New-York tribune., 1910-03-07
lfnN-EN ANU RISINESS.

securities, but Improvement - iVP"i' 49,
in the inquiry from investors, with cur
rent indications pointing to much bet
ter market for railway mortgage issues
in the near future. Local bankinGSlouses
| find a more favorable attitude on the
part of foreign capital toward our high
grade bonds, especially for new offerings
! by prominent transportation companies,
and they are looking forward to a move
ment OF European money into American
investment channels in volume large
enough TO offset to a material extent this
country's adverse position in interna-
tional trade. The financial market has
not been upset by labor troubles and
threats of further strikes. owing, no
doubt to the belief that there will be no
widespread disturbance in Industrial and
railway circles, where, as rule, sentl-
ment among employers and employees
faVors the adjustment OF differences
through arbitration, reflection of which
is found in the action of the management
Of the Baltimore & Ohio Railroad in APP
peaIing to the Interstate Commerce Com
mission to settle the dispute between the
company and it's men over the question
of increased wages. Other roads doubt
less will adopt a similar policy.
Professional operators in the stock
market are working for higher quota
tions, and the substantial banking inter
ests are not opposing the movement. AL
though prices for the leading shares,
on the basis of averages, are more than
eight points above the low points of the
year, there arc many good reasons for
further improvement, the relative ease in
money, the fundamental strength Of un
derlyng conditions and the multiplying
signs of growing business activity sup
plying bull arguments that are not weak
ened by few adverse features which
contain no element of permanenCy. Rates
for money have changed little i'll re
cent weeks, but conditions affecting the
market apparently foreshadow a higher
range of loan quotations. particularly as
the spring planting season, with It's usual
demands upon the, banks, is approaching
Stronger discounts in London and an ad-
vancing price for sterling exchange may
lead to gold exports from the United
states to Europe, while il is quite likely
that a resumption of shipments of the
precious metal from here to South Amer
iCa will soon be inaugurated as Il conse-
quence of London's obligations in Ar
gentina and Brazil. the settlement of
which can be effected through London's
credits in the local market
The New York banks are in d stronger
position than they were at this time
last year, but the same thing is not
true of the interior institutions which
have increased their loans TO an enor-
nous extent in the last twelve months
If any trouble develops in the West as
a result of land booms, irrigation pro-
jects and the extensive holding back of
grain on borrowed money, this centre
will be called upon to do some active
financing. Industrial conditions - are
growing stronger as the season ad-
Vances, and while the current volume
of business is lighter than that re-
corded in the closing months of 1909 the
figures of bank clearings and railroad
earnings bear eloquent testimony to the
tact that mercantile affairs are making
unusual progress for this period of the
year. In the month of February bank
SANiidIIotS CT ctlI E4llS5 SilONtu gam
Cf 16.J per cent over the same time in
1905 and a gain of almost per cent
over 1906. while railroad gross and net
receipts for January and gross for Feb
ruary met for the latter month not vet
received for the larger number of roads
were far in excess of the returns of
the year before. in spite of adverse
weather conditions.
Buying of finished steel products is
increasing, and trade interests predict
that before the close of the current
month the average orders of the United
States Steel Corporation, which controls
about ~ per cent Of the steel industry,
will amount TO 10000 tons Il day Speci-
tications for Steei are heavier than had
been recently reported The diSappear-
ance of the extremely cold Wea ther has
brought about improvement i'm the de-
nand for structural material, while a
noteworthy increase in the demand for
materials used by the railway equipment
companies is reported, the fact being due
to the larger orders placed by the rail-
roads for rolling stock. According To
authorities in the iron trade the volume
of pig iron inquiries now being received
indicates that large orders will soon be
placed, though some consumers are
holding off in the hope of lower prices.
Decided enlargement of demand from
users of copper is marked feature of
the metal markets. Prices are firmer
and buying for export is heavy, the for
eign movement apparently being due to
legitimate trade conditions rather than
TO speculative considerations.
In the drygOods market retailers re-
port q moderately active trade for this
season of the year and are increasing
their stocks in expectation of an in
creased spring and summer demand.
Prices at Fall River are slightly lower.
but the general range of quotations
presents little change. Speculation in
cotton futures shows an expanding
tendency at higher prices, the upward
movement being due to better spot
demand and TO indications of increas-
ing exports of the staple The statis-
tical position of cotton is buTlish, but
many operators believe the curtailment
policy at the mills here and abroad
will eventually bring about lower fig
ures Reports of winter wheat killing
are too cNtravagant To bc impressive
Price movements are irregular, with un-