New-York tribune., 1910-06-27

rowing abroad and probably will not 90
so to any extent this season there WIN
be few maturing finance bills to meet
in coming months, and as a consequence
New York will be able to draw gold from
Europe at time when the needs OF the
money market may be urgent. Foreign
exchange rates have fallen sharply. o"-
ing to sales of American securities
abroad and to our improving trade pai-
ance. demand sterling closing the iast
week about two cents under the record
of the same time a year ago. Ihe de-
cline in prices for commodities In THIS
country is attracting an Increased over
sea buying movement in our markets,
current exports both or wheat and corn.
for instance. showing substantial gains
over the shipments of a year ago The
demand for time money and commercial
paper is improving.
Reports received from mercantile cen
tres indicate growing confidence among
business men over the prospects for
gradual expansion in the volume OF
trade. Professional crop killers are at
work and while there has been some in
jury to spring wheat from high tenn
peratures and lack of sufficient moist
ure, the position of the crops at large
foreshadows average yields and does
not bear out the calamity reports re
ceived in the speculative markets. which
to large extent are controlled just
now by the conflicting news from the
Northwest. September wheat advanced
more than < points last week on the
exagserated ideas in wheat pits OF the
effect of a short drouth in a section of
the spring wheat country upon the
final yield Whatever loss has occurred
should be offset by the increased acreage
planted. The total winter wheat har-
vest will be heavy. and corn is progress
ing in q manner that suggests record
breaking returns. The more seasonable
weather in most parts of the country
has strengthened retail trade, and in the
drygoods market the demand is notice
ably better. owing to the concessions
that have been made in prices Trans
actions in cotton goods and wooiiens are
under normal. but, it is encouraging TO
note a more optimistic sentiment in the
trade and more confident buying by the
,obbers Many Wall Street interests
consider prices for cotton on the new
months too high and are selling on all
rallies.
Payments through clearing houses at
most cities are larger than at this time
a wear ago. although falling off IN
local and Boston bank exchanges. owing
to light speculation in stocks and COM
n1odities makes q small net loss IN the
total for the week just closed. On the
other hand. gross railroad earnings show
for the second week in June an increase
of more than is per cent as compared
with the same time in 1909. Orders for
finished steel products exceed those re-
ported in May, especially for structural
materials. and the largest steel manu-
featuring concern is working at 81 per
cent of its blast furnace capacity. with
every indication of maintaining this
percentage, or reaching q better one.
throughout the summer. while, accord
ing to the belief of the best informed
men in the trade, full capacity will be
restored in the fail. Stocks of pig iron
continue to accumulate, but the demand
is heavier on all grades in the Pittsburg
market, the low prices having induced
more active inquiry from consumers.
Domestic and foreign consumption OF
copper is heavy. and it does not appear
probable that the price for the metal
will go under II cents a pound, in spite
of the steady increase In production in
this country. With copper at II cents
an active foreign demand would develop
in this market, and the fact that the
visible supply abroad is rapidly decreas-
ing may foTeshadoW big exports from the
United States at a quotation better than
l. cents a pound.