New-York tribune., 1910-07-18
HONEY AND BUSINESS.

still too light to relieve bankers OF the
immense oversupply of certificates now
carried on their books. There has been
a tremendous increase in the amount OF
railway and industrial stocks and bonds
outstanding since January l, and large
proportion OF the total new offerings has
yet to find permanent owners, while IN
addition there has been a large concen-
tration Of stocks in the hands of persons
who were practically compelled to take
them in the recent liquidation and who
naturally hope to dispose Of them at
higher prices. The investment market
is congested. Europe is absorbing our
securities in fair volume, and It is be-
heved that the foreign demand viii eA-
pand as a consequence of the low Levels
at which the larger number OF hlgh
grade investments are quoted, especially
as this country's credit abroad is OF the
best and conditions at home assure the
maintenance OF dividend and interest
distributions Speculative liquidation
appears to be at an end, though bear
ira ders are fighting fer lower prices
with malicious weapons. Rumors caleu-
lated TO frighteH investors generally ac=
cornnanv the close of q bear movement
Bank conditions have been materially
strengthened, owing in large part to the
iiauidatien Of loans against speculative
commitments, and further gains in re-
serves from gold imports are looked ior
before the interior demand for currency
becomes urgent. Sterling exchange Is
at the lowest level recorded IN almost
three years, due to buying by EUROPE ol
our securities, 10 the easy position OF tiio
London money market, to the dccuInu-
1ation of credits by foreigners for use
in o,7r stock market and to some extent
tn our improving export trade. The for
efgn trade balance has turned IN favor
Of the United States, the excess OF eA-
ports of merchandise over imports III
Nav being followed by an excess III
I7ra IF more than SS,0Q0,o0O. Since
January j imports have been slowly ae-
,f;n,ne and exports IN the same time
bava haen growing. In the correspond
ing period last year the reverse was til9
case. There will be little surplus wheat
+bis resr for shipment from this coun-
try hut exports of cotton, corn ana
roapufaetures should be heavy. Time
money shows a frmer tendency, but can
funds are relatively easy, While CONNER
ria1 paper is not in demand unaer Or
Der cent. Call money and open nlaFAet
discounts IN London are we'll under rates
at this centre.
IRREGULAR tendencies mark the course o.
our industries, though measured oy oallh
clearfDgs and gross railroad earnings a
,,oderare1v active volume Of business Is
being transacted. In the last week pay
vnen+s through clearing houses declined
(. per cent from the preceding week Du'
they showed an ad--zrce Of about . per
cent over the same time in 1909, While
for the first week In July earnings were
= rer cent better than those Of the
corresponding period a year ago. Labor
troubles are noted i'll certain sections,
but they do not suggest tbs Development
[ of acute conditions. nor does the extent
oF commercial failures indicate tncreas-
ing business insoIvencies. Increased buy
ing Of mig iron is not heavy. Prices are
lower and near the cost Of production
with little indication Of further material
concessions, while the same thing may
be said Of the market for finished steel
Drocucts. the demand for which con-
tinues under the capacity OF the mills
Most of the large concerns are working
from 75 to 50 per cent Of their normal
cspacity. the heaviest business being
in structural steel, for which the differ
ent companies have orders booked that
assure activity we'll into the latter part
TT Z, ,DNi1 aI1s
associated with the iron and steel trade
are not at all pessimistic over the future.
Harmony prevails in the steel industry,
but it is notably lacking in copper metal
circles. where the various interests ap-
parently are trying 10 run ahead of one
another in the matter of production, Ir-
respective Of the fact that copper stocks
are pilfng up heavily in excess Of the
! demand for consumption.
Speculation in cotton centres to Il large
extent on old crop months, and at present
it is not an important factor IN shaping
prices for the new months although
some sympathetic strength is shown with
the advance In the July option Spot
cotton advanced mora than 25 cents last
week IN New York. bringing rniddling
uplands to SIC 40 on moderately heavy
sales, which we're about double those IL
Liverpool The market for cotton goods
IS unsa tisfactory from almost every point
of view, but manufacturers console
themselves with the thought that while
no improvement is reported conditions
can hardly be worse than they are to-
day Demand is inactive, and curtail-
ment at the mills will continue until it
IL known what amount of cotton may
be looked for from the new crop. Prices
are unfaVorable 10 the manufacturers.
and the fact that operations are being
conducted practically at a loss encourages
the belief that a readjustment of values
will soon develop, IN the general dry
goods market new buying is light in vol
urne Wheat prices are higher; also
quotations on -four, owing TO the damage
to the crop in the Northwest The shrink
age in the spring wheat yield viii be
offset to q certain extent If we have a
bumper corn harvest. the indications for
which are now extremely encouraging.
Harvesting of winter wheat shows sat-
istactory returns. Receipts OF old wheat
are heavy. deliveries at Western points
last week amounting to 2,S55,994 bushels,
against 1,Is8462 bushels in the same
time year ago, but exports are disap-