New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-10
MONEY AND BUSINESS.

II there were anything fundamentally
wrong with money and business in this
country our securities would not be
quoted at the relatively high prices now
prevailing The average price Of the
leading railroad shares is 1880 and
that Of the chief industrals $50. COM
pared with 1173S and 81 80, respectively,
at this time d year ago. while the cur
rent tendency Of the market appears 10
be in the direction Of better prices, de-
spite active efforts on the part Of the
professional element on the Stock EX-
change 10 bring about declining move
ment. Important financial interests are
confident that our industries are enter
ing a period Of substantial expansion
and investors in general see in current
conditions adequate reason 70 add 10
their holdings Of sound American stocks
and mortgage issues, a reflection Of the
latter being found in the readiness Of
capital 10 take new securities offerings
by our corporations. The actual volume
OF mercantile business in recent days
has been curtailed 70 a considerable ex-
tent by the excessive heat, bat develop
nents in the industrial world have been
favorable 10 the future growth Of trade
and industry. For market purposes
sensational reports Of damage 70 corn
and spring wheat have been widely cir
culated. Injury TO these crops how
ever. has been confined to few local.
ties. and whatever damage the cereals
have suffered is Offset by the improve
ment in cotton. Of which the present out
look promises a bumper yield.
Measured by bank clearings, the vol
ume OF business throughout the country
Is keeping well up TO the records for this
time in the last two years and is much
heavier than in 1905, when our indus
tries were under the spell Of the panic
Of 1907 Furthermore, il is worth not
ing that commercial failures in June
were smaller in number than in the cor
responding month in 1910. also the ag-
gregate Of liabilities. Money is in album
dant supply, but it is not unlikely that
rates for loan accommodation Will de-
velop a firmer tendency at no remote
period. when the demand for funds incl
dent 70 the gathering and marketing OF
the crops will force large shipments OF
currency from this centre 10 the West
and South. And IL is quite probable
that general mercantile and stock mar
ket requirements will he an important
factor in the months 10 come in bring
ing about greater activity in the money
market Fortunately this country oc-
cupies a strong position in international
trade, and as a consequence the need for
additional funds here will be satisfied
through imports Of gold from Europe
The collateral loan market Is so easy
that rates on commercial paper FAVOR the
merchants, but bills are exceedingly
scarce at the moment.
The outlook for the largest cotton crop
I'm the history Of the country may cause
further curtalment in the production OF
cotton goods. Is manufacturers naturally
may be expected 10 wait for lower prices,
hut the ultimate effect OF II bountiful
harvest should he reelected in marked
revival in the cotton goods Industry.
which for many months has supplied the
weakest feature Of the general situation.
SPOT sales in the South are light but the