthy that recuperatlon ls
rapid in some sections, while progress Is $40"
elsewhere, and in most cases the explanation Is
found In agricultural results last year, some dls-
tricss being fortified against the setback py
larger reserves But Improvement is now al
most universal although in some cases very
slow. Retail trade is benefited by seasonable
weather stocks Of merchandise becoming de-
pleted sometimes by the aid of special bargain
sales and the result of cautious buying will be
cornparativeIy light supplies to be carried over.
Meanwhile there is d disposition to prepare for
fall and winter trade more liberal bas1s.
Official returns of foreign commerce show the
losses for the month Of May that were indi-
Gated by weekly figures, imports pelng the
smallest since September, 1904, while 1t is nee
essary to go back to July, 1906, to find exports
as light.
Farm staples continue remarkably strong IN
view of the proximity Of the new harvests, but
visible supplies light, and nearby options
are manipulated with impunty. These specula-
tive tactics do not encourage exports or stmu-
late domestic consumption In cotton tradlng
the July option has been sharply advanced, and
spot prices followed the rise to within 81 a bale
of the price year ago, against difference OF
50 so in the preceding week, the local certified
stock falling below $4,000 bales. Exports on old
contracts were about 10000 bales larger than
in the same week Of 1907 but little new foreign
business was recorded. The amount that came
into sight also gained 10000 bales, as compared
with last years movement, but there still ap-
nears decrease of 100000 bales in compart-
son with the previous crop year to date Wheat
held steady in view OF especially good news from
the Northwest Parts of the winter wheat belt
have suffered from floods and harvesting con-
ditions would be better without so much rain,
but the latest in respect to precipitation Is
more encouraging Pressure against the short
account brought a further rise in July corn,
speculators being aided by too much rain and
abnormal quotations resulted in exports last
week of only 1 per cent Of the movement Of
year ago.
Industrial returns are the least satisfactory
of all reports, and in this department there
are many bright spots. There Is less encourage
ment in actual occurrences than ir announce
ments regarding the future. many mills and
furnaces scheduled to increase active capac-
ity on July I. A small coal strike has started at
the West, but little labor trouble has arisen.
and many of the unemployed factory hands find
occupation on the farms. Thus far the new
prices have brought little business to steel mills.
but many contracts are under consideration, and
consumers only await some assurance that quo
tations will go no lower. Pipe for municipal
waterworks and tinplate for the canning in
dustry are the most active features, with rails
and other railway equipment in least demand.
Cotton mills report less buying, and it is now
evident that part of the recent business was
speculative. Producers make no concessions.
however because of the rise i'll price of raw ma
terial. Some woollen mills have fair orders and
there is a disposition TO secure raw wool more
freely many Western ranch owners having
closed out the clip more quickly than
generally expected. Footwear shops report the
best business OF the year and prices of leather
and hides tend upward, the slaughter of cattle
being further curtailed by the floods.