New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-07-11
MONEY AND BUSINESS.


prices of 1909 has not been accompanied
by serious trouble in any direction Nor
are there any indications that the future
will bring forth disturbance due to the
drastic downward movement that has
marked the course of investment quota
tons. The elements of a panic are lack
ing No one can say whether or not
liquidation has run it's course, but there
Is not the slightest doubt that at pre-
vailing prices the larger number of solid
issues on their earning power are worth
more than their present market figures.
The general financial situation has been
strengthened by the severe liquidation
in the speculative markets. though 1t
may require further readjustment in
stocks and commodities to a. lower range
before sustained operations for higher
levels can be successfully carried out.
At the moment the conservative element
in the financial community Is not anx-
ious to advise transactions for bull &C
count, owing to declining bank reserves
and uncertainty over the outcome of the
crops. the fall elections and the i'm
portant cases pending in the Supreme
Court. but our leading financiers. never
theless. are not welded to the idea that
the various uncertainties wifi develop
into permanent adverse factors.
Underlying conditions are sound, and
the reactionary tendency in many lines
Of business is making for future
healthy expansion rather than for acute
depression in our industries. Money
rates are firrner than recently reported.
and the course of currency movements
indicates an increasing demand on this
centre for outside accommodation. AL
though it is quite probable that the
strain on the local banks for crop NOV
ing money will be unusually heavy
in the next few months, we have the
promise of gold imports in considera bic
volume, present foreign exchange condi-
tons and the good credit this country
has abroad naturally encouraging the
expectation Of shipments Of the metal to
this side when the monetary situation
here requires assistance Of this char
acter. Large payments on corporation
| tax. account have almost doubled the
| working balance of the federal Treasury
in the last two weeks, but the big gov
eminent disbursements incident to the
beginning of the new fiscal year soon
will be effective in bringing back to the
banks a certain proportion of the money
paid by the corporations. Measured by
pa yments through clearing houses and
by gross railroad earnings, the general
volume of business throughout the coun-
try is still large. Retail trade shows
some improvement, while wholesale op-
erations are restricted because Of the
| unwillingness of buyers to make ex-
tended purchases until the crops have
| been made. Buoyancy is not a, factor in
| the textile trades, and a quiet period
evidently is developing in the metal in
dustry.
Pig iron production is still in excess
of the demands of consumers. in spite Of
active curtailment in the last two
months, the latter being reflected in the
June figures Of The Iron Age" showing
an average daily output of $500 tons.
against 77.102 tons in May and SO, 1872
! tons in April Prices for pig iron an
| pear to be near the bottom, and in GER
tain lines of finished steel products quo
tations have developed a declining ten
dency, especially in plates and shapes
AS far as new orders go the steel bust
ness is not active, but all the large steel
concerns have enough untitled tonnage
on hand to keep their plants fairly busy
in the rest of the summer, while manu-
facturers believe that in the autumn
demand will broaden nd that the rail-
roads viii become more important fac
| tors in the market. Just now the trans
portation companies are specifying heav-
lily on contracts, but they are not plac-
| ing substantial orders. Stocks of copper
in this country continue to increase. al
though the gain in June shows a ma
terial decrease from the large increase
| III May, while exports of the metal in
the last month present gain of all
most 100000 pounds over the increase
reported in May. Copper prices prac-
tically are unchanged, but domestic con-
sumers evidently look for lower figures,
as they are buying only in small lots
for quick delivery. Production of an
thracite coal is heavy, Notwithstanding
| efforts by some companies to restrain
| tonnage.
Prices for cotton goods show slight i'm
provement with small expansion in sales,
the higher levels doubtless being due to
a belief on the part of buyers that lower
| quotations need not be looked for until
| the new crop comes to market. The sta
bility Of the October cotton option,
which in the month of June varied less
| than IA points, or 20 cents a bale, fur
| nishes proof that in the estimation of
spectators the 80, 100000 acres of the
staple are more than holding their own
| In the most important growing months
| in the year. If cotton prices remain at
current relatively high levels many
spindles here and abroad will continue
| TO lie idle, unless the necessities Of con-
| sumers should become urgent, of which
| there is no present indication. In the
general drygoods market there is the
same Discrimination to operate heavily
! for future needs that has been noted for
| so many weeks. The present position
or visible supplies of wheat is espe-
| cially encouraging in view OF the injury
to the spring wheat crop in this country,
| and it is not unlikely that it will be-
| come something of an influence in the
market at distant time. On June l
| there were on hand in North America,