The Washington times., 1910-08-14
SHARP ADVANCES MADE IN STOCKS
AND MORE HOPEFUL TONE PREVAILS
Disposition of New York Bankers Increase Reserves Expense of Credit Accom-
mOdhOns Unaoae Comment and Much Harsh Criticism
Crop Prospects More Encouraging
Especial Financial eprezentatIve tie uunsey PubIicat

EbfGGAAADuAb
tiOn of pastures. and of cotton as d
result OF the practical exhaustion OF
the old crop and the necessities Of
spinners who, IL is believed, have le:
their supply OF Gotten and OF cotton
goods run down to q l. " figure through
the high price Of ths staple. and the
leSsened demand on the consumer.
The estOppdge OF upward OF so per
cent OF the textile machinery Of the
country Tor many weeks would indi-
cafe low stocks o. cotton goods The
matter Is, Of course, important IN its
bearing upon the international trade
situation and the necessity OF the
country 70 overcome he adverse trade
The figures on agricultural exports
Tor July. made public during the week.
showed total shipments OF such prod
ucts OF $50, 663,691. q decrease OF about
Sl4.009,Oe0 as compared with June.
and OF S6,253. 900 as compared wfth
July 1903, and the smallest volume
Tor the month with but one exception
tl$04l in ten years OF course the
determined by agricultural shipments
alone but they play n important part
IN the totals. and they are always
augmented by moderate prices and
speedy marketing Of the crops II IS
possible that the full trade report for
July, when II appears VIII show an
Increase In exports over imports, for
business contraction should have dl-
minlshed our purchases abroad. at the
same time mat il facilitates sales OF
merchandise through extensive cutting
ia price. and the operation known in
England as dumping.
The controversy over the alleged cut
IL steel rails under S2S a ton. which
was feature OF the week, Is a case
in point The reported cut OF $50 a
ton. according 20 the Iron Age. was
made on an export sale, while SIS Der
ton is maintained 20 home consumers.
IL as interesting 70 recall that a similar
u HaH = r ~ TaH- ~
reaction in 1905, when a drastic cut IN
steel rails, which was denied here,
turned out 10 refer 10 a sale az SO - q
ton for rails laid down at a port IN the
Persian Gulf. II cuts like this we're
made TO home consumers. the cry %
the prevailing high cost Of material en-
jcriuE INTO railway construction. upon
which arguments for freight rate ad-
yances are based would lose some Of
its force
Lessened Commercial Activity.
The contraction in commercial ac.Iv-
it- has doubtless been somewhat aCccn-
t2sted by the attitude Of the banks
toward commercial borrowers. already
referred 10, and this finds reelection in
the bank clearances. which, during the
week, amount IN the aggregate TO S2,215.-
S1S,76a, a loss from last year OF rs
per cent. As usual the decrease Is
volume OF New York business, the ex-
changes ar this poirt falling > per
cent under last year Elsewhere re-
suits are fairly favorable. though both
Boston and Cincinnati showed heavy
decreases IN exchanges during the
week The report OF the United States
steel Corporation, showing the amount
Of untitled orders on hand on July g
as 1,s70.e51 tons. a decrease Of $50
tons as compared with the sltal on
June 80 last, was better showing than
b. all street expected. but according
TO trade authorities. such as the Iron
Age IL affords no very accurate index
Of the actual conditions In the irou and
steel industry iu that II takes no note
Of diminished output, or deferred de
uveries- Something OF the eLtcus or
prevailing contraction is indicated by
the reports Of permits 80 new build
IuES, ron twenty-SiN leading cities OF
the &C uutrv. which hzye been compiled
by r G Dun & Co These show
aggregate permits for The month Of
July Of St5431-4l6- as against Ab1-S-l.ll4
IN July. 1913. loss OF -5-3 per cent
The greater portion OF this Is due & che
ouEEs u Manhattan and the Bronx
reporting total buiidinE permits Of s.
or, IS FOR the month as agaluE &ss,l24--
$50 a year ago.
The bank statement Of TODAY discIoses
the fact that the shifting OF accounts
between the trust COmDanies and the
banks still continues Under the sta te-
ueat Of averages loans increases Sl5-1-2.-
- while under the statement show NJ
actual conditions loans are ird6 eel
80, 20. 800. OF course there vas nc sucr
fresh IuaniuE on the market as Is lDdi-
Gated nv these figures. The low call rat
IS responsible for the withdrawal Of can
loans from the market by The trust COM
panies which deposit the proceeds IN
the hanks 10 obtain she . per c-nt al
lowed on balances. and the banks simply
take over the obligations IN the two
statements deposit liabilities increased
So. $500 and ST. 500 respectively. and
the surplus reserve shows an increase Of
Ss.Z1S.z75 under the average statement,
and of S29f3. % IL The actual. The best
feature Of both statements IS the sub
StautiaI gain in specie. amounting 70
SO a. 10 and ST. 1890 in the respective
statements. While gold imports contrib
1ted toward shis result, the hank STATE
~rent cha ges In general seem TO reflect
chiefly the widespread contraction IN