New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-11
MONEY AND BUSINESS.

age the liquidation OF investment &C
counts. but considerations based upon
various uncertainties in the general sit
uation serve TO hold capital back from
new ventures, while the position Of
money and uneasiness over the POSSIBLE
fly OF a Supreme Court decision against
the American Tobacco Company and the
Standard Oil Company restrict specula-
tive transactions to unimportant totals.
The bond market is congested with
mass OF new securities for which at the
moment there is little public demand
and which have had the effect OF de-
sues that may now be bought to return
fair income on the investment, though
the Yield is not large in comparison with
the cost OF living, which is becoming
more OF a factor in the financial markets.
Shipments OF gold from New York TO
London are telling on the resources of
the local banks. a reflection of which is
found in higher rates both for call and
time accommodation. We are exporting
gold at a period when we need the metal
at home. and we shall remain In this de-
fenceless position until this country has
a central institution which will be able
to regulate the money market and pro-
tect our supply o. gold coin and bars.
Our antiQuated bond secured national
bank note circulation now stands at the
highest figures in the history of the
country, showing an increase since Janu-
airy of upward OF 100000 against net
shipments of gold in the same time of
more than a12.OO0.0oO. and 1t is con-
ceivable that IL this imitation continues
| serious trouble will develop in money
and business In the United States, es-
pecially as this imitation has encouraged
excessive speculation in land, including
irrigation projects and various PROPOSE
lions OF doubtful character. Current
conditions favor higher quotations for
loans. IN spite Of the inactive demand
for accommodation from Stock Exchange
interests, and In the event of further
heavy Withdrawals Of gold for London
the banks may be compelled to reduce
their loans to an extent that would
cause heavy liquidation OF outstanding
stock market accounts
Dahh CiearulRs arc nedVy and rail-
road earnings continue to improve, but
trade reports, nevertheless, show irregu-
larity, with moderately active Industrial
movements In the East compared with
record business IN the West. Jobbing
and Wholesale trade, except In sections
whore weather conditions are especial
ly favorable, Is somewhat lighter than
has yArar4fxy
whole the course of our industries IS
marked by greater activity than at this
time in either 1900 or 1905. comparison
with the latter year being particularly
significant, as in that period business ex-
pansion was most pronounced. In the
textile market high raw material costs
induce conservatism in buying. The pri-
mary drygoods markets are quiet and
| uninteresting. Exports OF cotton goods
to the Philippines have increased mate
rally. and since the enactment Of the
present tariff regulations shipments have
amounted to 2O.OOO.OOO yards. against
100000 yards IN the corresponding
| time in the two preceding years
Speculation in cotton futures Ia now
D
time since the first week In January.
with prices apparently slated for lower
levels. Beneficial rains in Texas have
broken the prolonged drouth IN that
state, and recent fears that this years
crop would be as light as that of 1909
have been dissipated. Spot buying is
fair, but curtailment at the mills con-
tinues. The export movement is light,
and up to the close of March official fig
ures show shipments since last June of
approximately 100000 bales, at a val
uation of S350.00O,0o0. against 1876, 5S2
bales at a valuation of 1858, 079, 2S3 in
the same time in the year before. Sep
TENDER wheat went below 102 last week,
the lowest price in long period, and
July also declined, though firmer ten
dency developed following the appear
ance OF the governments report showing
n deterioration in the condition Of win
ter wheat Of 10 points since December
Authorities estimate that on the in
creased acreage at a percentage condi-
ton of so the crop will yield only a little
less than last years harvest. The pres
ent health OF the plant is better than is
shown by the federal report. which COW
ers condition as of April l. Since then
the winter wheat belt has been visited
by copious rains.
Consumption of iron appears to be in
creasing New orders for finished steel
products are heavier, and II is estimated
that those received by the United States
Steel Corporation since the middle OF
March have averaged close to 5000 tons
q day, or from 500 to 1000 tons a day
above production. The output Of pig iron
In March was at the daily rate of "A, 1863
tons, against S5,616 tons in February
and 81 14S tons In January, the slight
decline in March from February not be-
ing considered an indication OF material
curtailment in production for the rest OF
ures for the last month suggest that
production has about reached its limit.
implement manufacturers are placing
good sized contracts and orders for
structural steel materials are increasing.
Conditions in the copper trade are not
so satisfactory. and the increase In the
visible supply in the last month OF more
than 100000 pounds does not encour-
age the Idea OF higher prices for tho
metal in the immediate future.
-D