New-York tribune., 1909-06-14
MONEY AND BUSINESS.


a more conservative tendency is noted among
| specuIators and as consequence price move
| ments are held within reasonable bounds' WIN
| the best purchases in the standard rails ana III
| railway mortgage issues. In the last week there
was a large amount of profit taking IN all parts
of the share list, and while sales were made at
| high figures the character Of the buying sug-
| gested a belief in banking circles of ultimately
better levels for all securities, especially for
| the issues of the most prominent railroad ana
industrial corporations. Fortunately, the lead
! ing interests are endeavorng TO discourage the
! sort of speculation that always ends in serious
| market decentralization, their efforts being cen
! tired on a policy that seeks to bring about the
| stability that strengthens confidence in invest
ment and business circles in industrial and
| financial affairs. Capital is moving into new
securities in a manner most encouraging 10 Iiie
corporations that require funds for better
| nents and improvements. investment operations
of this sort rejecting greater willingness on the
mart Of foreign money to find outlet in this
| country The leading railroad shares closed
! the week at an average price of 1880, against
! 1881 in the preceding week, and the chle1 IN
| dustrials at "a, loss of 40
Money continues in abundant supply at low
! rates but the development Of a higher price
| for accommodation must be looked for at no re-
! mote time. owing 70 the enormous expansion
| that already has taken place in bank loans ana
to the approach of the period when crop and
business demands will become n more impor-
tant factor in the market. Time maturtties
show q firrner tendency, and commercial paper
1 Is stronger Call funds more susceptible TO
stock market requirements, and for the rest
of the season are likely to show sradudhS
hardening tone, especially around the eha oi
the current fiscal year. when our financial IN
stitutions will be called upon to handle enor-
nous interest and dividend payments the IN
terror is sending currency to this centre in vol
ur,e and the extent Of the movement when
has been under way for many weeks Is safe
indication that Withdrawals OF out-of-town
hank balances will he equally active when
tho time arrives for the financing of the har-
vests and general fall trade requirements,
Dearer discounts in London have ahected long
sterling here. while the offering Of finance bills
and a somewhat better supply OF commercldl
exchange together with strength In the ParIS
cbeoue on London, have removed the possibility
OF further gold exports from New York TO 'he
French capital. for the present at least
Factors that measure trade conditions are IN
favor OF material progress in our business az
fairs throughout the summer months, and fore
shadow the return OF normal times in all IN
dustries much earlier than was thought possible
a few weeks ago. Bank exchanges last week
showed an increase over the same perlod III
1908 OF 81 per cent and were IS per cent larger
than in 1906 The gain, while rejecting the great
activity In the speculative markets. also indl-
Gated general industrial growth outside of
speculative centres increase in the payments
through clearing houses of about % per cent
,,ae renorted Railroad earnings for the last
,,ee}, I'm Nav were IS per cent greater than In
the corresponding time last year. but showed
loss from that time in 1907. when the transpor-
tation business was unusually neaVy the record
for 1909 being noteworthy, however as 1t pre-
sorted marked Improvement over the preceding
weeks since January !. The market FOR IRON
and steel supplies adequate reason fer the opu-
mlsm that is found in metal circles, while the
same thing may be said OF copper, the May pro-
ducfion figures Of which tell OF continued
heavy output with most substantial increase
in the demand from consumers ut home and
abroad Pig Iron production was heavier in
Nav tnan in any month since October 1907, ana
demand was active at firm prices. Steel rails
and new equipment are being ordered py the
railroads in larger volume than at any time TINS
wear. with prompt deliveries requested. Build
ing operations are heavy
In the cotton goods market actual transac-
tions are more active. Large operations are
reported for the account of jobbers, and in
heavy lines prices are higher. In print cloths
demand Is better and distribution from first
hands has proceeded rate that has brought
about a material reduction in stocks. In most
departments of the drygoods market consumers
show a desire to place orders at once, In the
belief that quotations will move TO better level
before the autumn. Speculation In cotton fut-
,res is on a lighter scale. with price fuctua
tions narrow the liquidation recently under way
having failed to establish values on substan-
TALLY lower range. In the best Informed cotton
CIRCLES dearer figures are looked for as the sea-
son advances owing more to the expected in
creased activity in the spot markets and to the
indications that point to an enormous world
consumption than to the possibility Of low
WELD on the new crop. Exports of cotton are
increasing, the shipments for the month or May
showing a gain in value Of $921S,667 over the
same month in 1908.
Government crop figures giving conditions as
of May do not indicate bumper winter wheat
harvest but the acreage and current growth or
spring wheat fOreshadow a normal yield. while
the record breaking acreage planted in the corn
belt suggests an enormous return In the event
Of favorable weather throughout the summer
months. Spectators in wheat not enjoying
the success on the bull side that marked their
operations earlier in the spring, the tendency
of prices exhibiting heaviness that reflects
better climatic conditions in the wheat section
of the country. and prospects of an early move
nent of the crop. Easier prices for wheat
futures have not affected the market for flour, |
millers last week paying the highest figures of |
the year for cash wheat. which, of course has |
prevented any shading ia quotations 10 consum-
ers In the market for leather prices remain |
firm and buying is more active conse- !
c,,apca Of an {r7uCrtaut inHux Of new orders |