New-York tribune., 1908-06-08

while Treasury operations balanced Ior 'he n'
week OF June the deficit for the nscal year i
naming at about s64,000.00o, while tnis h'a'ne'
49,. recs,vea large shipments from the interior
and also gained cash by banknote reuoi"p'
90 that for the first time since goid exports
-, +ha ,oca, hanks and trust companies re-
-, . .uhstant,al net cash gain for the week
,,.o, of foreign exchange hold remarkably hrih
IN view OF the Increased exports OF merchanoi'e
and decreased imports, together WITH io"'' '
count rates in Europe o.
Mercantile news is steadily iinpIo'"e'
sales expanding in response 10 hiehei emp -
ture while cautious buying early III the year ."
prepara ton for uncertain season net
aonstopt duplicate orders to wholesalers ana
,obbers This supplementary BUSINESS ""' ~
edentIv expected by those who bei1eVeo 'ha' 'no
nor,od or acute depression would be brier' pu'
tha for greater number, who were less optlftis'io
regarding the nations recuperatlve poWer' ai
poorly prepared either in size OF stochs u So
contracted for early delivery hepoit' i0
month of May most encouraging "ie -
nsred with earlier months this year, but there 10
also unanimity In the unsatisfactory ma
oxbibits when comparison is made with the same
month last year. Statistics of cofnmerciai Ion
ures were awaited with especial interest as 'he
a.otb rate after a panic is of the best meas
,-.s and u is most gratifying to learn thal I'd
biI,ties IN Nav were smaller than In any mohth
since last July although the numper Oh sia'i
failures is still very large. Ihe average u1
faulted Indebtedness to each insolvency "
trading failures was actually less than in the
same month last year. and, including manulao'
urers the average was only S5o larger
Rv far the best feature of last week > ue
velopments was the general disposition of manu-
featuring plants to resume. This tendency was
u,idespread neither confined to any particular
industry nor section of the country, although the
Prosperity Association accomplished note"oi'hS
results In the vicinity of St Louis NO coihpio'e
statement has been prepared OF the uhelhploS0u
that returned to work in the first week vi 'uie'
but scattered reports indicate that the agere-
cate reached into the hundreds of thousands,
marking the point of least idle machinery siiioe
the elimination of the depression. Textile mills
IN Now England reported the largest restora-
tfon but shoe shops also resumed extensively
and even in the iron and steel industry there
were departments that added many men, "liiio
it is reported that pig iron production on ouh7
1 was slightly smaller than a month previous
recent liberal sales promise that more stdcho
will soon be blown in. and the long deIerreu
cut In steel prices may be expected to result IN
the signing of many contracts that nave oeeh
under consideration for a long time Several
railroad shops also resumed repair work, anu
buflding operatfons are prosecuted more V1gor-
ously.
Less sensational conditions have prevailed IN
the leading commodity markets, SPECTATORS
finding IT difficult advance prices as the tiiie
approaches for harvesting the new crops eS-
pecially as prospects are favorable on the farfhs
and plantations. Cotton had the support OF an
official report indicating smaller acreage imam
expected and was further sustained by the III
creased activity at domestic mills, but exports
did not maintain the relatively better showing
than port receipts that was q feature in pre-
ceding weeks The Whftsuntide holidays also
withdrew British support in both cotton ana
grain With the expiration OF the May corner
there was a sharp reaction in wheat crop news
improving, especially at the Northwest FOR
eign wheat growing countries also received
helpful rains where most needed and the specu-
Iative contingent decided to await the govern
ment report before operating aggressively. Do
/ mestc flour output is still very light, the hlsh
price of raw material and poor demand provid-
ing no incentive for active machinery. Corn
has continued its independent course, advancing
about as much wheat declined. Excessive
rains have undoubtedly retarded planting, but
the chief influence upward is speculative. and
I the long acc INT has the aid of small visible
supplies The event of the week was the first
engagement of corn record for import from
Argentina.