New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-02

Foreign exchange Is lower. due In great part TO
buying of American securities for European &C
count and to speculative selling. the latter oehs
encouraged by a lighter demand for remittance
and by a slightly better Offering Of commercial
bills. Grain exports last week were 100000
bushels in excess Of the shipments OF the week
before, but far under the total Of the same time
in 1905
Bank clearings at all cities last week were =
per cent heavier than in the corresponding
period a year ago. the improvement not oeihg
confined to the centres where speculative trans
actions are an important factor In the opera
tions Of our clearing houses. Railroad earnings
for the first three weeks in July show an IN
crease of more than ) per cent as compared
with 1908 and a loss of only per cent from
1907; the number of idle cars throughout the
country presents a decrease Of per cent lot Ihe
last fortnight, and the transportation companies
are preparing for growing traffic by letting con-
tracts for new rolling stock rails and structural
material. General developments are IN line WIN
the expectationso of our great business community
More pronounced expansion will follow the pas
sage of the tariff measure. and from the m
formation gathered in we'll informed Industrial
circles it Is evident that plans are being made 10
handle one of the greatest business reviVals IN
the history of the nation. Reports from the
chief trade centres uniformly good ana nov
withstandng the usual midsummer dulness IN
various lines merchants make few complaints
and are looking forward to active fan opera
lions.
Favorable conditions in the iron and steel
trade are emphasized by the quarterly report OF
the United States Steel Corporation, showing
a large Increase in net earnings over the pre-
cediRg quarter ard the same quarter a year ago,
and by the willingness of the directors to make
at,.tl IL ont ba
GERMS common shares; also by a gain in unhled
orders and by a stronger tendency in prices,
which is reflected in an advance of So a ton in
wire products Large contracts for structural
steel being placed. building operations in
this city being an important factor in the move
ment. An advance in shapes. steel bars and
plates is expected. while in the pig iron market
prices strongly held at all points, with
marked increase noted in the demand for de-
livery for the rest OF the year and fair inquiry
for the first quarter Of 1910 The demand for
copper for use in trade is increasing. but the
large amount of the metal in spectators hands
and the fact that in the period OF depression
there was no curtailment in production tend to
maintain prices at relatively low level
Wheat prices except for the July option, we're
lower last week. and apparently being ad
justed to the new crop basis. Crop reports from
all sections of the grain belt unusually
promising. The quality OF the winter wheat har-
vest is turning out far better than was expected
earlier in the year, spring wheat is showing
satisfactory growth, and the outlook for corn
and oats Is excellent. Holders of -four main
tain their views OF continued strength for the
commodity. but buyers are not active in the mar
ket believing that prices must seek lower level
along with wheat Speculation in cotton futures
has been irregular. but in the main at higher
-.
report to-day. The cotton goods situation shows
strength that Is expected TO continue under the
influence OF the cost Of the raw material and
the constantly growing demand The general
drygoods market while rejecting seasonsbe
dulness in many lines gives every indication Of
running into period of extreme activity in the
fall and winter.