New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-08
all lines of business as well as by the

IN all lines Of business as well as by the
farmers.
One fact which gives an idea OF the
tremendous improvement that has CONG
to this country Is the output OF new Sc
curities by American corporations our
ing tho six months ended July 1. Ihe
total Of these issues exceeded $l,oOV'ooV'-
600. Some financiers have thought tha'
there is danger Of a congestion OF undi-
gested securities, not only In this couh-
try but abroad. as the market has peeh
slow in absorbing some OF the old Inc
issues. Such apprehension is not I'M
usual whenever advanced figures IN
financing are recorded and greater vol
ume of money is required to keep pace
with the worlds Industrial necessities.
An unfailing sign Of business activity IS
an increase in commercial paper, and 1t
Is an encouraging sign at this period
after years of mercantile stagnation.
The iron and steel business Is Keeping
up Its activity; mills are being pushed
to capacity by specified orders ana
there is an increasing demand for labor
in the steel and iron districts. The dry
goods trade reports vary according 70
geographical lines. In the west the
trade is reported to be active. but IN
some other parts Of the country the de-
mand for merchandise Of this class is
seasona bly, quiet Woollens and worsteds
show satisfactory conditions. according
10 trade reports, and boot and shoe lines
send reports Of good prospective busi-
ness. Many boot and shoe factories are
now closed to take stock and make re-
pairs. Naturally, business in leather Is
quiet, but prices are firm except in
glazed kid, for which the demand is COM
paratively small. Country hides are
showing an increasing activity and for
eign dry hides are in demand at full
prices in this country.
The full reports Of railroads for the
three weeks Of June compiled for COM
mercial agencies give favorable returns as
compared with the corresponding period
last year. In a total aggregating &24,s+3,-
SS4 there is shown an increase OF 40
per cent in earnings. The return OF the
Bank of England for the week was dis
appointing and caused some unfavorable
action in the London market Tho pro-
portion Of liabilities showed 4l.oS per
cent, as compared with 1912 per cent
for the previous week. The continued
decline in English consols and the banks
return in the minds Of investors FORE
Swallowed a hardening Of money rates.
France passed through the half yearly
settlement with some evidences OF an
impression mad as a result Of the de-
mands. Gold decreased only 3,S5OOOO
francs, however. and silver showed a
shrinkage Of 4, 725, 900 francs, while dis
counts exhibited an expansion OF 10
225 900 francs. Money conditions hero
have shown a tendency toward hrmness,
due to the requirements for semi-annual
payments and the demands OF tho
United States government In connection
with the corporation tax payments dus
on June 80 Call money rates for the
week have .'een 2& and 3 per cent, be-
ing the lowest and highest figures. Mer-
camille paper was firm at and ~ per
cent for sixty days Endorsed. and the
same rates prevailed on four to six
months for single-name bills OF selected
stability.