New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-09-26
HONEY AND BUSINESS.

ton tend to discourage commitments lor
the future in the business world, but IN
industrial and financial circles there Is
feeling of confidence that betterment
in all lines soon will develop. Day TO
day business is heavy, owing to the re-
uuirements OF our large population, ana
if it were not for the uncertainty over
the outcome of the current confused po-
litical campaign and over the final dis
position of the railway rate agitation
there doubtless would be little hesitancy
on the part of consumers in placing
large forward contracts especially as
harvest yields promise to increase our
material wealth to an enormous extent.
Underlying conditions are not weak, but
increased strength would be added by
liquidation in the commodity and labor
markets New wealth produced this
year from the ground will reach. it is esti
mated, the heavy total of $S5O0,O0O,0 900,
and as the prosperity of this country is
predicated upon the returns of the farms
there should be no uneasiness over the
course of business affairs after present
uncertainties have been eliminated.
Senseless attacks upon railroad prop
critics by state legislatures are growing
less popular, while holders of railroad
stocks are beginning to realize that their
equities will be protected by the courts.
Speculation in stocks is inactive for
the same reasons that are retarding
business growth, while a better demand
for mortgage securities is reported. The
latter may either be interpreted as an
accompaniment of trade reaction, when
idle funds generally move into solid
bonds, or as an indication of apprecia-
ton by investors of the opportunities
offered for the purchase of high grade
issues at bargain prices. AS rule ex-
panding transactions in the bond mar
ket foreshadow a resumption of &C
tivity in stocks. and are generally con-
sidered a forerunner Of increasing bust
ness operations. Although at this time
of the year il is not safe to count upon
a long period of ease in money the
character of the current inquiry for ac-
commodation does not suggest the de-
velopment of higher rates in the i'm
mediate future, Notwithstanding the
fact that bank reserves are none too
large to meet the interior crop require
ments in the coming weeks. Indeed,
the light demand here has forced the
banks and other leading institutions to
lower their quotations on all time
maturities. The easier tone, however.
in the collateral loan market has not
helped commercial paper, few offerings
being absorbed at less than 6 per cent.
Foreign discounts appear to be tending
toward higher level, and the refusal of
bills Of lading without an American bank
guarantee may cause complications in
the sterling exchange market.
Prices for finished steel products. with
the exception Of rails. are we'll under the
levels prevailing earlier in the year. and
while there has been some shading of
quotations in recent weeks by small con-
Germs the larger producers do not in
dorse the rumors Of a wide open cut"
that apparently are being circulated for
stock jobbing purposes When the open
market policy was adopted in February,
1909, absence Of buying orders was due
to the high price policy then pursued by
the manufacturers, but at the present
time quotations are low and the lack of
buyers, according to trade authorities.
is owing to conditions outside of the in
dustry itself. The Iron. Age" scouts
the idea OF impending decentralization in
the trade. The railroads are not active
factors in the market for iron and steel,
h1It their a Inc
them heavy buyers just as soon as thew
can secure definite understanding re-
garding the rate question. Copper mar
ket conditions appear to have turned for
the better. More of the metal appar-
emily is going into consumption than is
coming from the mines, with all indica.
lions pointing to a heavy reduction in
surplus stocks in the next three months
The statistical position of the cotton
market is strong and speculation for fut-
ure delivery is more active at advancing
prices. Warehouse stocks are low and
receipts are small while an increased
demand is reported at the South from
representatives Of European and do
nestle spinnerS A heavy crop is not
looked for, and spinners and spot dealers
are taking advantage OF all recessions
in prices to accumulate the staple. The
cotton goods mills are not taking heavy
orders at prevailing prices. although
manufacturers are quite confident that
the actual requirements of consumers
soon viii be reflected in much heavier
demand at advancing figures. Spot QUO
tations are higher than mill prices. and
the disparity doubtless will be adjusted
by higher manufacturing levels rather
than by a decided reduction in the cost
OF the raw material. Present demand for
drygoods is chiefly for immediate wants.
Large visible supplies of wheat have
little effect upon the market for futures.
and at -four mills there is no sign OF
material concessions in quotations. Corn
is weaker. with the outlook favoring a
crop in the neighborhood of 5000. OO0. 900
bushels, the value Of which will exceed
that of the wheat and cotton crops com
bined and supply a tremendous increase
in the purchasing power of the West that
must be reflected in all our industries.
|
~ day or two now we shall know
= hi e or not the Constitution is so
much waste paper and whether our rep
resentative system Of government is