New-York tribune., 1908-07-06


government deposits was the only incident OF
;mnortanoe in the financial world and even this
withdrawal of s45.ooo.o 900 by July Is does not
produce a. ripple in the money market. Prob
ably this call was regarded with eouanim-
ity because the preparation for July dividend
disbursements Of s190,00oo00 had failed TO ad-
vance rates even fractionally. whereas an opef-
alton Nof that magnitude usually makes deep
impression. A year ago the associated oanhs
were down close to the legal ninirnum reserve
when a similar drain carried call money ur TO
Is per cent but with surplus Of s1e,oooooe
the banks now welcome any demand on their
resources As local banks hold only about sls.-
900 600 of government funds. their proportion OF
the latest call would be little more than s6oo0-
ooo and the new charge of 1 per cent interest
will tend to reconcile the bankers to this opera
ton It Is also known that July will supply a
deficit tn regular Treasury operations OF about
500 000 00o of which a large part will probably
reach New York banks. Total money In cir
culation increased ss.000,00o during June, rails
ing the average per capita TO $34 81 but gold
production in the Trarsvaa decreased moder
atey from the abnormalfy big figures Of May.
Bank exchanges last week supplied a
markably close comparison with clearings year
ago. especially when allowance is made for the
insignificant volume Of trading in securities.
only instructive of current figures is to COM
pare them with midsummer conditions in other
years On this basis it is found that July opens
with almost as much activity in 1907. while
mercantile collections are better Full returns
for June are available in many instances. and
il is obvious that results were more faVoraole
than in any previous month since the panic,
while preparations for fall trade indicate that
the third quarter 1908 will not conform to the
customary rule of being the quietest three
months OF the year. Statistics by the steamship
companies show that there were twice as many
emigrants as immigrants during the first half
of 1908 a net loss of about $50 COO aliens. which
is a help in solving the labor problem during
period of bad times Much resumption of idle
machinery occurred ON July l. and more is con-
ternplated this week. There numerous wage
scales still unsigned. but it is hardly possible
that intelligent leaders will make the mistake
of opposing reductions based declines in
prices of products
Industrial reports are seasonably contradic-
tory some branches increasing production and
holding prices fairly firm, while others are closed
for few weeks and contracts accepted at
concessions AS a rule, however. the tendency
is to maintain quotations. which show con-
siderable loss since last October Tanners are
beginning to realize that there is logic in
the strength of hides. one lot of native spready
steers at Chicago being purchased at 1915 cents.
which is the price ruling year ago. While the
restricted domestic slaughter is the fundamental
cause of strength here higher prices also
paid abroad, the Paris auction bringing ad
vances Of from TO 9 per cent over quotations
at the previous monthly sale. Leather is also
firm. although quiet as usual at this time, i'm
provenent now extending to harness and belt
ing descriptions Shoe shops in New England
from he nd
West and it is expected that the last half Of
the year will show great increase in ship
nnents of footwear from Boston. which were only
16JO.243 cases in the first six months, or less
than in the same half of any year since 1880.
Textile mills operating cautiously, varia-
tions in prices of raw material adding to the
troubles of producers. who find buyers extremely
conservative regarding future deliveries There
is constant demand for spot goods which
quick shipment is desired. No change has oc-
CURED in the iron and steel situation.
Spectators have damaged the crops much
more seriously than the elements, as is Gus
tomary at this season, and prices of the leading
cereals advanced on exaggerated reports beyond
the views of exporters. Interest is being trans
ferred to the remote options. and spot
quotations are sustained by small visible stocks
of the old crops Several high authorities have
issued statements indicating that there is good
reason to expect more than normal yields this
year but the long account finds effective am
nunition in heavy rains over winter wheat fields
that have been harvested and the grain placed
out of danger. Uncertainty exists regarding
spring wheat and the later crops although dis
patches indicate rapid progress toward maturity.
and increasing receipts of old grain at primary
markets suggest that holders are attracted 10y
the further advance in prices. Cotton has
yielded. now selling at SO 80 bale lower than
at this time in 1907, and exports are CORE
spondingly increased. On early plantations the
crop is being picked, and 100000 bales of new
cotton may come into sight this month. Oficial
figures of condition were little below those of
1906, when the banner crop was secured Okla
homa alone making a notably bad exhibit. while
latest reports from Texas are most encouragin