New-York tribune., 1909-07-12

suggests the probability of sharp reactions III
the event of adverse happenings, while the ap-
proach of the time when money rates must move
to higher level encourages the idea OF cheaper
prices before the end of the summer. hahWa
mortgage issues that have not yet advanced 10
extreme figures are in excellent demand ana dil
incident of the present market worth recording
is the broadening of the Continental inquiry ioi
our securities as reflected in the placing at Fdrs
of $4,000 600 ST Louis & san Francisco Rail
road bonds and the sale to foreign bankers Oh d
portion Of the Southern Pacific convertiDles re-
Gently bought from the Union Pacific Rallroau
by local banking house. The leading rams
closed the week at average OF 1Z'-oo' dsaill''
1878 in the preceding week. and the chleI III
dustrials at SO, loss of IA.
Money rates are fractionally lower as a con-
sequence Of the return to the banks or the Iuly
interest and dividend disbursements but Sehels'i
factors governing the loan market are making
for stronger quotations A better inquiry for
funds Is reported at the west. Domestic eX-
change at Chicago on Now York is now at a
dieconnt as compared with premium week
ego and sbinments of currency from the interior
to this centre are decreasing. while the move
mont of money from here is heavier than re-
cantlv reported owing to the beginning OF the
urepa tons for the financing OF the hdfNes'S
and 10 the more active demand Tor accouiilo-
dation from general business circles. Easier
,o,e, rates at London and the offering Of
finance bills in this market have depressed ster-
ling exchange to point under the gold shlpplhs
level as far exports of the metal 10 EuI"pe
are concerned. but exchange conditions still
make possible the settlement OF Lohoon ooiis"-
tions in South America through the medium OF
gold transfers from New York Though the sup
Div Of commercial bills is small, the outlook
q remote time OF
ronnd amounts of exchange against exports OF
cotton and grain which should be heavy in the
fall owing to the rapidly dwindling stocks
abroad.
with the exception OF rainy or cool weather
In certain parts of the country, which has re-
tarded retail trade conditions affecting the ma
tion.s industries continue unusually gratifying
Our business revival is substantial in charac-
ter. the best indication of which is found IN the
iron and steel industry. which is moving rapldly
toward a normal basis. with all signs pointing
to a pig iron output in the current month as
large as. if not larger than in any corresponding
period in the history Of the country. Buying Oh
the metal has been continuous on an advancing
level Of prices this favorable situation being the
outcome of heavy purchases in ali lines OF I'm
isbed materials The railroads are buying freely
Pig iron production in the month Of June aver
aged 64329 tons day or at the rate of 23,4'r-
165 tons q year and stocks persistenty accu-
muated since the panic of 1907 are being rapioly
marketed. And the same thing may be SAID ol
conner the consumption Of which is increasing
steadily Bank clearings last week were 40 per
cont in advance of the same week in 1903 and
4 per cent larger than in 1906, while railroad
earnings for the month of June were 10 per cent
better than last year. though under the recoru9
of 1907 and 1906. Building operations IN J1he
spaculation in cotton futures is active on ris-
ing prices and operators who base predictions
regarding the size Of this years crop on the ad-
verse conditions shown in the June report talk
OF q accent level With favorable weather in
the rest of the cotton growing season the final
harvest doubtless will disappoint the buIIs'
though Il is quite probable that even with i'm
proving crop prospects quotations VIII remain
on an attractive selling basis, owing to heavy
reouirer1ents of spinners. Consumption Of cot
ton in the next twelve months is expected to
reach proportions that will make record IN the
worlds cotton business. The strength or the
staple Is responsible for increased frmness IN
bofb urinary and secondary cotton goods mar
kets Mills and merchants are operating con-
servativeIy, and the former are not disposed to
quote freely beyond the summer months, though
the demand for spot cottons has increased. with
iobbers taking available supplies at prices at
tractive to the sellers. The general drygoods
market is in a sound position. and an active fall
retail trade Is expected
Wheat prices appear TO be tending toward
lower level in line with the development of bear
jsb sentiment based the promising outlook
for the harvests. Winter wheat is turning out
much better than seemed possible earlier III the
season Spring wheat and corn. from the pres
ent conditions on the farms. will return bumper
Yields and according to government estimates
the corn crop alone viii add more than $l6uo-
oOoUOO to the wealth of the nation. The export
demand shows some Improvement. Flour Is stlh
held at prices that fail to attract an active IN
ouiry. but buyers are confident of cheaper hs-
,res In the hide market quotations are high
and business is active. Buyers of leather are
operating at advanced prices in all grades ana
in the general shoe market the volume of ship
rnents indicates seasOnable demand. CONNER
cial failures last week in the United States num-
bered 1876. against 262 in the same time last year