New-York tribune., 1910-06-06

crops are making favraole progress
with the promise that ne fruits OF the
soil will aggregate a bigger money value
on a lower level of price in the current
wear than the sS.Oo0.O0,000 record on
the high Citations of 1870. Speculation
for higher prices in comrodities has col
lapsed. the movement supplying the
most encouraging sign the approach
of cheaper living costs Nay wheat sold
as low as Ola cents a bshel last week.
compared with 81 Is at te same time IN
1909, while other cerealsand cotton also
showed Improvement aong the lines
that encourage home consumption and
strengthen our export tpde Mercnan-
disc exports are increasing, and the dan
ger of further shipmens of gold not
only is removed but the outlook tavors
imports of the metal i the autumn.
Unreasonable cold weatlfr in the West
has not injured wheat and corn. This
fact. however, fails to tighten Wall
Streets burden of doubt Ind pessimlsm.
Bank clearings and railroad gross
earnings continue to shoF Improvement
over the corresponding PERIODS year
ago. though some RAILROADS, chiefly IN
the West. rapport lighter ret results as
consequence of increased operating ex-
penses. The railroads believe that they
are entitled to higher freight carrying
charges, owing to the increased wages
they are paying and the high prices for
materials, and there is noreason TO sup
pose that they would not le permitted to
advance their rates If it should be found
that otherwise they coule not do busi-
ness at a profit. Most d the Eastern
roads return gains in ret income IN
spite of heavier operating expenditures.
and unless the countrt's industries
shall suffer a long periol of reaction
there is little proba bility If the reduced
dividends that spectators for the snort
account predict. Local bank reserves are
strong and money market conditions
have been favorably affected by the
liquidation in stocks and commodities,
while among the interior banks sensi-
BILE liquidation of overexteided loan ac-
counts is reported. The New York
banks are preparing for sn active de-
mand for funds in the fall, and the
chances are they will be in position TO
meet crop moving requirements without
taking out emergency currency. IN
London the monetary situation also is
easier as reflected in lower open market
discounts and a reduction by the Bank
Of England in its minimum rate to 312
per cent.
Notwithstanding the decline in prices
on the Cotton Excha nge the cotton goods
business shows little Improvement,
though in cotton trade circles it is be-
promising outlook on the plantations, as
disclosed by the governments June re-
port. normal conditions will soon begin
to develop, with a full restoration In
centres by September.
Curtailment at the mills continues. A
wools is noted. The Department Of
Agricultures recent return Of 81 per
cent for cotton is based on the position
of the crop as Of May %. and as cll-
matte changes since that time have been
favora BILE to the plant 1t is reasonable
to look forward to a large harvest, es-
pecially as the second best crop on rec
ord was made on a June percentage
under that just reported, while acreage
this year not only has been materially
increased as compared with that Of 1903,
but greater efforts than ever before
known are being made to increase the
yield 10y more intensive methods of cult
ure Price concessions in the pig iron
market were made last week, owing to
sharp competition. The demand for
finished steel products is well main
tained. but reports received from the
trade suggest a period of relative dull
ness, as far as new orders are con-
cerned, In the summer months. The for
eign inquiry for copper is heavier, but
local buying is not active.