New-York tribune., 1909-07-19


pa.gn that Is being waged by skilled nanipuia
tors now In control of speculation to an extent
that NAV tnduce an active outside interest De-
fore a change develops adverse to further opera
tio7s for the advance. Most stocks are yleioiIls
small returns on their current MARKET q"o'"-
tiong and unless dividends are adVsnceu p''O
.o,.,,o1I,, ,,,,st go down And 1t is quite prop
able that a sharp setback will occur WIen ilio"eJ
rates rise owing TO the enormous aiiouIi' u
stocks now carried on borrower Iull"e' ~ -
close of the week the leading active r"i- o"u
shares were at an average OF I-o'oO' ,se -
l27 66 in the preceding week. anu Iii7
dustrials at 95 gain OF 2 49,,
r-au money continues to average less tlah
-or oor+ while time funds are in abundanI sup
1 ~ from, . to 31A per cent, according 10 lie
.a.,,r,+,, The nresent ease IN rates ho"0Fo''
:, ,,ot ,il,e,,, m last beyond the current noh'H'
,,ir,s RI the various factors that must SOON ca
ar, an in,portant influence on the maINe'' "a
tiouIarIv the withdrawal of balances Ii'i'i
-. -, iptArior hanks in connection with the
,,oI generations for the financing OF Ine HaI
-. ,,,biob nronnise to be most bountifuL VIII.
the axception perhaps. Of cotton. Inc nc
hanks lost a large amount of money las' "n
- .,,. r.can If government deposits, interior
institutions paving their proporuoh .ii' -.
+hatr holdings at this city: and they also lost
heavily on SOlQ SHipHlCAiI" ~
engagements in the six business days amouli'l.7
20 more than So 0C0 600 which represented INC
uhuiaatiop Of London obligations at Buehos
A,-res at the expense of this market FoieisH
exchange declined as result ol sPeCu'
selling offerings against gold eApoi'S
against securities placed abroad rather 'han -
snv iucrease in the supply Of comme'Cidi oii9'
che scarcity, of which in the last few months
was again accounted for by official Statements
of our foreign trade. which showed io' 'i'o
month of June an excess ot imports oNei -
ports with q gain in imports OF SS2'9So,9Os, IN
narad with gain in exports of only s2l6l'IlS.
1,.-,oa.fo trada conditions are gaining In
s.reneth and the extraordinary expansion III
,b. iron and steel industry the increase IN rali-
road earnings and bank clearings and the grow
,,. or5are for autumn business offer ample rea-
son for the optimism that is common IN seneIa al
mercantile quarters. Bank clearlnss lot al
cities last week were a per cent larger 'ha' -
the corresponding time year ago ana neaIlY
6 per cent better than in the prosperous ud1 u
1906 Railroad earnings presented gain OF o pei
cent for the first week in July over the same "ee
g., 1o0s and a loss OF only 0.S per cent from
1907 Relatively better reports come rom 'ilo
fau trade than from other branches, with Chicago
the greatest centre of activity. While the OLilS
fnterruption to business progress is noteo III
certain parts Of the South and Southwest. owing
n excessive rains Distribution OF seasohaoie
goods is far heavier than it was twelve noh'nS
ago. the size Of the current demand indlcauhs
material reduction in merchandise al al the
,asdins centres and the necessity OF replenlsh-
n,ent among the retailers. General prices are
high. with no sign Of important declines
Further advances have been made in the
quotations on finished steel products by the IN
dependent manufacturers. and according 10 ad-
10 cir 1T
United States Steel Corporation will mark up its
lists gradually. so that by the end Of the year
rrires will be al the level reported prior TO the
establishment OF the open market last Fen
ruarv Sales Of pig iron are heavy at better
figures. and the outlook for shipments OF ore IN
the present season suggests that the movement
will be equal to the record breaking total OF
1907 Besserner pig iron is within go cents OF
the price prevailing twelve months ago. out the
general range Of prices in the steel and IRON
market is etil well under the high point Of 1908
Though copper IS dull and shade weaker.
owing 70 the fact that consumers are well sup
piled with the metal from their heavy purchases
made in recent weeks. the underlying position of
the market Is one Of strength that foreshadows
marked expansion with the growth OF activity
in the country's general business.
Wheat prices have been advanced on covering
of speculative contracts stimulated by small
ceipts and crop damage reports the latter being
grossly exaggerated. Western receipts continue
10 fall behind last years. but the best informa-
ton from the agricultural section Of the coun-
try does not uphold the bearfsh predictions
heard regarding the volume Of wheat that will
be added to the supply by the harvest Of 1909
The best informed operators are selling wheat
and corn on all rallies while a similar operation
in the cotton market accounts for the weaker
tendency for that staple Flour prices are
f1rner, and orders for new-crop -four are already
being placed. Increased strength Is noted In
the primary cotton goods market. especially for
print cloths and blesched materials. Many out
of town merchants are in the local market, and
goods offered at attractive prices find ready
buyers. The jobbing trade Is comparatively
quiet but Improvement is expected after the
tariff question is definitely settled.