New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-08-16
MONEY AND BUSINESS.

Though substantial capitalists who bought
stocks freely in the time of the panic and for
many months thereafter taking advantage
OF current prices to distribute their holdings.
powerful speculative interests, with the assist
ance of an indiscriminate buying public. are able
to carry the market to new high levels. Efforts
to stimulate an outside demand have been sue
cessfu, and operators who would not touch
securities when they were selling from 70 10 Oh
points under the present range are no" ouliu-
ing up margin accounts that eventually VIII De
forced on the market consequence or higher
rates for money and manipulation for the de-
cline by the big bull element that at present Is
trading on the rising tide of optimism and ex-
tending alluring promises that do not fail to ex-
cite speculative fever in commission houses
the wires of which go to all parts of the coun-
try Stocks bought in panic times with money
for which there was In trade channels
are coming upon the market. for the good reason
that current prices show extraordinary profts
and more profitable employment can be found
for funds in ordinary business and new enter
prises. but this movement has no restraining
effect upon traders who believe that the time
has arrived for the accumulation of large fort
unes borrowed money. The average price of
the leading railroad stocks closed the week at
135. against 1872 a week ago. and the prominent
industrials at 1O150 gain OF three points.
Money market rates are decidedly frmer and
the interior has begun to call upon this centre
for currency for crop financing purposes and for
general trade requirements. Domestic exchange
is moving against New York, reflection Of
which is found in higher quotations both for
call and time accommodation: also In a lower
level in the foreign exchange market, which is
far under the point at which gold could be
sent to Europe. Canada has large balances
here. and movement of gold 10 Montreal is
Wh Withdrawals the
metal against funds held here for the account Of
Japan probable The brilliant crop pros
poets and the rapid development of new business
in all lines foreshadow an unusual inquiry here
for money in the course OF the next few months,
and the fact that in the last year the interior
has sent enormous sums to this city for employ
ment in the investment and speculative markets
assures active withdrawal Just as soon as
Western and Southern crop and trade demands
become urgent. Lenders exercising closer
scrutiny OF collateral and accepting less
freely of industrials. Commercial paper is in
better supply and is firmly held. with none but
the best names in demand.
Signs of recuperaton and indications OF the
development Of a long period OF industrial ac-
tivity are found In all departments of business.
of the best features OF the situation being
the unusual confidence expressed by merchants.
manufacturers and bankers over the future In
spite or tne TACT tnat July ana August generally
are months Of deterioration for the crops re-
ports from the agricultural section Of the coun-
try promise heavy harvests OF wheat. oats and
corn, with record breaking yields for the two
last named. In the drygoods market the ten
dency is toward larger demand. jobbers re-
porting a more general call for merchandise, but
In the primary market In cotton goods and
yarns the uncertainty over the raw cotton out
look causes irreguarity and delay in naming
prices late deliveries. The new conditions
imposed by the tariff are being readily met. not
only In drygoods. but in all lines affected. and
the elimination OF the tariff measure as an I'M
known factor promises TO inject new life into
every department OF trade and commerce. Bank
clearings last week showed a gain OF Is per cent
over the time I'm 1908. railroad earnings
FOR the first week in August presented In
crease Of IL per cent commercial failures were
well under the record OF the corresponding
period year ago and idle railway cars de-
creased for the two weeks ended August 4 Is
per cent from the fortnight preceding
Reports from the steel trade indicate that
consumers want their orders filled weeks before !
the manufacturers can turn them out the press |
ure OF new contracts being due 10 the lack of |
foresight on the part OF buyers to make pro- |
vision for their needs in the recent lulI I'm the |
market The general market for finished steel !
products is broadening and higher prices are |
looked for. Steel for delivery in 1910 promises |
TO be active. heavy inquiries already having |
been made, including one for sixty thousand /
tons Interest in the pig iron market is increas-
Ing. the business that recently was confined to |
the East now extending 10 the Central West.
where sales have attained large dimensions |
Another evidence OF the revival I'm the iron and |
steel trade and the bright outlook for the next |
twelve months Is furnished by the addition to |
the capacity OF mills and furnaces and new con-
structon work for the same purpose Higher |
prices are predicted for copper. and the fact that
trade interests abroad are carrying 10O.OOOO0o |
pounds OF the metal on speculation is a pretty !
good indication OF the feeling over the future OF
the market
REIMBURSEMENT OF wheat prices TO the basis Of J
new crop conditions continues further de- |
cline was reported last week speculative selling
being encouraged by favorable harvest reports |
and by heavier receipts of winter wheat at pri- !
mary points. Flour declined I'm sympathy Corn
was irregular and with the tendency toward a /
lower level as q consequence os the outlook. for
the largest crop harvested. Wheat ex
ports are increasing but still far under
shipments at this time last year. Speculation in
cotton futures is irregular and quotations are
lower. though the best informed men
In the Street and in the South believe that ulti
mately the price OF the product win be ma
terially higher owing to the practical certainty
OF short crop The condition OF the crop on
August i. as shown by the government report
was distinctly bad and since then there has
been no noteworthy Improvement The average
Of commodity prices is higher than at anv tina
since December. 1907
Couldn't those who settled What ia vvb,sI,e,,a,.
and who are now determining What is w,nso.
relieve anxious nation by LETTING % ,o |