New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-08-14
MONEY AND BUSINESS.

mated falling of in the yield oaseu "ii
government figures covering the monui
of July is not large enough 10 war; d.
the expectation of a period Oh laiii''iN
Grain markets are exhibiting CERTAIN
amount OF nervousness as a consequent
of the recent report of the Department
Of Agriculture. but the course OF pli00'
en- the local Produce Exchange ana oii
the Chicago Board OF Trade does not III
dictate apprehension on the part OF oper-
ators over the size of the final harvesls'
which should be large enough TO taAe
care of our own growing needs, with
fai- amount OF grain left over for e~ioi |.
In corn. for instance. the indicated to'ai
production has been exceeded In oniy
five years in the history OF the coun'i' .
and the probable yield OF more tlah
.. 260OOO.000 bushels is small on1s d"
cononarison with the record BREAKING
cron If 1910. when 3.125, 10000 busneis
we're gathered. Furthermore. "es'ei Il
grain men assert that the government
has underestimated the final harvest u
both corn and wheat. while they believe
,,q,,st conditions will be reflected IN IN
creased percentages in the septeiiiDer
statement.
In the South and Southwest indications
point 10 the largest cotton crop OF Ie1
ord which means increased business
activity below the Mason and Dixon me
The textile trade. however. remains uui''
and although cotton prices are at 'lie
lowest levels reported In many months
SINNERS appear 10 be In no hurry u
+.l-o on supplies. on the theory that they
will be able to buy 10 better adVah1dss
latar IN the season. In Europe the COT
ron goods business is much more salts
fac+o-v than il is here, and large snip
rnaurs Of The new American crop VIII ne
required 10 fill foreign needs. Inc au-
,.arse situation that has prevailed IN the
cotton goods industry in the last year IS
sbou-n IN the amount OF dividends that
viii be paid by the Fab River hlliis III
the third quarter Of the current year
cor,nilation made by The Financial
Chronicle" indicating that twenty-elgnt
corporations will distribute only S3'9'-
81 or an average Of III per cent on
the capital invested. the lowest rate
since 1903 This would make for the
three quarters Of 1871 an average OF 5'9t
per cent. against j.23 per cent in the
same time in 1910 and 80 per cent IN
1909. The highest nine-months rate was
727 per cent, recorded in 1901
Notwithstanding the situation IN the
textile markets. poor grain crop reports
and extreme pessirnism in Wall Street
circles. reports received by the CONNER
eiaI agencies covering all parts OF the
Tinted States show moderate improve
pent in most lines of trade. Buyers now
in town are optimistic, but the extent or
their purchases shows that caution sill!
prevails. Underlying conditions are
sound. and although spectators are at
lacking stock market prices feellng OF
confidence is noted in business circles
while investors are not parting with their
securities. There is no reason why own
ers Of American investment issues should
convert their certificates into cash. The
country is still here, and the uneasiness
that NAV be felt in financial circles over
political agitation against corporations
will not upset the producing power or
the nation. General statistics bearing
on trade are encouraging, and the fact
that the country is well supplied with
money and has a large credit balance
abroad ought 10 strengthen the back
homes of the timid. Liquidation or
speculative accounts on the Stock Elk
change mas served TO weaken the rates
for collateral loans. while II has been
effective In intrenching stocks more
strongly in the hands OF substantial
financial interests.
Iron and steel trade conditions con-
tinue 10 improve. Pig iron prices are
hardening after long period Of weak
ness. and active competition in finished
steel lines Is bringing about a quotation
level that appeals 70 consumers. In July
th4 United States Steel Corporation in
creased it's tonnage 20 a material extent
untitled orders on hand at the end OF the
month showing a gain Of 2223.O2I tons
over the month before. while the total
business represented was heavier than
at any preceding time since July. 1910
Al present the concern is operating AT
about ~ per cent Of its ingot capacity
pc compared with from 63 70 81 per cent
a few months ago. The railroads show
q disposition 10 come into the market for
finished steel products. contracts for new
vessels involving steel construction are
more in evidence and the general in
quirv for structural materials is mod
eratelv active decrease in the worlds
visible supply OF copper in July Of up
ward Of 24O0o. 900 pounds, of which 30
eco OOO pounds is charged 10 the United
states. reveals the fact that consumption
oe the metal has practically overtaken
production Higher prices for copper
are indicated by current movements in
the market. II is worth noting that
bank exchanges last week made a most
favorable comparison with the same time
last year; that commercial failures were
smaller than in 1910 and that there were
fewer idle freight cars than at any time
since the beginning Of the present year.
What sort ~ uniform must the boss"
wear when he attends a military func-
tion in this state? Murphy's title 10
wear one is certainly as good as Dix's.
Tho chief frnuhle with RaIleN rs 4