New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-10-10
MONEY AND BUSINESS.

cidadIv nntinistic over the future course
If trade. in spite of irregularity i'll most
lines and statistics that show general
| falling off in mercantile TRANSACTIONS
! throughout the country. Industrial op-
erations arc retarded by unwillingnesS
on the part OF buyers to anticipate
future needs, but there is no evidence OF
! underlying weakness or disposition
| among producers and consumers TO &C
cept the decline in Septembers opera
lions as a forerunncr of prolonged de
pression. Current uncertainties that
| tend to restrict forward commitments do
| not contain clements of danger to the
! business world. They merely involve
the question of the possible readjust-
ment of affairs to new conditions, as,
for instance, in the event Of Supreme
| Court decisions against corporations in
| cases now pending, which would involve
| reorganization OH a different basis The
business community is marking time so
| far as making engagements for the
future is concerned, but day to day
| transactions continue relatively heavy,
! with some improvement in the distribu-
! ton of goods, particularly in certain de-
| partments of the cotton goods market
| Effects of trade reaction are found
i'll lighter bank clearings and increased
commercial failures, although neither
| factor presents reason for uneasiness.
| In the financial markets price move
ments reflect growing confidence in the
| theory that general betterment i'll money
and business is not a matter of the dis
tant future, and 1t is a noteworthy fact
| that interest in investment securities
which always precedes d change in the
! tide of industrial affairs is slowly de
| veloping. The foundation apparently is
being made for growing appreciation i'll
! Stock Exchange prices. which recently
| have enjoyed moderate Improvement
and while in some quarters it is believed
| that a sustained advance will start from
| q lower level, it is maintained that CAPT
tai invested at prevailing quotations
eventually will show substantial profits
| At the moment money market condi-
tions are not i'll favor of all active specu-
| lation on borrowed funds Bank re-
| serves are low, currency is still moving
from this centre to the interior, sterling
exchange does not hold out the promise
of gold imports and the federal Treas
| ury is not in a position to extend as
| sistance to the local market. Quiet
| speculation at this period and an alb
| sence Of flotation of new securities. how
| ever, practically eliminate the posi-
bility of monetary disturbance Cur
| rent demands for funds are light, and,
| with the exception of those for COM
| merclal paper, loan rates are COMPARE
| lively easy.
Speculation in cotton futures is more
active than recently reported, and prices
have advanced materially on buIlish re-
ports from the South, lighter receints
and government figures showing a de-
cline of points in the last month in the
percentage condition of the crop. 1t is
| practically conceded that the WELD will
not exceed 100000 bales, while in tho
| event of carly frosts the total harvest
may be nearer 100000 bales, which
would insure another year of high prices
TO consumers. The demand for spot cot
| ton is more active and the needs of tho
cotton goods market are increasing.
| Jobbers throughout the country report A
steady inquiry from retailers for all
| classes of staple cottons, but the diff
ference between the cost of the raw ma
terial and that of finished goods leaves
! little if any profit for the manufacturer.
Curtailment at the mills is still IN force
and is likely to continue until buyers
are willing to come into the market at
better prices for the producers Wheat
| IS firmer as a consequence of damage to
the crop in Argentina, lighter receipts
and a declining tendency in the worlds
visible supplies, while the price of corn
| shows an easier tone under the pros
poets of a 100000, 900 bushel crop The
demand for flour shows some improve
ment, but there is no disposition among
dealers to buy heavily for future re-
quirements.
In the iron and steel trade, as i'll many
other lines of business, sentiment is
more confident, with a corresponding
change in the volume of new orders.
Tho United States Steel Corporation is
producing far under capacity. and the
same thing may be said of Independent
concerns, but the best Informed men in
TIE tidIt DtiltNt llitt TIC htAt ttietiAbt
will be in the direction of increased or
ders and higher prices. Pig iron produc-
ton I'm September amounted to 2O04,2I
tons, a daily average of 6S.41G tons,
against 1860 tons in the preceding
month, and. in view of the fact that
there was no increase in the demand
for the product. the gain in output can
hardly be considered "a favorable indi-
cation of better quotations. The rail-
roads are not factors in the market for
finished steel materials, but their needs
arc rapidly accommodating. For wire
products the demand is heavier than in
any other part of the market. Copper
Is stronger, and the statistical position
Of the industry shows marked improves