New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-03
MONEY AND BUSINESS.

1
few responsible men Of affairs who 90
not believe the outlook In the lnoust''ai
and financial world promises marker
betterment in general conditions IN the
! course ~ the next six months. Al the
onenIng Of the second half OF the year
n Is possible to report distinct improve
ment in the iron and steel trade. "a
J vorable crop situation. decreasing num-
| Der OF idle railroad cars. an abundance
of money. heavy credits abroad ana gen
orally sound fundamentals. Productio"
is being maintained on the basis OF con-
sumptive demands. Stocks of merchah-
disc are low. especially in the retail dry
goods trade. and merchants as a rule be-
lleve active buying FOR immediate needs
will be experienced throughout the rest
Of the season, while they also look for
expansion in the inquiry for future re-
| auirements The reasonable Application
Of the Sherman law, economies effected
| by the railroads since higher freight
| schedules were denied by the Interstate
! Commerce Commission. the flotation OF
more than 81, $50, 100000 new securities
in the last six months. the large gain In
our foreign trade balance, the strength
, Of our banks, the easy position OF home
and foreign money markets and the re-
/ sistance shown by stocks TO operations
; for lower prices are among the I'M
, pcrtant factors that encourage the ex-
pectation of a gradual return Of pro-
; nounced prosperity.
/ In the final week Of the half year, with
its heavy financing incident 10 the July
| interest and dividend disbursements and
| to the financing Of the subscriptions 10
| the Panama bonds. the local money mar
ket was without feature. rates remaining
at the levels prevailing in recent months
and exhibiting no indication Of a ma
terial change in the immediate future.
| The maximum rate for call money is 212
per cent, while over-the-year funds are
obtainable at as low as 3's per cent.
! Commercial paper has been discounted
/ at 3i2 per cent for single name four
months bills. although the larger number
! Of buyers will not accept anything at
less than per cent. and in spite OF the
| inadequate supply Of prime offerings the
/ lending institutions are not buying paper
not ordinarily handled BY them Specu-
! lative operations and a demand for ex-
! change in connection with interest pay
ments due abroad have brought about a
| hrmer sterling market, but the advance
/ in all probability will be followed by
return Of rates 10 the easy levels report
ed in the early part Of June. and event
ually by importaticns Of gold from
| Europe. Our exports Of merchandise
continue TO exceed imports. while in
| financial circles II is believed that our
credits abroad soon will be further
strengthened by a resumption Of Euro
pean buying Of American securities.
Absence OF activity marks the primary
market for cotton goods. purchases being
almost entirely for actual requirements
Stocks Of merchandise in second hands
have been reduced TO a minimum. but
with inventories having been taken and
with new season started il is not un.
likely that buyers will be disposed 10 op-
crate more literally for the future
! Speculation in cotton options is moder-
ately active, with prices at times exhibit
| ing a tendency to advance. but at the
moment there is little animation on the
! part Of the bull element. owing 10 the re-
ported exceptionally favorable conditions
! in the larger part Of the cotton belt
Acreage is unprecedently extensive. and
| If the governments figures. which will
/ ne issued to-day. should even show
/ marked falling of from the high per
/ centages OF month ago. there still
would he good reason for hope Of a salts
/ factory yield Wheat. though recently
| quite strong. presents an easier appear
| snce at present as a consequence Of the
rains and cooler weather which have
checked Western grain crop deteriora-
! ton. Spring wheat has been damaged 70
a certain extent, but not enough 10 fore
| shadow a poor harvest. Reports. as
rule. from the agricultural community
are excellent. and far better than those
| which are circulated in local and Chicago
! grain circles
ment in the iron and steel industry IS ~
I special interest. owing 70 the fact that
expansion in this trade IN the past in.
vsriaby has been followed by q change
1 for the better in all lines Of business
| Mill operations show STEADY gains. liberal
| specifications are reported and actual or
| ders from the railroads and other con-
sumers of finished steel products ere in
| creasing. Pig iron prices are unchanged.
! but the general market for iron Is IN
much better position than that noted
| few weeks ago. while coke also is in
heavier demand, orders for the product
| for the last half Of the year foreshadow-
] ing large requirements Quotations for
! copper are slightly easier than those re-
| Gently reported. The leather situation Is
sound. although demand is chiefly for
nearby needs Prices for hides remain
az high level beth in this country and
| IN the foreign market. and from present
! Indications there is little prospect %
/ readjustmert of quotations 20 lower
/ range.
/ New York city is going - get a new
/