New-York tribune., 1908-07-20
MONEY AND BUSINESS.

n.,,, bi~h racords for the year, While tho Nv
90. for stvtv railway shares almost ATTAINED 'ho
r.rres of MAY. which were the hignes' e''o
August United States Steel Corporation" GIN
mon stock took the lead In epecusauon' Supp
h.,n1 aroused by numerous statements OF inlu
'os ~ - .z.ra,ne tho bright outlook for
.,... and especially for the iron AND steer
,.a,.4-v High officials OF railway ana indus-
10, comnanies are more inclined to make pu"
liz expressions of opinion than foffnefiS. a''
this publicity is helpful In restoring
nsrttcularly as there is q certain unaniuhi'y "
IN. ont,mistic tone Of these interviews Inc
,rs.++,,no element Of discussion about proposed
rre,pht rate advances is constantly IN evidence
and tn. uneconomio phase OF go clearly sr'l"oia'
an action is partly obscured by the "el h'io"i
fact that rates were reduced during years OF
unprecedented prosperity. when prices were
steadily advancing. If it becomes necessary 10
ohoos. betzveen a small advance in freight rates
and a. reduction In wages that will preoipitate
xer,o,,s labor controversies. expediency may
warrant the former alternative. despite the aP-
parent objections to an action for wn1cn tho
time Is theoretically unpropitious
Another week has brought the crop moving
season nearer. and large sums OF money haNe
gone into the Treasury without advancing the
rates O. fraction. Call loans are made at IA
per cent, the increased demand in connection
with greater speculative activity having no
effect Large surplus reserves are held by the
associated banks and outside institutions nave
increased cash holdings. while the demand for
funds in commercial channels improves very
SLOWLY Some interest was aroused by the en-
eagement Of 81 100000 gold for export to Paris.
but the movement went no further, partly be-
cause exchange declined. and another factor was
the small supply Of bar gold available at the
Assay Office Selling Of both sterling and
French exchange was attributed to operations
in connection with Union Pacific bond eubscrp-
tions, which depressed rates sufficiently to elm
mate the small profit offered by the one ship
rnent that was made. Treasury figures OF re-
ceipts and expenditures for July thus far are
somewhat better than expected, the deficit being
only about Sc. 900 900 more than during the cor
responding period last year. and gross stocks of
gold In government vaults have risen to
81, $1,O1O,OOO,0OO.
General trade expands moderately. despite the
fact that Improvement is almost unprecedented
at this season. Progress IS still SLOW but un-
m.stakable Last week supplied close
parsons with figures of bank exchanges in the
same weeks Of 1907 and 1905. while railway
earnings In July thus far are not much
behind those Of last year as in previous months.
The latest statement Of idle freight shows
a further reduction of about ten thousand. as
compared with the figures Of a fortnight pre-
vtous and one hundred and ten thousand
compared with April %. Failures now down
to two hundred and fifty weekly, which Is
about normal, although somewhat larger than
in recent years OF exceptional prosperity. Re-
ports from leading jobbtng and wholesale
houses indicate conservatism In placing orders
for fall and winter goods, but there is some
increase in this forward business. and calls for
prompt shipment Of seasonable merchandise
80
upon which are based expectations Of liberal
autumn distribution when confidence becomes a
little stronger. Full official returns Of foreign
commerce for tho fiscal year brought no sur
prisesL It expected that a new high record
OF favorable trade balance would be recorded
because Of the enormous exports last winter
and the recent sharp reduction OF imports.
Industrial reports continue to show an in
crease in the total number Of hands employed
adjustments In wage scales provoking little
discussion in most cases Progress in this
spect has been especially gratifying In the iron
and steel industry. resulting I'm the reopenins Of
several mills during the last week and
rangement for starting other plants on August
/. A struggle Is expected over 10 per cent
reduction in wages at some prominent paper
mills although it is possible that terms may be
reached by the end of the month. when the new
scale is to become effective. Least favorable
returns are received from cotton mills, which
are not increasing output account of the
dull primary markets and high price Of
material Considerable Improvement has been
noted recently in the latter respect but there is
stil hope Of better terms because Of encourag
ing reports from plantations. New lines Of
woolens are opened tardly and still attract
little attention but the rise in wool prices
at the London auction sale maintains domestic
quotations, and both silk and rubber
also firmly held New England shoe shops
now running full time. rule. but more con-
tracts must be received soon there will be
idle machinery Leather Is very strong. and
the supply of betting butts IA not large, rela-
lively higher prices for heavy sole diverting
suitable hides to tannages for footwear Some
increase In receipts of cattle has failed thus
far to weaken the hide market.
further decline of 81 per bale brought mid
ding uplands cotton down to an even IL cents
a pound, upon which basis there is much bet
ter export trade than at this time last year;
yet Liverpool cables do not indicate any special
interest by British spinners. Domestic mills
are taking more freely than a year ago. the
better comparison being largely due however,
to Insignificant takings a year ago. when prices
wepe higher than at the corresponding date In
a generation. The quantity coming into sight
is steadily running we'll ahead OF last years
movement, and reports promise that the new
crop will be very large. Weather conditions
are exceptionally favorable. and this is critical
time In the development of cotton in almost
from leading grain sections was also satisfsc-