New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-06-13
HONEY AND BUSINESS.

| dence has been restored, and while as
yet there is no active investment de-
mand for securities bankers believe that
| the attractive buying prices at which
solid stocks and mortgage issues are
now quoted will soon bring home and
foreign capital into the market. The
average price for the leading railroad
shares advanced last week from 114.59
on Monday to 117.73 in Thursdays oper-
ations, with the close about one point
lower. while corresponding improvement
was enjoyed by the industrials, with
| weakness, however, in the copper stocks
at the close a s a result of unfavora BILE
conditions in the copper metal trade.
Public speculative operations are light.
and at the moment the outlook favors
little beyond a good trading market, as
far as speculation is concerned. Money
rates are easier here and in London.
The local banks are well supplied with
funds, and stiff quotations are not ex-
pected before the autumn. In the COM
nlercial paper market offerings are not
evidence. It is expected that when the
crops begin to move we shall have
large amount of foreign credit to draw
against.
Reports received from various trade
centres show modest improvement in the
actual volume Of business transacted
and marked improvement in sentiment
as compared with week ago. Never
theless, there is still enough irregularity
in trade to discourage the expectation
of an important expansion in our indus
tries in the summer months. Most con-
Germs are operating under full capacity,
but profits as a rule are satisfactory and
the conservative attitude of buyers and
the curtailn1ent in lines where overpro-
duction has been under way encourage
a hopeful feeling over the outlook for
the maintenance of stability in business
affairs and an elimination of the Specu-
lation that has materially interfered
with industrial progress. The unseason-
able weather of the last few weeks has
retarded retail business, though fortu-
nately it has had little adverse effect
upon the crops. Exports of domestic
products decreased in May to the value
of SS,039, 800, a compared with the same
time last year, making a total loss since
July l of almost $40 10000 and a loss
from the eleven months ended May 81,
1908, of more than $152, 100000.
Prices for staple products as whole
are declining, and the general cost of
living, as figured by Bradstreet's index
number, is At per cent under the Janu-
airy return, though about 5 per cent
higher than was reported a year ago.
Commercial failures in May were light
er, both as regards number and the
amount of liabilities, than for many pre-
ceding months, the favorable character
of the exhibit being especially pro-
nounced in relation to manufacturing
insolvencies, which were smaller than in
any corresponding period since 1904. A
more confident sentiment prevails in iron
and steel trade circles, and moderately
heavy new buying is reported in pig iron
and finished steel products, with sales of
the first named the heaviest in the
Western markets. Curtailment of pig
iron production in May was lighter than
in the month before, and the active ca
pacity on June l represented decline
of only 10 per cent in the furnace output
from the high rate of February, which
was on a basis of upward of 81 $4,000
tons a year While some of the railroads
may adopt a policy of radical retrench-
ment owing to uncertainty as to what
the Interstate Commerce Commission
will do in the matter of freight rate in
creases and the delay that will occur
before new schedules can be put into
effect, steel manufacturers believe that
the ultimate result of such policy will
not be seriously felt in the steel trade.
So far there have been no cancella-
tions of equipment orders by the rail
roads The transportation companies
are not starving, and although increased
operating costs have advanced the oper
ating ratio to a material extent, they
have not brought about many decreases
in net income, as compared with CORE
spending periods last year. OF fifteen
large systems reporting for April only
four show net declines. It will be neces-
sary, however, to watch subsequent
statements for the influence of higher
payrolls as only few companies re-
flected in their April exhibits wage con-
cessions to employees. For the month of
MAY gross earnings increased almost 4
per cent, against gain in April OF Il
per cent and a gain of 10 per cent in
March, comparisons being made with
the same months in 1909. Consumption
of cotton goods is light. with no indica-
ton of improvement in the immediate
future, notwithstanding efforts by manu-
facturers 10 stimulate a demand by low
ering prices on some lines. The retail
inquiry is not active. and jobbers assert
that in spite of the fact that manufact-
urers are not making money at current
quotations the market will have to go
lower before active buying need be
looked for Dulness in the general tex
tile markets is expected to continue I'M
I'll the late summer. Reports from the
South indicate a normal cotton harvest
and government figures showing the
condition of the cereal crops as of June
] Indicate yield better than the aver
age Of recent years. With good grow
ing weather for the rest of the crop year