New-York tribune., 1909-06-21
HONEY AND BUSINESS.

rather than adverse deVelopnenIS III tL40 &c."
ton affecting the intrinsic value OF investments
At the close OF the preceding week STOCKS "eio
high enough to attract aggressive TRANSACTIONS
for lower prices, and the withdrawal OF sup-
port from substantial quarters afforded an op-
nortunitv for professional attack upon prices
TINT resulted in declines of from to polhts
below the best levels of the year. The genera
course of speculation strengthened the tecHll''~'
position of the market and induced moueIa'S
demand from actual investors especlally III 'Ne
bond department where buying of promising
mortgage issues reported Tor sectiohS Vi
the country that show marked progress III III
dustrial activity. Traders operating on the sH0t'
side of speculation used. among other things. as
an argument FOR the decline the unfaVoraoie
reception in financial circles of the Presidents
recommendation that tax of per cent be i'm
nosed on the net earnings OF corporations the
message suggesting such tax coming at time
when the market was ripe for materiaI rea0Iio"'
The leading active railway shares closed INC
week at an average of 1850, against lzS'So IN
the preceding week. and the chief lndusriaIs
at 81 40. a loss of $50
Money market conditions remain uhchahBeu'
with no indication of an immediate advance III
rates There Is. however, a certain Intangible
suggestion of the approach Of a time when Dor
rowers will be compelled to pay better price
believe that this situation will develop before
the ;,suaI period Of stin quotations incident 20
the financing Of the harvests, owing TO the great
expansion that has taken place in loans IN inc
last six months and to the accumulating evil
dence that legitimate trade requirements soon
will become an active factor in the money mar
ket Sterling exchange Is higher as conse-
ouence Of heavy demand for remittance. and
the light grain exports from here, the selling OF
American securities for London account and the
decline in the Paris cheque on the British capl-
tai NAV bring about resumption OF soio eK-
norts 10 France Though shipments of grain
are under the normal, it is encouraging TO note
Improvement in general merchandise exports as
cornpared with this time a year ago, the move
nent for May, for instance, showing a gain OF
s9746,OOO
Industrial conditions throughout the country
are grow ing stronger, as indicated by the re-
ports from trade centres. which show suostan-
tfal improvement over the situation Garner III
the wear ard over this time in 1eOs. Bank clear
ings last week for all cities Increased oO per
cent is compared with the corresponding uIhe
q vaor ago. railroad earnings for the first week
in June rose IL per cent, and were only per
cen, under 1907: wholesale and retail distribution
showed expansion in all the leading cities. the
demand for manufacturing materials was heav-
ier and advance fall sales indicated a growing
demand N most departments OF business from
consumers In the iron and steel market
noteworthy increase In the inquiry from the
railroads Is reported. especially for steel ralis'
current orders indicating that the long expected
b1Ivinr movement has begun and that II VIII
roach large PROPORTIONS before the close OF the
present calendar year. Construction work Is
more act We Production OF finished steel Is now
on a basis of about 80 per cent OF the average
rate in the first ten months Of 1907. and unless
sr signs fail the industry will be near normal
condition IN the autumn Pig iron prices are
higher
Whuo tariff considerations continue TO anect
tbc volume Of business in drygoods and textiles
f., general the market exhibits a frmer tone. and
manufacturers show Independence as result
OF the strength in the cost OF raw materials.
BUYERS take little exception TO higher prices
though IN certain lines OF cotton goods there Is
some disposition 10 buy for current needs only
on the theory that there is no certainty OF III
creasing strength from month 20 month IN quo
tations Speculation in cotton futures Is not
particularly active. but prices show underiyins
strength that seriously interferes with the plans
of operators who do not accept the theory tna'
economic and crop conditions are in favor OF an
ultimately higher level Reports from the cot
tan beIt arc more favorable for the growing
rIant hut Il Is too early in the season to hgure
on the harvest the chief reliance Of the advo-
Gates oe higher values at the moment ne'nS
fonnd IN the decreasing visible supplies and the
evident need for the replenishment OF stocks
throughout the world. In the drygoods market
,obhers report q rather slow spot trade, and re-
taiIers appear unwilling to make extensive com
mitments for the future
Weather conditions as rule have been moIe
ravorabl. for the leading crops and estimates
of tho weld Of winter wheat are being advanced.
tbouph there IS little chance of last years mar
vest IN that cereal being equalled. Spring wheat
IN the Northwest Is In highly favorable posi-
tion and while the season is late for corn farm
ers exuect that with seasonable weather inc
rest Of the summer the large acreage planted
,,ju bring forth bumper return. Grain prices
,yar. epsier last week, as consequence OF inc
hotter sdyices from the agricultural community
and urovisions were strong at record levels
Ru,,ers OF -four have not changed their hand-'o-
mouth policy the mills have shown no dispoS'-
tion IN shade their quotations, and the current
do,,astfc and export business Is therefore light
Tho leather trade Is enjoying period of sctiV-
it, at good prices, heavy deliveries of sole
leather being made on old and new contracts
with an equally large volume of business IN
hacker hides Conditions in the Eastern ana
Western coal markets indicate increased de-
roands from the heavy users OF fuel for manu-
featuring purposes.