New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-04

the week. after touching the effect Of poll
tics on business.
mat business itself IS not worrying
oVermuch about the future solution Of
these problems is evident from the steady
ITO" OF trade, indicated by the increase IN
total clear'ngs notwithstanding the great
reduction In activity on the New York
STOCK EXchange), by the material advance
ii oasic metals; by the increasing demand
ior labor by the decrease IN the number Of
ldie cars,,and, 10 mention 40 other. 10y the
volume Of our foreign trade which reached
curing the hscal year just ended the enor-
nous total of $4,000 0O0, 600 easily the largest
TOTAL In the history OF our country.
In this connection and particularly
since the first half Of the Year has now
oeen completed, 1t may be interesting 10
make hasty survey Of what changes,
actual and seasonal, have occurred III the
six months just ended.
We find that steel bars, after q period
Of depression lasting for the better part of
d year, have advanced nearly 3 per cent.
and that lead. while only a fraction higher
N-'NN wv bAlNS NlAiS az Nil' 'llN VI l'A't
recovered more than 10 per cent from the
levels reached early in the present year.
Copper has made a clear advance Of over
. per cent and silver of IS per cent. In
grains II Is seen that corn has gone ~
more than Il per cent and wheat nearly p
per cent. while raw cotton is costing nearly
% per cent more.
Against these advances We find that
banking conditions, as expressed 10y net DE-
posits relation of loans TO deposits and
percentage of surplus I'm the New York
banks, all show a healthy Improvement
while money. both six months and OH call
Is not only lower than AZ the beginning Of
this year. but averages lower than for the
same period in the last siA years.
AS against this increase in commodity
prices and easy banking conditions, we find
that in the six months Of this year the
volume of railroad bonds traded In on the
New York Stock Exchange has fallen IS
per cent lower than in the corresponding
period of 1911. while for the month Of June
II was exactly 30 per cent smaller than I'm
June, 1911. on the other hand, stocks havv
shown an irregular increase, railroad
stocks having advanced on an average
about "a points and industrial stocks a.
fun So points
In our Judgment. the deduction to be
made from all these figures is that the
country IS in a sound economic condition
and entitled 10 further healthy expansion,
and that unless politics should take an IN
expected turn for the worse, or disaster
overtake our crops, bonds and the better
grade Of stocks. particularly industrial
stocks, may he bought with discretion.
No Cause for Alarm.
According to the reported statement OF
the Studebaker Corporation the net income
for the fifteen months ended March 81 last
amounted to s2,5H,7 27. ana the net surplus
after preferred dividends, etc, had been
extracted. amounted 10 81 15I6s, or - per
cent on the S2I93l5o0 common shares out
standing. There has been no record Of com
parlson Tor the above earnings kept. but
the figures show that between December
aud March the company made only NSi,66o
net income. In the fiscal year ended De
cember 81 last the surplus on the common
was equal 10 S6S per cent The corporation
sold 100000 ten-year per cent serial
notes last winter TO a banking syndicate ct
New York and London and the first semi
annual series Of 10000 natures September
next. In addition TO the notes. IT is re-
ported. there is outstanding &219al 90 Of the
SEQ 30 600 common authorized and $13.o95.'o)
of the 100000 per cent cumulative pre-
ferred. thus making n net total outstanding
Capitalization Of nearly E0V0G". As the
automobile and carriage business Is in har-
mony with the season. however, and the
first quarter the leanest Of the year, there
Is said to be no cause for alarm.
Reports Of Wheat Crop.
The present total thus far OF the winter
wheat crop Of Kansas Is reported 10 he
IS 900 90 bushels. The corn and oat crop
of that state Is said TO be in prime condi-
ton, although owing to the season 1t has
been backward. Judging from the last re
ports received the grain crops IN the west
ern part Of the United States and Canada
are fourishing with the fine weather with
which that part Of the country has been
favored. and indications are that this year .
wheat crops will be above the normal
Uncle Sam at Work.
The government has been at work reduc-
ing its public debt, and reports from Wash
ipgtou give the following details The pub
lie debt July I was S.343, S3S, sos, less gold
roeeryo of S15NGDO.o00 and available cash
balance of 1856, c53, 500 making the net debt
g o27. 574 SOS. or an noticeable decline during
june of SEQ, 266.249.
-~h0 DnTN