New-York tribune., 1914-07-06
Quiet Times in Securities,
with Liquidation Not
Continued.
SOME INCREASE
IN INVESTMENT
Crops Hold Their Own and Give
Hope for Future-Banks
Lose Cash.

Securities were quiet last week, the
expccted decision in the advanced rate
case still acting AS check on any eX-
tensive speculative operations OF the
professional traders who ruled the
market The commercial difficulties OF
the week before brought out no more
LIQUIDATION, and even If the Interstate
Commerce Commission should prove
less merciful to the railroads than now
expected, the market should resist the
shock well.
Some improvement was noted in pur-
chases Of high grade investment bonds
over the counter, and more is hoped
for when the July disbursements of in
terest and dividends are brought back
TO the market with greater freedom.
State and municipal issues continue TO
be favored. as they are free from the
exactions and imposition OF the federal
income tax and their return is not sub
iect to diminution from government
regulation. In this state many OF these
obligations are listed as being accept
able for deposit as security under the
new employers liability law and are
being sought for this. purpose. How
far the investment movement can ne
expected to broaden into the savings
bank class of corporation bonds de-
pends on the return-of confidence
among the general public. and this IS
bound up with the conditions whlcn
are affecting the whole business life OF
the nation. The Clafin suspension IS
expected to mean much closer scrutiny
of commercial paper, and may well re-
suit in strengthening the demand for
obligations of states and municipali-
ties in its place.
Hope Of Better Business.
In the crops and in a reasonable de-
gree Of relief for the railroads az the
hands Of the Interstate commerce
Commission rests the hope that the
last half of 1914 will be better than
the first. Bankruptcies for SIX months
reached high records, both IN NUMBER
and in aggregate Indebtedness. An
,hracite production last month was
larger than a year ago, showing that
the buying public has funds to take
advantage Of the summer discounts
which it is learning to appreciate;
Bank clcarngs for the week improved
n little over last year. go,
Reports Of crop conditions are sun
excellent. Cotton. according to the
governments bulletin, made an uneS--
nectedly good recovery in june ana
while the condition is still below the
average for the last ten years and tnc
growth is backward, there is still pos
sibility of fairly good tonnage. W IN
ter wheat has been producing excellent
Yields, the spring crop is coming or
well and the weather IN the most IN
portant portions OF the corn belt mas
been favorable.
A proof Of expectation Of increased
foreign trade was given by the Nation
al CITY Bank in it's announcement thal
II would take advantage of the provls-
ions of the new banking law and esta32-
ligh branches in Argentine and Brazil
Other institutions are expected TO take
similar action. Authorities IN the IRON
and steel trade report that export
movement Of finished steel has i'm
proved in recent weeks with good snip
ments 20 the Far East and 10 SCUM
America. Through June the steel Dusl-
ness was better than for the months
immediately preceding, but prices CON
tinue discouragingly low. The CHAIR
man of the United States Steel Cor
poration in addressing the presidents
Of its subsidiaries before sailing TO tu-
rome saw little sign Of higher prices
for some months to come. Increased
orders in the fall, however, he saw rca-
son TO expect Pig iron sales IN June
were heavy, but prices were at me 10"
level of the year.