New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-05-16
MONEY AND BUSINESS.

Financial markets show Improvement
as consequence of large sales of
American securities abroad, which for
the present, at least have served to cor
rect adverse conditions in the foreign
trade and sterling exchange situation
There is. however. no active response in
the local investment market for home Sc
curities to the successful efforts of our
bankers in inducing foreign purchases of
new mortgage issues of some of the
leading railroad companies. and from
current indications no great activity
either for investment or speculative ac-
count may be looked for in the imme-
diate future. It is quite evident that the
offset to our adverse position in foreign
trade produced by the offering of secur-
ity bills in the exchange market will not
maintain sterling rates at low level for
any length OF time. unless such offerings
increase in volume. but the progress of
the crops in this country holds out the
hope that our exportable surplus in the
autumn will be large enough to bring
about a natural change in the trade bal
merchandise continue heavy it is en-
couraging to note that exports of wheat
and manufactured articles are growing
and that the excess of imports over ex-
ports in the month of April amounted in
value to only sS53,620
A more cautious policy in the matter
of bank loans has developed in the West
hi
amined, though the inquiry for accom-
mediation is not heavy in either the call
or time department OF the market
There is little demand by the local banks
for commercial paper that yields less
than per cent, and it is noteworthy
fact that while discounts on from four to
six months bills are quoted at Az to 5
per cent time money loans for the same
period are made at to Az per cent
Measured by hank clearings and railroad
earnings, the general volume of business
is moderately active For the last week
total cIearings at all cities were about 9
per cent under the same time in 1909
the falling off. however, being due to the
lighter exchanges in New York, Boston
anu bdtLtIiOft tiidH " d StLtf oil
decline throughout the country Western
trade reports are better than those in the
East, wholesale activities being especial
iy disappointing in the latter section of
the United States. but according to the
opinions of the most conservative bust
ness interests the reaction contains none
Of the elements of permanency.
In cotton goods purchases both by the
jobbing trade and in the primary mar
kets are light in volume, and the ad-
vance in spot cotton last week to a level
near the highest point recorded a few
months ago has accumulated the I'M
Certainty that has SO long prevailed in
ali departments. OF the cotton goods bust
ness Buyers operations are confined
i'm large part 10 small and fillng-in or
ders. Though curtailment at the mills
continues, IL fails to stimulate trading,
and with the present difference between
the price of goods and the cost OF pro-
duction the prospects for active new
business before the new crop arrives are
not at all promising. The damage 10
cotton by recent storms came too early
in the season to be an important factor
in considerati ons affecting the size of