New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-12-05
MONEY AND BUSINESS

MONEY AND BUSINESS
Reletirely light bank exchanges IN
New York, due chiefly to reduced VOL
ume of business on the Stock Exchange
are responsible in large part for the 1all-
ing off in the country's total clearings IN
the month just closed, and, for that mat
ter. for each month of the current year
since April. when the downward move
ment began Compared with October,
the decrease in November is light. but
las against November a year ago con-
traction of S1.249 1926 is reported
Outside of New York gains predominant,
and losses when shown are small, Pitts
burg and Minneapolis being the worst
sufferers. with declines of and IL per
cent. respectively. The actual amount
of business in the country as measured
by bank exchanges that do not include
speculative operations is large, despite
the fact that heavy forward orders are
not developing. and if comparison OF
present clearings is made with those OIL
this period In the prosperous year Oh
1906 it will be found that our INDUS
tries are far from inactive. Reacuonary
tendencies however. are in evidence
and the era of reimbursement which be-
gan several months ago is moving tow
ard its logical end with the surety OIL
giving birth to sounder and better ousi-
ness conditions.
Reaction and readjuStment do not
necessarily mean acute depression, ana
from the reports received by the COM
rnercial agencies from all parts OF the
United States there is nothing In the
ou+Ioolz that warrants the chorus OF eX-
+remelv nessimistic predictions heard in
quarters closely associated with the
stock market. The capacity OF most
manufacturing concerns is larger IMAM
tho current volume of new orders, put
i'm the case of the larger NUMBER VI
companies capacity has been so neaVhs
increased in the last two years that the
o,narent low percentage of new pusi-
rass 70 canacity loses much of Its sig
nificance General conditions suggest d
ouiet time ahead rather tnan pefioo
Of business disturbance. Joppers repoil
an excellent holiday demand ana retain
trade In staple products shows 1alr re-
sults. with the heaviest business IN the
South and West. where the free market
ing of cotton and grain has released !"
large amount of money aYaildple lor
consumers requirements. Money mar
,-+s If home and abroad present easier
,a+es for accommodation on collateral
loans. sixty-day to six months iiloiieS
being dressed on the market at 4 per
cent while merchants and manulac'u III
are able TO sell their bills at conces-
sions from the quotations recently pre-
oi1ino Mercantile paper, however, Is
st;u too high to encourage an acliNe
,.i,,oss and bank statement hgures
foreshadow higher rates for all loans oe-
fore the end of the monlh-
foundation of overwhelmed sPecula-
two accounts has strengthened the 1ech-
meal position of the stock market Out IL
+ba has- informed quarters further read
7rstr1ent Of prices to lower ieFel Il
looked for, Actual investment buying Is
1iobt INT offerings of new securities OF
representative companies are readily
financed by our leading bankers, VINO are
unite confident of better demand, Win
tho .axrected gradual increase in the sup
NV of idle money in the new year. Spec
rlation in cotton futures is fairly active,
with prices somewhat lower as a conse-
ouence of large port receipts ana more
favorable estimates of the total crop
Weld The general market for cotton
goods is in an unsatisfactory condition,
although there is some Improvement in
the attitude OF buyers, who appear less
inclined to complain of the prevailing
level of prices. An encouraging develop
ment is the improved outlook for an &C
tive demand from the Far East. job
hars, stocks are low. and the fact that
s,,nrsies in first hands are light natural
lv encourages the expectation among the
leading sellers of cotton goods of long
period of firm quotations. Wheat prices
are higher on q better demand from cash
interests and covering of shorts, while a
disposition on the part of the farmers to
hold the grain as consequence of adj
verse reports on the condition of the new
winter wheat crop also is factor. The
statistical position OF wheat and corn.
nevertheless. favors lower figures. New
business In -four Is light.
Railroad companies are beginning to
place rail orders for 1911, but the ton
mage so far announced is we'll under nor
NAL requirements. Doubtless the settle
ment of the rate controversy will be fol-
lowed by more liberal orders from the
railroads. especially If the Interstate
Commerce Commission grants proposed
Increased freight tariffs. but ii does not
apnear likely that new business from the
transportation companies viii reach i'm
nortant proportions before the spring of
1911. Authorities on the steel trade do