New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-08-15
MONEY AND BUSINESS.


Investment markets are quiet. with lit
tie demand from capital for first class
stocks and bonds, in spite Of the at
tractive income yields that may De
secured Mortgage issues of our pest
properties return at present prices more
than 4 Der cent and in many instances
from ; to 51h per cent. but bankers ana
bankers syndicates that are carrying
large amounts of high grade bonds put
out in the last seven months report
most disappointing inquiry from the So
called public, owing. no doubt, TO the
fact that the larger number of people of
means have their funds otherwise EN-
ployed especially in real estate mort
gage loans, and to the present hlgh cost
of living and general extravaganza ana
overspeculation that have been SO
marked in the country at large ever
since the recovery Of confidence and the
restoration of normal conditions follow
ing the panic of 1907. Eminent bankers
believe that the securities market mas
passed through its worst period OF hqul-
dation. They look, however, for SIM
liar movement in other lines, and they
feel assured that with the completion or
such liquidation money Will begin to go
actively into high grade railroad, Indus
trial and public utility bonds. Specula-
ton in stocks is light in volume on a
range of quotations that shows substan-
tiaI Improvement from the low figures of
the year, but little encouragement is
given to traders who are working to
bring about an August boom in prices.
Aggressive bull operations at this time
are not wanted by our conservative
bankers, who are successfully endeavor-
ing to place the local banks in position
to finance the autumn needs of the coun-
try without the necessity of maintaining
high money market, and to be pre-
pared to handle any financial or indus
trial emergency that may develop.
Western banks are pursuing more con-
sentative policy in the matter of loans.
According to theif usual custom, how
ever, they are making light of the gen
orally accepted belief in the East that
they will require assistance from New
York in connection with the financing of
the harvests, but in view of the fact
have increased in the last year more
| than $50, 100000, while since January 1
receipts of currency from the interior at
| this centre have exceeded shipments
from here by more than S110,00O,0OO, the
| proba bility of heavy fall withdrawals of
interior balances from the local fnstitu-
| tons is more than ever apparent. Not
| withstanding the large bank reserves at
this point and the ease In call loan
| quotations, time money rates are main
tanned at a relatively high level, the
! margin between call funds and overtime
| year accommodation being about 3 per
! cent, against margin of IL per cent at
| this time last year, when total bank re-
serves were approximately S2S,OO0,OOO
| less than they are to-day.
| Our banks have made strenuous efforts
| to prepare for the requirements Of the
| coming season, and there is little chance
of any concession in rates for time ma
! turtles, despite the criticism Of current
borrowers that enormous reserves war
rant lower quotations. Demand for
commercial paper is not active. and of
| ferings are not large. High time money
serves 10 keep the sterling exchange
market within the gold importing level
but as far as our foreign trade is con-
cerned little help comes from this source
toward drawing the precious metal to
this country, though before long we may
| look for a much better supply of COM
mercal bills, while it is possible that
| Europe will increase its interest in our
| securities markets to an extent that
| again will create stock bills in volume
large enough to force further shipments
Of gold from London to New York.
Trade barometers continue to reflect ir-
regularity in most lines Of business, but
general conditions present no reason for
apprehension over the future Of our in
dustrial activities. Government figures
showing crop percentages as Of August
| indicate the largest corn harvest on
record, a heavy yield OF winter wheat
| and oats which should more than offset
the falling off in spring wheat The
actual harvest last year of all grains
was 4,51S,SS8000 bushels This COM
pares with August estimates this year
|
to the best authorities in the West the
final yield will be above the average,
even with considerable deterioration in
condition in the rest of the season.
Cotton crop prospects are not as en-
couraging as they were earlier in the
year, and in the cotton goods market
consumers gradually are accepting the
| aIa in III,
ments will not be accompanied by lower
prices. The long deferred buying move
haent In staples appears under way. with
the converting and manufacturing trades
the best buyers. While purchases in
most departments Of trade are being
conducted on a conservative basis. the
volume of general business as measured
| by bank ciearings and railroad gross