New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-02-28
HONEY AND BUSINESS.

Stock market prices are at a level we'll
above that recorded in the first week Of
the current month, but the Improvement
fails to attract an active outside specu-
lative demand for securities Confidence
in Wall Street, however tends to increase,
and in banking circles less uneasiness is
felt over the outcome of pending suits
against corporations. while some degree
of encouragement over the prospects for
an active foreign inquiry for American
investment securities is reported. Europe
is exhibiting more friendly attitude
toward our high class stocks and bonds,
and local capital is moving more freely
into gilt edged mortgage issues. Alb
sence of aggressive speculation is not an
unfavorable factor With the approach
of spring greater activity may be looked
for. with gradual appreciation in prices,
especially as conditions underlying the
intrinsic worth of securities are sound
and suggest the development of In
creased industrial activity at no distant
time. In the larger number of instances
stocks are quoted on basis that returns
a satisfactory investment yield ref1ec-
ton of which is found in steady de-
mand from actual buyers.
Money is easy, but about 1 per cent
higher in ali departments of the market
than it was at this period year
ago. Although the inquiry for funds for
use against speculative commitments is
light. the movement of money into mer-
camille loans is increasing, particularly
at the interior. where the needs Of mer-
chants and manufacturers are growing
at a rate that ought to silence the pessi-
mistic forecasts made in some quarters
regarding the course Of the country's
general business activities. At this time
in 1909 the money market entered pc
riod of ease and stagnation that lasted
until September Present indications Go
not point to similar conditions IN the
current year. despite the low Levels now
prevailing at this centre. Money is
higher at ut-of-town points, and do
nestle exchange is tending against New
York, the latter being shown in lncreas-
ing shipments of currency from the East
and decreasing receipts from the West
and South Ease in loan quotations
abroad and the difference between rates
d
encourage the placing of foreign loans
here through the medium OF the sterling
market which continues to reflect our
adverse position in foreign trade and
large European credit balances in the
United States.
Measured by bank clearings and rail-
road earnings. the volume OF business
throughout the country is large and well
in excess Of the records reported at this
time last year For all cities exchanges
through clearing houses last week
showed a gain Of almost per cent and
for the first three weeks of the month
gain of 10 per cent over 1909 and Z per
cent over the prosperous corresponding
season in 1906. The increase outside
New York has been pronounced, amount
ing in the week just closed to II per
cent. against only trifling gain here.
Railroad earnings show well main
tanned movement of traffic, total gross
for the first two weeks in February pre-
senting q gain of 10 per cent AS com
pared with the same time in 1909, the
Improvement being particularly signifi-
cant in view of the fact that a year ago
the transportation companies were not
bothered with adverse weather condi-
tions. Intense cold in some parts of the
country has retarded the spring jobbing
trade. but the commercial agencies new
ertheless state that distribution has kept
in advance of last year, with distinct
gains at many points.
Merchants are conservative in the
matter OF orders for future delivery
especially in cotton goods. where irreg-
uarity continues as consequence OF
unsettled conditions in the market for
raw materials. The Fall River mills
have decided to curtail production one
Gay week, and the manufacturers hope
that their action will tend to bring about
d more satisfactory situation in the
trade. Speculation in cotton futures has
boon more active at generally lower
levels, declining prices being based mere
on conditions in the spot market than
has been the case, and on the well de-
fined theory that technical and actual
factors cannot be depended upon to bring
about another bull movement this wear.
especially all indications point to a
tremendous increase in acreage for the
new crop. Spinners continue to buy raw
cotton only from hand to mouth. VIM