New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-06-26
, for themselves out Of material that their
elders have lost the power 10 see
MONEY AND BUSINESS

ness throughout the country 10
ing while the same thing is rehec'e" ~
current railroad tonnage. WIN"
heavier than that reported rev "e.n'
ago and well up to the average LOT '"''
period In 1910. Total clearings last We"
increased more than I per cent. as cofn-
pared with the same time year ago. a'
important centres showing gains VIII"
the exception of Chicago. where an UNI
important decline was recorded. ba'N
exchanges and railroad earnings are
trade barometers; also the iron ana steer
industry. which presents unm'stakaoi'
signs OF growing orders from consumers
The actual volume Of business IN the
United States is still below producing
| capacity. but the tendency IS IN the
direction OF Improvement In demand
which, OF course. WILL become more pro-
nounced when It is possible to determine
the outcome Of the years harvests' a
varied assortment Of crop rumors appears
at this period OF the year, generally bear
ing the hallmark OF stock market bears
and grain market bulls, and In the pres
ent instance the so-called advices sug-
gest starvation and famine on the farms
Fortunately, however, the crop killers
know little Of actual conditions, which.
according to competent authorities are.
az a rule, extremely promising. 1t
should be borne In mind that lack Of
moisture In one section and too much
heat IN another quarter do not mean
that the enormous agricultural acreage
as whole Is affected.
Stocks OF merchandise are low, and
when merchants begin to replenish their
holdings they will experience no diff
Guilty in securing credit, unless some
thing unforeseen should occur to upset
the financial markets. Commercial paper
Is In good demand. but at the moment the
supply Of choice bills Is extremely small,
despite the relative ease Of discounts,
four to six months single name paper
ruling at 3% to per cent, compared with
2A to 31s per cent for collateral loans
for the same periods. Merchants appar-
emily have all the money in bank neces-
sary for current needs. while commits
sion houses in Wall Street likewise are
well supplied with funds. and can borrow
almost unlimited amounts on call at al
most nominal figures. Requirements Of
brokers' are light, owing to tho lack OF
activity in stock market speculation,
while bankers find all the money NEEDED
for the financing of new securities issues
without creating any scarcity in the
available supply. Cash and reserve hold
ings Of the banks are enormous. and It
is not expected that even the payment
to the government OF $4,000, 900 on Pan
ANA bond account or the preparations
for the July disbursements will effect
any material change In money rates
Activity In money and speculation is not
looked for before the end Of the sum-
mer.
Until the political atmosphere clears
the woollen market doubtless will show
little life. as the uncertainty over the
outcome OF the tariff situation Is too oro-
nounced TO admit OF important buying
at present prices. In the market for
cotton goods demand is not responding
to any extent TO somewhat more favor
able prices. buyers exercising a most
cautious policy. and as a rule combining
orders to passing needs. Business being
placed with tho mills for future require
ments Is unusually light for this period
Of the year but manufacturers are look
Ing forward TO change for the better
In July, when jobbers from all parts OF
the country are expected TO enter the
market and when the question OF cotton
crop yield and prices will be more clearly
defined. Just now indications point to a
large crop and lower quotations. and ef-
forts OF cotton bulls TO advance prices
no longer meet with the active response
that was so typical OF the market a few
months ago. Harvesting Of winter wheat
Is in full swing and a bumper yield is
expected. while I'm spite OF lack Of moist
ure in some sections OF the spring wheat
belt normal harvest is looked for, and
tho same thing may be said OF corn.
Crop damage reports. however. are re-
sponsible for higher cereal prices. while
-four also is stronger.
Reduced prices for iron and steel have
strengthened the demand. and In all de-
partments OF the iron and steel industry
Improvement is reported, the gain In
actual business being especially note
worthy, as June is usually a dead month
in the trade. The Iron Age" says the
bookings OF the United States Steel Cor
poration are steadily increasing and that
the plants are working at. about &c per
cent Of their ingot capacity. against 63it
Per cent week ago. a feature of the
market Is the disposition Of large con-
Stunning interests to buy under cover.
The railroads are increasing their orders.
and as consequence steel rail mills are
more active. There has been heavy buy
Ing OF copper in recent weeks at ad-
vancing prices, brass manufacturers
having been important factors In the
movement, while a more normal situa-
ton prevails in the tin market. owing to
the collapse Of the London corner in the
metal. Improved conditions are reported
in the leather market
The expectation that the Interborough
company Will accept the city's terms is
now almost as strong as were the dec
larations of the company few weeks