New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-23

! is the heller tndt ldlSe l'i wa
when il comes again will only be Al
considerably lower prices ana tild'
meanwhile consumers will not buy Tar
ahead of their requirements.
Commenting on the situation me
Iron Trade Review" reports that car
buving continues on very medsIe
scale but a heavy tonnage OF steer TOT
contemplated shipbuilding ana other
marine work remains pending IN the
East The Missouri, Kansas x IeXas
Railroad has put out a formal inquiry
sor % 200 tons of rails for shipment
during the first quarter OF 1914 lhi9
,s the first evidence of interest IN next
vear's rails to he manifested by any
of the railroads.
The extreme East, embraced IN WHAT
is known as the New England states
is given a comprehensive review oy 'ne
First Rational Bank of Boston, WHICH
REPORTS that throughout Industrial ne"
England business is marking Iiilc'
Business men continue to avoid extern
sivo new commitments and are comm
;,x tbeir activities to hand-to-mouth
transactions. This policy, which mas
been In effect now for several months'
has brought about a condition in whlch
stocks on hand are at the lowest POSI-
BILE point. At the same time the No'-
ume of business. however unsatlstac-
tory from a profit making STANDPOINT
continues large. While bank clearings
are decreasing, the shrinkage is not
large, and is TO some extent accounted
for by the fall in commodity prices. AS
compared with a month ago. there Is
a somewhat better feeling in certain
textile lines, noticeably woollens ana
coarse cottons. In the latter espe-
cially. there has been decided m
crease I'm the volume Of sales, accom-
named by n slight increase in prices
part of this quickening in textile
trade is due 10 an appreciation OF the
fact that consumptive demand is be-
ing maintained at high level with no
large stocks of merchandise to draw
upon. More important, however is the
fact that foreign mills are enjoying
period of unparalleled prosperity prices
abroad being unusually high. Manu-
facturers of cottons, especially coarse
cottons. are therefore less and less in
clined TO fear immediate foreign COM
petition. It is the opinion OF some
good Judges that this betterment in
textile manufacturing is likely to con-
tinue. and that IL may check TO a con-
siderable extent the growing curtah-
ment throughout New England. On
tho other hand, reports from shoe man.
ufacturers are not quite as favorable
as a month ago. Not only are orders
for the future lacking in volume nut
the actual output of factories Is de-
clining. More and more attention Is
being paid to crop conditions, which IN
spite Of a few adverse reports here and
there are generally favorable. New
England banks, In preparation FOR the
fall demands for money, have been
confining their loans TO the current
needs OF their customers. As respects
the ratio of cash reserves 10 loans, New
England banks are in a comparatively
strong position.
Foreign stock markets were under
pressure during most of the week, as
sentiment of an adverse character
ruled the action Of money and securi-
ties. AS usual, Germany appeared TO
he the hardest hit, and some failures in
Berlin accentuated the intensity In the
German capital. German bankers
were liberal bidders for money in out
side centres of the world and made at
tractive offers for sixty-day loans In
the New York market. Germany is
suffering from the heavy demands OF
commerce and industry on the money
market which occurred during 1917.
The nine great banks Of Berlin which
constitute the chief credit banks OF
Germany experienced an unsettled
twelve months, and as result The
credit banks ended last year in a less
favorable condition than they began IT.
The German banks do a very large
brokerage business, which is enhanced
or depressed according to the volume
Of operations on the Berlin Boerse.
The quotations for German govern
ment securities continued TO decline
during 1912. Imperial per cents ex-
piring in 1918 were quoted on the Ber-
lin Boerse in January. 1912. at 1922.
and in January. 1913. the price was
100. Imperial bonds, 81 per cents, de-
clined from 91.75 TO 500 and 3 per
cent imperial bonds from $3.50 TO
1850. Prussian consols during the
year sold off several points. the 1 per
cents declining from. 1920 to 100. the
80 per cents from 91.15 to $50 and
the per cents from $3.50 to 40.
Since January of this year lower quo
tations have been noted and until the
international situation resumes a tone
of Improvement the German security
market has little show Of a more or
less permanent betterment There are
no indications that the boarded funds
of either Germany, Austria Hungary
or France are being brought out, and
until these vast millions are put into
circulation again there will be no per-
manent relief afforded the European
I