New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-31
MONEY AND BUSINESS.

movements and in most speculative
markets. There are, however, so many
clements of strength in the countrys
Industrial and financial position that no
anxiety or apprehension is reported in
the business community regarding the
future The recent decision by the In
terstate Commerce Commission on the
so-called long and short haul case
against the railroads will alter to a GER
ltain extent conditions under which
trade is conducted in different parts OF
the country, as certain sections will no
longer have transportation rate advan-
tages which they have enjoyed for many
years, while other sections swill obtain
more favorable rates, which until the eX-
tension Of the power Of the Interstate
Commerce Commission they doubtless
never expected to see The readJust-
ment that must he made affecting both
the shipper and the carrier I'm the long
run should be productive of good to all
interests concerned. Speculative Wall
Street. of course. accepts the decision as
an argument for attacking railroad
stocks. but thus far its campaign against
values on the defeat Of the railroads
and on the uneasiness abroad over the
Moroccan situation has not brought
forth results In proportion to the efforts
expended
Strained political conditions in Europe
have caused some foreign selling of our
stocks. chiefly for speculative account,
but the London. Paris and Berlin money
markets do not reflect an expectation on
the part of capital in the European
financial centres Of the development Of
acute disturbance. Money rates here
are easy and on satisfactory collateral
borrowers can secure all the money de-
sired on a basis OF 33i per cent for SIX
months. while commercial paper for the
same period is readily discounted at !
per cent. Mercantile borrowing IS
heavier than that incident to Wall
street operations, and, based on the re-
( ports received by the commercial
agencies covering all parts of the
! United States. the inquiry from mer-
| chants and manufacturers is likely 10
| increase in the course of the next few
weeks as a Consequence Of conditions
| that point toward business expansion.
Further botterment is reported I'm the
steel industry, and general crop condi-
lions are excellent. especially on the cot
ton plantations, where current indica-
| tons suggest n record breaking harvest.
Bank clearings at most centres are in
| excess Of those reported Mt this time last
year. while the same thing may be said
| of railroad earnings. a reflection OF the
latter being found in the decrease Of up
ward of 9 per cent I'm the number of
idle freight cars in the last fortnight
Speculation i'm cotton futures continues
active at the expense of prices. crop
and weather reports indicate improve
ment In almost all sections Of the cotton
belt. and as a consequence Of the favor
able outlook for big crop substantial
operators on the New Orleans and New
York cotton exchanges have apparently
abandoned the bull side Of the market
OH the excellent theory that this year $
yield of the STAPLE will he more than
/ sufficient 10 take care Of consumers
needs Spinners in many instances have
cancelled buying orders in expectation
/ of lower prices. In the drygoods mar
! ket buyers show no disposition to cover
future requirements at prevailing quo
| tations. and the general market for cot
/ ton goods is extremely irregular and un-
certain, owing to the present position OF
| the market for the raw material Tariff
Developments have again upset the wool
market. and dealers "A. : producers OF
goods are unwilling To make important
commitments pending the outcome Of
the prescnt mixed situation in Washing
| ton. An improving foreign demand is
ronortod for wheat, the price of which
| has about reached an export basis. The
weather i'm the Northwest has been
! favorable for the growing crops, but in
| the event of war i'm Europe higher prices
may be looked for Corn is making
rapid progress toward early maturity
and prices for the cereal are lower.
| Pig iron buying is not heavy at the
moment. but i'm the finished steel mar
k,t demand is growing and the earnings
| of the various steel companies are in
! creasine. In the June quarter the
United states steel Corporation showed
material gain i'm net results as com
rared with the preceding three months.
while since July / orders have been
much heavier in actual tonnage than
those reported in the corresponding
ncriod in June. May and April. The
concern is now working at 20 per cent
of it's ingot capacity, the gain over re-
cent weeks being helped by the grow
irq disposition on the part of the rail
roads to come into the market for rails
and eouipment. Copper trade conditions
arc sound In the anthracite coal indus
tr,. little new business is coming in, but
ercb situation is incident TO this sea-
CON or the year. Just now the trade is
chiefly interested in the active efforts
90 tho labor leaders 10 increase the mem
bership Of the miners union, prepara-
tory 70 the expected demand next year
for higher wages.
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# q COW should, after al. defeat Var
da,,,p in his contest for the Mississippi