New-York tribune., 1910-11-07
MONEY AND BUSINESS.

/
not warrant pessimism over the 4uIOio
course of trade. The very facL Iii4' IN
provement in the volume OF cofniirVr 0'''i
transactions is slow at time "hoii
money market factors do not favor raplo
! expansiOn in forward commitments
while merchants and manufacturers
show extreme caution in all new unuer-
+alrinqs tends tn insure stability in our
industries and TO pave the way for pro-
gressfve betterment in the months 10
come Day to day business is active
and inquiries involving deliveries III 1911
are slowly unfolding. especially IN the
metals trade, with the indications sus
pesting that lust as soon as the money
used for crop financing returns TO re
sarve cities there will be a substantial
gain in general mercantile operations.
Railroad gross earnings are heavy. ana
while net returns make a less favorable
showing surplus available for DIVIDENDS
is in excess of requirements. Bank
clearings are growing, October totals Iol
all cities presenting an increase OF
per cent as compared with the same time
last wear: commercial failures are small
in number. contrasted with those re-
ported at this period in the last three
wears. and a steady decrease in the num-
ber of idle freight cars is noted
Stock market movements continue TO
reflect a confident feeling in financial
circles regarding the course Of money
and business in the new year, but as
h,t I'D
10 TO % points above the low levels Of
the summer coming Improvement in our
industries already has been discounted
to a material extent by Wall Street At
the moment money market conditions
are not in favor of active operations for
the rise on the Stock Exchange, and IL is
quite conceiva BILE that efforts on the
part of spectators to bring about an
aggressive bull speculation in the clos
ing months of the year will be checked
by loan market developments. Bank re-
serves are low and loans are heavily In
excess of deposits, the latter presenting
a weak feature that should be remedied
by the liquidation of loans against spec
ulatfve accounts. Rates for both call
were a. week ago. with the outlook favor
ing stiff quotations for the rest of the
wear. while commercial paper quotations
practically are almost at prohlDltlVe
level for the ordinary mercantile Dor
rover. Merchants who borrow on COM
7uerciaI paper may as we'll make up their
minds however. that they will not he
n q
low 544 per cent for a long time to come.
Sterling exchange here is lower, and
financial conditions in London have i'm
nroved to a degree that leads to talk Of
gold imports.
our merchandise export trade Is I'M
uroving, but this country is not yet In
A position to secure gold abroad except
in the form Of loans or for securities sold
TO foreigners. The turn of the tide In
our foreign commerce. nevertheless, Is
a welcome development that eventually
will have a most important bearing upon
our general financial markets The re-
tail trade i'll drygoods shows a moderate
increase. Manufacturers of cotton goods
are not accepting future business at
cotton, and as the season advances
h11yers evince a greater disposition 70
accent the view of the mills that the
staDle will sell for 13 cents or better
throughout the present crop year. Spot
cotton is higher than the quotation on
futures. and goods being sold to-day
represent little if any profit, a feature
In
consumers Of a long period Of stiff mill
figures. The demand for most lines is
more active while for woollen and
worsted goods the inquiry also shows
Improvement. Speculation in cotton fut-
ures is active on an irregular price
movement. caused by conflicting esti-
mates of the total crop yield. which run
from Il. 100000 bales to 13.0O0.00O bales
The grain markets are easier, and lower
quotations both for wheat and corn are
looked for Wheat is selling 20 cents a
bushel under the high price Of the sea
son. and as a consequence a better eX-
mort demand is reported, shipments last
week showing a gain of 100000 bushels
over the week before. 1t is believed that
the new winter acreage VIII pe tuS
largest ever planted.
In the month just closed the business
in foundry iron was larger than IN any
preceding month in the current year on
declining price levels. Steel making iron
is lower. but prices for finished products
are maintained on d firm basis. with
concessions only by a few unimpOrtant
mills on bars. wire products and struct-
,1raI materials. The railroads are be
ginning to figure on their rail require
uents for 1911, and already moderate
sized orders have been placed. with in
dications pointing to contracts on sev-
eral hundred thousand tons before the
end Of the year Untitled orders of the
Tinted States Steel Corporation for the
month of October will show a decrease
in the statement that will be issued next
week. but if new business now pending
develops into orders October will record
th, end Of the long period of shrinkage
i'm the iron and steel industry. Condi-
tiUns in the trade are far stronger and
much more promising than they were
a few weeks ago, and the fact that the
railroads must soon come into the mar
ket irrespective Of the outcome OF the
rate controversy encourages "a most opti-
mistic sentiment in financial circles on
the steel securities Copper prices are