New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-07
MONEY AND BUSINESS.

Notwithstanding a certain amount OF
bearishness in Wall Street, chiefly be-
cause of investigations of corporations
uy Congress committees and uncertainty
over the outcome of the reorganization
mans Of Industrial concerns that must
bring their affairs into harmony with the
sherman antitrust law, the general
| business community exhibits no appre-
hension regarding the future Of our IN
dustries. while the actual volume OF
business operations does not bear out the
statements of spectators on the short
side of the stock market that trade
throughout the country is contracting
Contraction is confined chiefly to wan
Street. Measured by bank clearings'
railroad earnings. commercial failures
and the amount of mercantile paper IN
the market, industrial conditions are by
no means unsatisfactory. Failures In
July were fewer in number and lighter
in liabilities than in any preceding month
since last October; payments through
clearing houses were only , per cent
under the rtCOTu III JuIg' INV NAN ~ -
falling off in speculative operations and
not To a decrease in commercial trans
actions. and gross railroad earnings OF
all companies reporting presented a
small gain over the results of a year
ago Trade movements are still irregu-
lar. but actual Improvement is reported
in many lines. especially in the market
for finished steel products.
In spite of the persistent efforts OF
professional operators on the Stock En-
change to induce liquidation and lower
prices there has been no important sell
ing for public account, while the decline
in quotations has not been in proportion
10 the amount of energy expended, the
general average OF the chief railroad and
industrial issues closing on Saturday
ONLY about t points under the highest
figures of the year Stocks are in strong
hands and the. amount available for
speculative purposes is limited. Trans
fer books of corporations Ahow heavy
gain in the number OF stockholders in
recent years. who doubtless will not part
with their certificates except in the
face Of confidence destroying develop
ments Money is in good supply at the
financial centres. A slightly better de
mand is reported for time funds for long
periods. while offerings OF commercial
paper of the highest grade are increas-
ing. 4 good demand by the banks and
a growing supply of bills furnish reason
for the expectation Of better things in
the mercantile world. Interior exchange
is beginning TO move against New York
in response to rapidly developing harvest
needs which promise TO lower bank re-
serves at this point in substantial de-
gree. although in the case OF stiff rates
for money in the autumn New York will
be able to import gold from Europe.
While cotton crop estimates indicating
the largest harvest ever gathered have
brought about materially lower level
OF prices for futures. as compared with
the high points Of 1910. firmer tendency
has been reported in recent days owing
to covering by the shorts and accumula-
ton Of long contracts by domestic and
foreign spinners. In some quarters II
Is thought that notwithstanding the
promising outlook for a heavy yield OF
the staple the selling movement has been
uverdone. and that in the remainder OF
the season better quotations will prevail
owing to an expectation that the worlds
ccnsumptive needs will he as large in
proportion as the actual crop. The cur
rent demand for cotton goods is slow.
and the difference between quotations
on finished products and those for the
raw material is still too wide 10 admit
of any extension In manufacturers OBJ
erations. General trading In the tex
tile markets is confined In large part TO
orders for prompt shipment but. the
fact that merchants stocks are low sug-
gests the probability of better conditions
among the mills In the case Of a favora-
lie change in the buying situation. The
situation may cha nye materially In favor