New-York tribune., 1910-06-20

accumulat ting attractive issues oh inc
theory that all known adverse factors
in the situation have been adequaleiy
discounted by the prolonged deeline III
prices, which has carried prime invest
nents to levels that should appeal to
capital. In the last few months nqui-
dation of securities ana commodities
has been heavy, and as consequence
the money market is in 4 healtnler po-
sition, with ample facilities for nandllng
legitimate trade needs. including the
financing of the crops, which, as usual
will cause the withdrawal OF large
amount of currency from the East Tor
the account of the interior banks.
Banks in ali parts OF the country have
been outstanding their resources, and as
a result of the forced liquidation IN the
markets loans have been materially re-
duced while reserves above legal re-
o,,irements have been substantially
strengthened, the latter item at thls
centre, for instance, having increased
more than S2O,OOO,OO0 from the low
point of the year Money rates are easy.
and with good stocks selling on 5 to
6 per cent basis it would seem as II a
readjustment in Stock Exchange prices
to higher range would soon be effect
ed Our foreign trade is improving, as
reflected by the figures of imports and
exports for May, exports In that month
showing an excess over imports for the
first time since last January and ac-
counting for the decline in sterling ex-
hot
expectation of gold shipments from Eu-
rope to this country in the fall, II the
needs of the local money market should
become urgent. A year ago New York
bankers were heavy borrowers abroad.
There is no prospect of repetition of
this operation in the current summer.
and our growing exports of merchan-
disc therefore will not be offset by ma
turing finance bills in the autumn as
an influence upon the foreign exchange
market.
While there is certain amount of ir-
regularity in trade movements, the gen
eral volume of business as shown by
railroad earnings and bank clearings is
large. For the first week in June gross
transportation receipts present an in
crease Of IA per cent as compared with
the same time last year, and payments
through clearing houses outside of New
York an increase Of per cent, de-
cline at this centre being due to the
light trading in securities. In the prf-
mary market for drygoods activity Is
by no means pronounced. Prices for
cotton goods are held at a firm level,
though in the West jobbers are shading
quotation at clearance sales for the
purpose of reducing stocks 4 dull sum-
mer is looked for in the New England
textile industry, and a short time policy
has been decided upon by the nlanufact-
urers, affecting upward of fifty thousand
operatives. It is estimated that more
cotton mill machinery is idle at present
than at any time in the last twelve
months, but the mill men are hopeful
over the future of the trade, believing
that with the approach Of the new crop
the high price for raw material will dis
appear. Cotton crop conditions at this
early period foreshadow a normal har-
vest, while the same thing may be said
of wheat and corn, a reflection Of which
may be found in the big decline that has
taken place in quotations for the various
options from the advanced figures re-
ported early in the current year. The
export demand for wheat and corn is
| heavier, owing to the lower prices here
and the active spot demand abroad.
Iron producing centres report a some
what heavier inquiry for the metal, and
the tonnage booked for the second half
of the year is large enough to encour-
age the expectation Of marked improve
nent in the industry in the fall. In fin
ished steel lines the output is fair, with
an increasing tendency on the part Of
consumers to come into the market. the
railroads being better buyers in spite
of the recent statements by many rail-
road presidents that drastic retrench-
ment would be forced If they were not
to be permitted to advance freight carry
ing charges at once. New orders for
steel products in the first two weeks of
June are estimated at eight thousand
tons a day in excess of the correspond
ing time in the preceding month, and
on it's present basis of operating the
SldlSS CLCeI SOi pCI dtioii, NiIiCii
handles more than so per cent of the
trade, is working at about so per cent
of capacity. Copper production is still
in excess of consumption, with prices
weaker, notwithstanding the fact that
trade authorities assert that the con-
sumption of the metal at home and
abroad is greater than ever before in
the history Of the industry. The shoe
and leather trade shows no improve
ment, the most noticeable feature of the
with the tendency apparently toward
lower levels.
Chairman Dix, whose election was