New-York tribune., 1913-08-04
SOME FAVORABLE SIGNS
Reports of Business Show
Mixed Sentiment.

Reviews OF trade conditions by the
commercial agencies carry a fairly good
undertone. On the whole. In all lines
there appears 10 be less apprehension
than previously regarding the future
"Dun's Review" runs as follows
Encouraging reports Of business con-
ditions predominate. and the growth OF
confidence In the future is evidenced by
increased preparations for fall and win
ter trade. All the leading markets con-
tinue 10 reflect the quietness TO be ex-
pected at this season. yet in some in
stances the midsummer recession has
been OF shorter duration than is Gus
tomary. The prevailing optimistic feeling
was apparently not impaired by the re-
ported damage 10 the growing corn crop,
and the agricultural situation on the
whole, is still promising. Graaual recov-
cry in spring wheat prospects is accom-
panied by splendid harvesting returns
from the Southwest. where the enormous
movement Of new grain Is taxing the ca
pacity Of the transporting companies. The
possibility Of strike on the Eastern
railroads is now more remote, but fnan-
cal sentiment was somewhat disturbed
by the reduction in the dividend OF
prominent system, although such action
was not entirely unexpected. The reve-
nues Of few roads show a falling on,
but in the aggregate railway earnings
continue 10 exceed the total OF year ago
and also those OF 1911, the gains In gross
during the first three weeks Of July being
IS and SO per cent, respectively. On the
other hand bank clearings this week
were 80 per cent smaller than last year
and Sc per cent less than in 1911 Favor
able conditions have existed IN the basic
industries. as indicated by the statement
>Of the leading iron and steel producer for
the last quarter. the net earnings sur
passing all previous records for the period
with the single exception of 1870. An inn
proved sentiment is manifest I'm drygoods
circles. but the period Of adjustment to
new tariff conditions is az hand, and price
reductions In woolens attract consldera-
BILE attention. Quotations hold steady on
many staples for immediate and nearoy
delivery. yet where orders are sought for
later deliveries concessions are offered.
Labor difficulties in silk manufacturing
centres have been settled. Footwear
DAg q = VIM AtNrAANAy s''N
market placed fair volume OF orders
and manufacturers feel encouraged over
the outlook. There is a moderate ousi-
ness in shoe feathers. and prices remain
firm, the steady demand checking all ac-
cumulations Strengthening OF banking
reserves at New York has impaired
still easier tone TO the monetary SITUATION
and the marketing Of the crops VIII be
facilitated BY large deposits OF govern
ment funds In the national banks sf the
West and South, official announcement 10
that effect being made late in the week.
1t is the general impression that the
bottom point has been reached for pig
iron prices, and sentiment has improved.
\ significant development is the purchase
OF 300 tons OF Bessemer and basic by
steel concern at SO 80 and 81 3, respec-
lively. at furnace Deliveries are scned-
uled for nearby months. and other sales
are under negotiation. with producers
asking an advance over the hgures
named The general tone Of the market
is hrmer. particularly In foundry iron
and in several directions asking quota
tons are 5nc higher than those recently
prevailing. Firmness is accentuated oy
the reduction in output during the cur
rent month. which is expected 20 reduce
the stocks accumulated. There is fair
movement in finished products, and prices
rule firm, except for sheets and wire
goods The output Of tinplate has IN
creased. while numerous bar iron mills
are resuming after a temporary suspen-
sion due TO labor disagreements The
situation is strengthened by additional
orders for structural steel. and the de-
mand for plates provides for operations
practically to capacity. Some expansion
appears in the inquiry for scrap metals.
but consumers are disposed TO ask con-
cessions under the minimum named by
dealers"
"Bradstreets" covers the situation With
conservatism in the following:
TRADE reports still present mixed as
poets. with perhaps a sharper tendency
TO temporarily reflect quiet. In the East
high rates for money and tariff uncer-
tainties continue 10 act as repressiye In
fuences. while IN the West adverse news
OF the corn crop has superinduced some
hesitancy regarding future purchases,
and Il IS probable that demand for North