New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-17
MONEY AND BUSINESS.

| ing the countrys industries we're ldNoi
able Drouth stricken iectlons Of the
agricultural community we're visited ny
heavy rains. the cotton crop outlook
promised a record breJhing weld. in
creased activity was rencrted IN the iron
and steel trade and the general under
tone Of cur markets indicated pro
nounced strength In furhamental oondl-
tions. The actual volume OF trade in
most lines Is up TO the normal OF nid
summer operations in recent years, and,
measured BY bank cearlngs OUTSIDE
! New York. more business is being done
| than was noted at this period In l3lo.
| when the larger number Of cities showed
heavier transactions though the banks
than in the year befort. Lighter clear
inss in New York sre due wholly 10 inc
falling of in speculative operations on
the Stock Exchange, which at present
reach unimportant daik totals, the bust
ness Last Friday, for instance, amount
Ing TO only S2,301 shares. the smallest
! five hour trading since July =. leos'
Although speculation in stocks is mac
| tive prices are we'll maintained, "hlie
the supply If issues available for ordt-
nary market purposes il steadily con
| tracing. owing to the absorption ot Sc
curities by investors.
! Money "a tes are easy in spite ~ heavy
1 payments BY the banks 10 the govern
ment on Panama Canal bond account
but any decided expansion in the mer-
camille and stock market demand. wh'oh
is looked for in August. will bring about
frner tendency. as the actual reserves
! Of the Clearing House institutions are
relatively light. while depletion o.
J their holdings incident to demands Tor
crop financing purposes must soon oe-
velor. Disturbance In the money mar
/ ket. however. appears 70 be out OIL 'He
question. Notwithstanding the fact that
orr currency system does not lend user
| to money market needs when the press
ure for funds is heavy. Owing TO our
large excess Of exports of merchandise
over imports. amounting in the year
ended June 80 To a money value OF more
than $500. OOOO 900 against an excess IN
the preceding yesr Of SlshproVoo' ano
to the large investment purchases OF
American securities by foreign capital
New York will be able 10 draw eolo
from Europe whenever the necesslteS
~ the situation demand such an opera
ton. Anything in the nature NJ strih-
sencv here would encourage movement
Of the yellow metal 10 this country
| Commercial paper is being drawn some
what more freely. and the tendenc! ol
rates is in the direction ~ higher
! level
In the drveoods trade conditions are
sound and prices are firm, although ouS'
ers are not placing heavy FORWARD OF
ders. Curtaiment at the cotton mlils
continues. and expectation II an IN
creased demand hes not been fulfilled
oV,ne no doubt 20 the promise of large
cotton harvest and the hope of lower
nrices for the raw material. " is not
likely that anything more than mana
IN mouth business will be reported until
buvers feel assured that quotations nave
reached a minimum level. which manu-
facturers evidently do not believe viii he
much below current figures. notwith-
standing the prospects of a large crop.
The mills have been practically oper-
atine on a no profit basis for months.
and in view If this and the fact that
merchants shelves are poorly supplied
with goods. 10 say nothing Of the grow
ing needs Of growing population, mill
I owners and operators do not concede
that big harvest will compel them to
make material price reductions. on the
Cotton Exchange further liquidation has
taken place in the new crop options.
Southern operators having been es-
reciallv heavy sellers Of winter months
wholly on the idea of bountiful crop.
Grain crop reports have been better
since the first OF the month than IN
June. but certain amount Of deteriora
ton that cannot he repaired has been
suffered by corn and spring wheat. With
favorable weather. however in the rest
! Of the season the total return from the
grain belt should not fall fat below the
record If 1910
The metal industries present distinct
| improvement reflection Of which Is
! found in the statement Of the United
States steel Corporation. showing an in
crease in untitled orders on the books Of
the various subsidiary companies at the
end OF June Of "a 81 tons. as compared
with the same time in MAY, and i'm the
I
citation. exhibiting q material decrease
in production and substantial gain i'm
deliveries The present production Of
copper and pig iron is being held To the
basis of consumptiye demand. The
| United states Steel Corporation is now
operating to the extent Of 81 per cent OF
its ingot capacity. against IS per cent i'm
| May. while similar Improvement is re-
ported by the independent concerns.
! The demand for finished steel materials
! has increased to q degree that encour-
ages the expectation Of excellent earn
irgs 10y all steel plants in the second
! half of the current year. while tho same
| thine can be said # the entire metal in
dustry. The railroads are more active
I'm the steel market. and the increasing
volume OF business from this source sug-
gests that confidence Is growing on the
part of railroad managers I'm the theory
that the general trade OF the country
has entered "A period of marked sxpan-
sion. a reflection of expanding business
bens found IN the earnings Of the rail
roads themselves. which are showing y