New-York tribune., 1910-02-14
MONEY AND BUSINESS.

lin. and to some extent high grade stocks
from which the buyer may now secure
n satisfactory income yield. few
turned less than the money market cost
Of carving them. To-day dividend pay
ing shares carry themselves. with no in
dication of an immediate change in this
respect though the present tendency OF
prices appears to be in favor of some
what better levels. The decline in the
stock market has seriously crippled
many operators who bought securities
on borrowed money at the high figures
of 1902. and to small degree sentiment
in business circles has been adversely
affected by the manipulation of recent
weeks. but fundamental conditions have
not been weakened, nor Is thefe any
suggestion in industrial quarters OF an
important trade reaction. The general
financial outlook is most promising.
Liquidation In the stock and commod-
ity markets has released large amount
of money. The banks are IN strong
position to handle the demands or the
business community and of Wall Street,
and it is quite probable that at no re-
mote period the inquiry from merchants
and manufacturers and from corpora
tons desiring to increase their capital
obligations will be heavy enough to bring
about frmer rates for accommodation.
At the moment money is easy the world
over. Quotations here arc higher thah
they are at the European capitals. Whle
foreign exchange is moving more III
favor Of this centre, owing to the IN
vestment of European funds in our rail-
way shares and mortgage issues IN
view of our falling export trade. when
for the month of January showed loss
In shipments of domestic products of 70
per cent from the same time last year
and IS per cent from 1908. it is ex-
tremely gratifying to be able to report
n movement of foreign capital into
American investment markets
In the general trade situation there is
TO indication that the extensive decline
in securities prices bears any relation to
future business prosperity Reports re-
ceived by the commercial agencies cov-
ering all parts of the country are some
what conflicting and reflect some IT.
regularity in industrial movements,
hut Inea sured by bank clearings and
railroad earnings the actual volume of
trade is larger than at this time last
year and in 1906. when mercantile &C
tivity was pronounced. Improvement III
clearings is not confined to cities where
speculation is an important factor III the
operations of the banks. exchanges out
side of New York last week. for instance.
showing a gain of ii per cent over 1909
and II per cent over 1905. In the dry
goods market the attendance of buyers
is large and operations are being con-
ducted upon a conservative scale. The
primary cotton goods situation shows
little change. Trading Is moderately &C
tive and prices continue to rule at a firm
level.
Speculation in cotton futures presents
increased activity on the part of opera
tors for tho rise, who find in the i'm
provement in the spot market in this
country and in Europe reason for higher
prices. Spot sales at Liverpool have
been heavy. with an enlarged demand
for the Continent while in this country
the amount of business passing in the
cotton goods market suggests growing
demands for the raw material. Never
theless the larger interests on the Cot
ton Exchange do not look for another
period of great bull speculation in the
current year, especially as the short
crop of 1909 means an extensive en-
largement of the acreage in 1910, Cash
premiums for wheat are being main
tanned. and options recently have ad-
vanced on adverse weather reports from
the winter wheat belt which have not
been confirmed. Receipts at Western
points are large but the export trade is
still inactive, shipments last week, how
ever, showing n moderate gain over
those of the corresponding time year
ago Transactions in -four are light
owing to the deadlock between buyer
and seller over the question of prices.
Expected activity at the mills OF the
United States Steel Corporation in the
spring and summer is reflected in the
purchase by the concern last week Of
fifty thousand tons of Bessemer iron in
the outside market. The operation is
especially significant. as the corporation
has not been buyer of outside iron in
year or more. Representatives Of the
steel companies deny reports that the
decline in stock market prices has been
followed by the cancellation of orders
for finished steel products, and they as
sert that there will be no cancellations
unless the country runs into a period of
Xtraordinary business depression At
no time in the last twelve months has
the outlook for the copper market been
more promising than at the present mo-
ment. The January movement OF COM
modify prices fails to show hoped for
materially lower costs of living as a con-
sequence of the agitation against high
quotations, Bradstreets index number
presenting only an insignificant decline
on February l. as compared with Janu-
ary 1.
Captain Scott certainly has an ex-
ce1tent chance of realizing his ambition