New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-07-24
HONEY AND BUSINESS.

! SOln0. weather tHdDtfS III Aii' hei'T
cultural section of the United States ia
vor average harvests for most OF our
| staple crops and a record breaking yield
| Of cotton, while lower temperatures In
/ the chief cities encourage expansion III
| retail operations. Stock market prices
reflect confidence on the part of capital
| in the theory that in spite of official In
vestigations Of corporations the output
of industrial concerns will increase in
response TO q growing consumptve de-
mand and that congratulations of So
called trusts along the lines of recent
decisions by the Supreme Court VIII
strengthen rather than weaken the earn
/ ing power of American Industrial ana
railroad companies. Measured by bank
clearings. the volume of business is
heavier than that reported at this time
! q year ago. all cities for the last week
| showing a gain on transactions through
members Of Clearing House associations
| in the principal centres Of more than IL
/ per cent over the corresponding period
| I'm 1910, while similar Improvement is
reflected in railroad earnings, which for
the second week in July present a gain
/ Of about . per cent as compared with
the like period last year when the move
ment of traffic was fairly active.
! According TO the reports received by
the commercial agencies covering all
Parts of the United States. failures last
week were well under those of the pre-
/ LOO nd zF
| spending time in 1910, both in number
and in the amount Of liabilities, while
! Canada presented an equally encourage
! ing exhibit. In the iron and steel trade
orders are increasing, and the general
metal market is developing along lines
| that warrant the expectation Of sub
stantial profits by the various companies
in the rest of the year, with current in
dications pointing TO a specially good de-
mand for iron and steel i'm the South
and Southwest, where cotton prospects
promise prosperous period for the
| planters. Money rates remain at easy
! levels. but it is not unlikely that a firmer
tendency soon will show itself, owing to
| requirements incident to the financing
of the harvests. TO a better mercantile
Inquiry and to the needs of the specula-
tive markets, which show signs of more
active buying on the part of the public.
! The hrst week in August generally
marks the beginning of the period when
an outward movement OF funds from
New York occurs, and the fact that the
banks at this centre have gained since
the hrst OF the year more than $40 600
tOuo on their operations with the in,arior
suggests large out-of-town balances baro
ana the probability Of heavy Withdraw.
ais in the autumn.
Speculation in cotton futures ie ,,,ore
ac'iNe AZ the expense Of prices Benz
hciaI rains have fallen throughout tho
pest part of the cotton belt, and from,
current indications a bumper crop will
be gathered, promise of which is found
IN active liquidation on tho Cotton Fly
change OF both old and new months and
the apparent abandonment of bulI snoc-
, uIation by the larger interests. who for
more than year have secured hea,,,
| profits on the long side of the msrka,
! Spinners and big spot buyers are hid
| dlng Tor new crop months on scale
| DOWN also traders who believe the re-
cent extensive decline i'm quotations will
! be followed b! a temporary advance AT
least. Spot cotton has declined moro
/ than Is points in the last week. CurtaiI
ment Of production in the cotton goods
market continues, and prices have been
cut in some departments. hut BUYERS are
/ still extremely cautious in the matter or |
purchases. and evidently believe that |
/ the cotton crop outlook offers sufficient !
warrant for doing little at prevailing
levels. a waiting policy doubtless will
be the chief feature of the industry for |
some time to come. crop prospects in |
the corn and spring wheat territory have |
| improved as result Of much needed |
rains, but most Of the damage done ear |
| her in the season cannot be rApaired |
although the deterioration reported is
not large enough to kill the outlook for
average yields for the chief cereals with
| the exception perhaps Of oats. General |
commodity prices are lower
Foreign trade is heavy and exports of |
our merchandise continue to grow. In |
the last fiscal year all export trade rec |
ords were broken. with a gain of II per |
cent over the year before and o per cent
over 1907, heretofore the record twelve
month period. while the excess of ex-
ports over imports amounted in'value to |
500, 10000, the third largest surplus
ever reported. Export demand for fin
ished steel products and for copper is
moderately active, and the domestic in
qury shows decided improvement for
iron and steel. particularly for the out.
put OF the steel mills. which are being
materially helped by the growing dispo.
siton on the part Of the railroads TO
come into the market for rails and equip
ment Pig iron prices still show rregu-
larity. but the general undertone of the |
market is better than that recently re-
ported. Restriction Of production is
noted in the coal trade, a usual develop
ment for this period OF the year.
Leather is more active and prices are
strong.
Governor Dix has his work cut out
for him for the next ten DAYS
Some idea Of the influence behind the