New-York tribune., 1909-06-28

ouirements develops. Enormous sums nave OooH
received at New York in recent months from inc
West and South for use In speculative ana IN
vestment operations, and as a consequence the
cbances favor active Withdrawals from here in
the late summer and autumn, accompanies oy
higher money quotations and liquidation OF
loans against stock market commitments COM
mercial paper is in good request put oIierliisS
are light showing that merchants throughout
the country are we'll supplied for current heeus
and are not borrowing to any great extent 1or
the future, despite indications pointing to"aro
great industrial expansion in the second hsIr Oh
the year Foreign exchange is strong as re-
suit Of the growing demand for remittance
against our large import trade at time when
exports of domestic products are unusually
light and further shipments Of gold to Europe
and South America, the latter for London ac-
count, have been arranged.
Improvement in business conditions continues
along encouraging lines, and the long delay in
tariff readjustment fails to upset calculations OF
future gains in all departments of trade. Prom
ising reports from the crop section of the coun-
try create confidence in the theory that our
harvests will add a great sum to the material
wealth OF the nation, and, together with rising
bank cearings. increasing railroad earnings and
growing activity in iron and steel, furnish ade-
quate reason for the optimism that prevails in
all parts Of the country. Hot weather Is helping
the distribution of seasonable merchandise. A
better market is reported for drygoods, note
worthy development of the trade being found In
the willingness of merchants to place orders for
delivery for distant periods contracts for the
spring of 1910 having been made in considerable
volume. Strength in the market for raw ma
terials tends to advance prices for finished
goods indication of which is presented in the
opening of the spring season in mems wear for
next year at the best quotations recorded in the
last ten years Cotton goods firm, with evil
dence of increasing strength, owing to the high
price of the staple.
In the iron and steel industry furnaces and
plants are now working a basis of so to 90
per cent of their capacity, as compared with 40
to 10 per cent at this time year ago. Speci-
fcatiOns for finished steel products so far in the
present month have been heavier than reported
in May, and If in the usually dull months Of
July and August the trade holds the improve
ment already recorded, even without further
gain, manufacturers will be well satisfied The
railroads are more active buyers of rails struct-
ural material and rolling stock. while the de-
mand In connection with general building opera
tons calls for a tonnage that will maintain a
nigh degree Of activity in the manufacture of
structural shapes for weeks to come Con-
tnued strength marks the course of the leather
market In the coal and coke trade conditions
80 ''ilpiDNiIlS. 1Ilt DuNlnB movement in
per apparently has run it's course for the pres-
ent. as consumers have bought in excess of their
requirements and producers have sold all OF the
metal that they deliver up to the end NJ
august, Indications. therefore. suggesting sew
eTal weeks of duh times in the copper trade
with resumption Of active purchases later in
the season at higher quotations
Better crop reports have been, effective IN
bringing about a somewhat easier market for
cereals though the July and September vUhaa,
opuons show little weakness Cash prer,iuirs
on actual grain, however. were lowered 4 cents
last week and -four showed decline Of % cants
oarTeI. making reduction OF As cents fror,
Ihe nigh level Of the year. sWinter wheat ,s
making encouraging progress tho ouaIitv .,
'hES already harvested showing I'D we'll ana
WIN ihdlcauons promising a total yield much
larger than recent estimates foreshadowed vbua
spring wheat and corn conditions favor rsoor1
o'e4hlhs returns The actual value of snot cot
ION ana the belief that the demand for tbs rro5
uct In the next twelve months will hs bo,.
than ever before recorded, together v,,tb os.,
mates OF a relatively light Yield serv. IN koo,
COTTON futures at high range A Jpvv oor.,
uon q trife below 80 per cent is looked ,or a.
the governments report which will ha tss,,.s
at the end OF the week
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