New-York tribune., 1908-06-29
HONEY AND BUSINESS.

either account. 1t is now very clear thitt MANY
traders had accumulated stocks on the tleoiS
that satisfactory results at the Chicago co"-
vention would cause burst OF enthusiasm
upon which their holdings could be uhiofueu'
but the general public evidently decided to
await action at Denver. At any rate 'ieie
were more sellers than buyers, and the market
gradually eased off until little inside support
appeared and steadied prices. Eminent imam
ciers and railway officials have given somewhat
contradictory views regarding the outlook
which did not tend to establish a settled market
Yet all agree that conditions are improving the
only dispute being in regard to the dufatloh ol
the period of readjustment- vast amount VI
dividend and interest money VIII be dlStrlou'eu
this week despite the falling off in gross earn
,nes of tbe RAILWAYS to about 90 per cent less
than n wear ago. But economies are beng
nractised TO an extent that few appreciate eA-
cept shippers who cannot get freight forwarded
,ronontIv If might be expected that with no
traffic blockades and almost 35o,ooo 1die Telsh'
cars that movement would be quick on the
contrary freight is held until fuli trains are
made up and the best efficiency of motive power
IS secured, which means much in cost OF opera
ton Six months of this economy IN dong
business should soon show in reports OF net
earnings.
Preparation for July disbursements caused no
nressure In the money market. rates ruling very
low and reserves remaining far above lesal re-
uuirements At this season there Is usually the
additional drain of some interior requirements
while the trust companies must hold cash re-
serve of Is per cent on Wednesday. But call
money has averaged IA per cent, against > per
cent a year ago, and term accommodation also
exhibits substantial reduction from the figures
OF the closing week of June, 1907. Exports Of
+I,r
pected the reason being clear when the weekly
statement of the Imperial Bank of Germany in
dicated a very large gain in cash Having
strengthened it's position sufficiently for all i'm
mediate needs that institution ceased TO make
special inducements to shippers of gold. Clos.
ing rates of foreign exchange, however, suggest
that engagements may be resumed at any mo-
ment both sterling and Continental quotations
ruling abnormally high Relief may be ex-
pected when the crops are marketed, but no
considerable amount of export trade in new
grain and cotton occurs before August. Treas
ury operations in June have supplied close
balance between receipts and expenditures leav-
ing the deficit where it was at the end of eleven
months
Conservative business men not distressed
by the sIowness of Improvement in conditions
realizing the greater permanency of progress
along substantial lines. This slow rate of gain is
discourag ging to the speculator who profits most
by quick changes but the vast majority of the
people are engaged in legitimate business, and
their continued prosperity must be founded upon
something solid. The attitude regarding the
future is unquestonably of hOpefulness and
confidence grows with the crops this year
more NOTABLY than usual. Each day takes
millions of dollars worth of farm products
beyond the reach of damage by the elements
tlic fha ila
tend their operations with safety. Retailers
find that the people consume more freely as the
shock of the panic becomes remote, and de-
pleted stocks necessitate frequent visits to the
wholesale markets Weather conditions have
accelerated the demand for light clothing, al
though there is seasonable midsummer dulnesS
in many other lines. Tourist and pleasure re-
sort business is much better than might be ex-
pected in a of enforced economy and 4
brisk trade is reported by dealers in outing sup
plies.
decline of So bale in the price of cotton
last week was by no means a misfortune as the
preceding rise had done much to check exports
and discourage domestic consumption The rise
chiefly due manipulation of the July on
ton, and when profits were sought the market
suddenly lost its power of absorption, while the
issuance of July notices did not tend to check
liquidation. Several efforts made to re-
vive speculation. one interest seeking to trans
fer attention to August deliveries. but frequent
favorable crop reports prevented any general
advance. Exports almost identical with
those of the same week last year and Northern
spinners takngs increased as the price became
less prohibitive, while the bright outlook on
plantations caused the release of much old cot
ton port receipts being double those of the Same
week last year. AS winter wheat natures under
splendid weather harvesting and c,,ui,.-
wheat states report little injury from the severe
storms that started exaggerated stories of loss
prices tend toward a more normal position.
Cash grain however, has the support of small
stocks but the crop will soon be available
Corn also begins to show the effect of improved
weather. although holders insist on prices far
beyond the views of exporters.
Manufacturers still complain of the small VOL
of new contracts. but it is gratifying to
note the number of plants that will extend on
erations next month. In some cases the cur
tailment has been stringent that orders can
not be filled, and most contracts of late have
called for immediate delivery. Cotton mills
have witnessed the reaction In raw material
with satisfaction. although erratic variations are
not welcomed and it Is hoped that less irrep,,-
larity will follow. Producers were bandicap,,,
last week by low prices at clearance sales but
the market whole benefited by the 1istrir,,
tion. Woollen mills taking raw material
more freely than at any previous time this wear
indicating that no lower prices are expectad
but the demand for goods is irregular Foot
wear manufacturers are paying high prices fnr
leather. while the domestic hide market is haIa
so firm by the small slaughter of cattle that for
eign dry hides are sharing the strength Steel
mills resuming gradually and good nur