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Show THE BETTER; OUTLOOK GOOD Wall Street Brokers the Only Ones Not Satisfied With the Present Conditions. SPECULATION AT LOW ' EBB IN WALL STREET Nevertheless, Securities Are Higher and the Investors Have No Fears. By Leased Wire to The Tribune. NEW YORK, July 22. While there is practically no speculative market in Wall street, the situation in the financial markets mar-kets may bo called satisfactory to pretty nearly everybody except the brokers. Seldom lias there been a time when the speculative contingent lias fell, or professed pro-fessed to feci, bluer. There has been an unusual reluctance to engage in new commitments even among the "In and out" professionals. There has been a total to-tal absenco of Indication that important capital was taking Interest in the proceedings. pro-ceedings. Yet the fact remains that prices have moved upward and stand at the close of the week at a new high average for the year. This condition of things, puzzling on its face, is in reality easy to explain. Speculation In the market Is at a minimum mini-mum and has long been so. Speculative interest, meaning by this the great outside out-side trading public who have supported "bull markets" in the past Is dead. It may, and many think It will, bo stirred into life in some future time; but for the present only the most insignificant fraction frac-tion of the business transacted In the stock exchange originated In outside quarters. On the other hand, unsatisfactory unsatisfac-tory as tho position is from a standpoint speculatively, it is eminently satisfactory from the point of view of Investors. Nothing more pleasing could be conceived con-ceived by tho conservative sharo owners, who look to stability of values above everything, than a market gradually creeping forward, conforming quloll- and cautiously lo the course of general business busi-ness developments, and containing the loast possible element of that speculative Inflation which Invites violent and destructive de-structive relapses. The strength of tho present Wall street situation is not that there aro many new buyers, but that there are so few who caro to sell, even under the temptation of advancing prices. As the great bulk of the security supply Is held solidly In this way. largely as a permanent Investment, it is easy to understand un-derstand why stocks go up easily on vcit small purchases and why they go up more readily than down. This technical aspect, which is one of decided strength, fits In at tho same time with all sensible judgment regarding outside conditions. Business throughout the country, although far from uniform in Its movement, has for the last two months been steadily on the up grad In such representative Indutsrios as steel, copper und dry goods there has unquestionably unques-tionably been an Important gain in new orders since the supremo court decisions in May. Railway earnings. If they still aic in most Instances below tho big totals to-tals of last year, arc making much better bet-ter comparisons than they were last winter, and this Is practically true In. ' regard to the net receipts Bank clearings, clear-ings, which are another broad reflection of" trade activity, likewise show a substantial sub-stantial improvement over six months ago. and for the Inst few weeks have been running close to last year's totals. Three things can therefore bo positively said of current business: First, taken all In all. the country's Industries are well employed; the trade volume Is a good way from the high level of boom times, but by Itself, and not relatively. It Is large. Secondly, as already noted, business busi-ness Is on the Increase: all the recent statistical records of production and consumption, con-sumption, and for the most part the rallwav traffic statements, make this clear " Thirdly, tho Increase bids fair to continue, provided no really serious accidents acci-dents overtake the crops. Investors see In all this an assurance that dividends will continue to be paid as they are Indefinitely and that any crreat depression in market values is un-llkelv. un-llkelv. Thev compare the dividend return" re-turn" on their stocks with the prevall-n-rateF of 3 to 31 per cent on long-time money and see equally III tie reason In thlH direction why they should convert their securities Into cash- Altogether, the motive to soli even at advanced prices Is not yet here. There Is a better look to things In the business world. A cheerier sentiment has expressed Itself in financial circles. Nature hns done her part in promoting this chance; she may be relied on to continue tho good work unlll (.he crops are harvested and the proceeds banked. New York Produce. By Associated Press NEW YORK, July 22. Flour steady, with buslnoss slow; soring patents $4.10 S'5.15; winter straights, $3.50!ftVi.lO: winter win-ter patents. S4.20tfjH.50; spring clears, S3 75tfp4.10: winter extras No. 1, $3.35tf? 3 50; 'winter extras No. 2. S3.15tf7i3.25; Kansas straights, $4 10(?H.25: receipts, 20 7G5; shipments. 5797. Wheat Snot firm. No. 2 red. 9Uc elevator ele-vator and 923 f. o. b. afloat . No. 1 northern north-ern Duluth, $1,091 f o. b. afloat. Futures Market Persistent complaints of black rust in tho northwest again sustained the wheat market todav In tho face of a light trade Closing nrlces wore c higher: high-er: July closed at 92j!c; September closed at 933c; December closed at 973c. Receipts, Re-ceipts, 153,900; shlnments. 51,509, Hops Firm; stato common to choice. 1910 crop, 290)32c; 1909 crop. 20(g22c: Pacific coast, 1910 crop. 2803Oc; 1909 crop, 18tf?21c. Hides Steady, Central America, 20c; Bogota. 21!o22!c. Petroleum Steady; refined N Y. bbls.. $7.25; reflnod N. Y bulk. $3.75: Philadelphia, Phila-delphia, bbls.. $7.25; Philadelphia, bulk, S3.75. Wool Domestic fleece, 27tfJ)28c. Raw Sugar Strong: muscovado, 89 tost. 3.8Gtfji3.98c; centrifugal. 90 test. 4.36((?4.48c: molasses sugar, S9 tost, 3.Gift 3,73c. Refined Sugar Steady; out loaf. 6 U5c; crushed, 5.95c; mould A, 5.00c: diamond A. 5.25c; confectioners" A, 5.10c; cubes, 5.50c: powdered. 5.10c; gramiluUU. 5.25c; diamond A. 5.25c. No. 1, 5.10c No. 2. 5.05c: No. 3, 5.00c; No. 4, 4.95c; No. 5. 4.90c: No. 6. 4.85c; No. 7. -I.SOc; No. S, 4,75c; No. 9. 4.70c; No, 10. i.G5c: No. 11. 4.60c; No, 12, 4.55c; No. 13, 1 50c; No. 14, 4,50c. Evaporated Fruits. By Associated Press. NEW YO'RK, July 22. Evaporated apples, ap-ples, very firm; spot, fancy, 17tf7jl8c; choice, 10c; good to prime, nominal. Prunes, ciulet. irregular; quotations range from OtfJllGc for Callfornlas mi to 30-40s and USCl-lSc for Oregons from SOs to 30s Apricots, quiet but steady; choice, 15c; extra choice. 151tfj)10c; fancy, 10itfM7c. Peaches, firm on the light offerings from the west; cholco. OfffllOc; extra choice. lOiSfllogc; fancy. lltfj'UJc Raisins, quiet and firm; looso muscatels, musca-tels, GltfV)7c, cholco to fancy seeded, Sw 9c: oecdleti3, 5l!803c; London layers, $1,40 1.45. St. Louis Wool. By Associated Presn, ST. LOUIS. July 22. Wool Unchanged; Un-changed; medium grades, combing and clothing. 18(y20!c: light fine. f17tfDi9c; heavy fine, lltfi'loe; tub-washed. '-'SlUOe- |