New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-09


there are unmistakable signs OF a hardening OF
rates The currency movement no longer is In
favor of this centre owing to the increasing
demands AZ the interior in connection with Ihe
preparations for the financing OF large sraii
harvests and general mercantile expansion, ana
from all indications the outward now OF luiiuS
from New York will reach record breaking pro-
portions in the course of the next few months
accompanied by higher quotations Tor money
and extensive liquidation of loans represehunS
stock market commitments. Day TO day loans
still are at a cheap level. averaging iast week
a fraction under per cent. but In the tnhe ue-
partment the tendency is distinctly 1rher' es
pecialiy for long maturities. Commercial paper
is in better supply, the increase in offerings OF
choice names being one of the encouraging signs
of expanding Industrial activity. Foreign ex-
change was lower last week. demand sterling
falling to the minimum for the year on lighter
demand for remittance and on the offering OF
bills against securities sold abroad and drafts
against future deliveries of grain.
Developments in the industrial world fore
shadow a long period of business prosperity.
The general volume of trade is large. and with
the change in the tariff settled fact expansion
may be looked for in all lines. especially as the
purchasing power Of the country will be ma
terialIy increased as a consequence of large
figures. Buyers in all departments of trade are
operating with greater freedom. and an indie
pendence long absent on the part of producers
in making commitments is reported. Increased
activity is noted in the drygoods jobbing trade.
Collections in all parts OF the country good
and credit conditions never have been better.
From manufacturing and agricultural sections
reports come of a growing scarcity of labor.
Railroad earnings continue to show improve
ment. while bank clearings for the last week
present gain of 80 per cent as compared with
the same time year ago. and a gain OF Is
per cent over the large returns of the CORE
spending week in 1905. The market for hides
and leather is somewhat unsettled pending re-
adjustment to the new tariff law. and a certain
amount OF trreguarity may be looked for in
many lines for a short time for the same reason
production Of pig iron is assuming normal
proportions. as reflected in the output for July
OF Z'Iol,o'9 tons the largest since October
1870 when 2,236,OOO tons were recorded The
udlIy average In July was at a rate close to
ZoOunOOO tons year. against the record OF
2o,ISl.26l tons in 1907. and unless there should
De material change in the situation the pro-
duction in the rest OF 1909 doubtless will be on
a basis OF 26.OOOOOO tons a year The United
States Steel Corporation is producing MIG iron
st the rate Of considerably more than LOGO 600
tons above its best yearly output, and Il is
operating about ~ per cent OF its blast furnace
capacity the highest level reached since the
panic The steel mills are receiving an enor-
nous amount OF new business and according to
dispatches received Saturday from trade CEN
Tres ulere never has been a time in the history
OF 'he steel industry when so much new work
mas been under way and much new tonnage
WAS oeing booked. Consumers apparently are
convinced that the tendency Of prices is toward
d Ihuch higher basis and are placing their orders
win advances In view Pittsburg reports that
the available supply of steel has almost reached
the famine stage. The demand for conner IA
stronger
ETaln crop prospects have improved and
wheat and corn prices are lower Spring wheat
harvesting Is under way I'm Minnesota and
SCUM Dakota, with the yield larger than was
expected While the progress OF the corn crop
pears out the estimates made earlier in the sea-
son that this years harvest would be tho
IaFsest on record. December wheat last week
broke through the dollar level for the first time
'his season. Hour suffering a sympathetic de-
o'ihe mat induced a material increase in the
demand Speculation in cotton futures has
peeh actve on an Irregular movement OF prices
'hs sharp advance following the governments
poor report OF conditions being followed bv an
equally sharp reaction. A short cotton cron is
inucated' out the probability OF q I2-cent level
OF something better, encourages the expectatIon
that IN money value the harvest will excead
past records Spinners appear 20 be well sun
phed' and show little inclination TO buv rba
primary cotton goods and cotton warn markets
nave been unsettled by tho fluctuations On ,ho
price of the raw material
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