New-York tribune., 1909-09-13

urgent every day Leading railroad shares
closed the last week at an average of 13119'
against 1925 a week ago. while the chief in
dustrials ended at 9S.32. loss Of POS
Though call and time money rates at this
centre remain at relatively easy level. quota
tions az other cities advancing, and ex-
change on New York is declining in response to
a growing demand for Eastern funds Time
loans are in request here chiefly for long ma
TURTLES, and the willingness OF the banks to
put out their money for over the end of the
year suggests a belief in financial circles of a
period OF easy quotations in the early part Of
1910 but no concessions in rates are being
made, and in the best informed quarters ma
teriaIly higher price for accommodation is
pected TO prevail throughout the autumn. Local
banks lost more than S6OOOON0 on their opera
tions with the interior last week. and showed
falling off in the totsl reserve above legal re-
ouirements from $3.50 100 to S6,469,175, which
compares with S51,99 2s25 at this time year
ago and S691S.T00 in 1907. Trade and specula-
tion were inactive at this period in 1SlS. ana
no important advance was recorded In the
money market in the fall. Conditions affecting
money are radically different now, an indica-
tion of which is found in the accumulation OF
commercial paper. with the business transacted
entirely OH buyers terms. Foreign exchange is
lower. and a somewhat better supply OF COM
modify bills is reported. The export trade con-
tinues light, however. with August shipments
of domestic products S10O00.OoO in value under
the movement of the same time In 1908.
Industrial operations show conservative
growth, and while high prices serve to limit
purchases TO small totals in some lines. the
demand to replenish stocks must soon become
more urgent. Manufacturing is in the lead
especially in the department of finished steel
products for which the inquiry increases every
day to the accompaniment of rising quotations
Bank clearings continue to expand. railroad
earnings are we'll in advance OF those reported
al this time last year. fewer idle cars are noted
and crop reports though indicating lighter yields
OF corn than were recently estimated. fOreshadow
prosperity for the farmers Jobbing trade as
whole is active. and the satisfactory employ
ment of labor and the settlement OF labor dis
putes should soon add materially to retail oper-
ations in general In the textile markets con-
ditions sound. with pronounced strength in
the primary cotton goods line. Buyers naturally
hope for lower quotations. but with the price OF
the material we'll above II cents mills pre-
sent signs Of weakening. and the chances
are that business will expand sellers figures
In the West the drygoods situation foreshadows
stiffening in prices.
Pig iron production Is running al A heavy
rate and merchant furnaces are behind in de-
Iiveries Consumers are buying far into the
coming year they on the basis of present
prices. though sellers not disposed to deal
extensively for the future. owing ia the belief
in better quotations The output Of pig iron in
August showed gain Of SO per cent over July
and 25 per cent over the first month OF the year
with an increase over August 1905 OF 66.6 per
cent. and gain of ia per cent compared
with January. 1908. when production was on
the lowest basis The inquiry for steel plates Is
active. large sales of steel rails are reported.
with additional orders pending. the demand for
structural steel is trine lighter than has re-
Gently been recorded and the buying Of mate
risls used IN car construction shows a note
worthy increase Following the lead OF the indie
pendent companies the United States Steel Cor
porstion has made an advance IN prices OF 81 n
ton. hut II Is understood that ths policy OF the
corporation is 10 prevent quotations from reach
ing what might be termed a prohibitfve level.
Government figures on corn show the effect OF
adverse weather conditions in August In the
corn belt. and indicate harvest below that OF
last year thou,h ~, n on the basis OF 1908 or
under the yield V III oy no means be a light one.
The wheat crop will be large. but there Is moth
ing encouraging about the position OF cotton
Cereal prices as q rule are higher than they
were a week ago. but cotton IN spite OF poor
crop reports Is slightly lower. owing 20 specu
lative selling. including short sales and realir
ing operations. American spnners are not buy
ing freely al the moment but IN many quarters
II is believed that even II the early crop move
ment causes setback in prices the expected
small harvest and the promised heavy demand
for consumption will make the market far less
attractive for buyers later IN the season than
il is al present.
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