New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-25
MONEY AND BUSINESS.

specifically unfavorsble bearing on
stock market prices At the same time
there has been no radical change in con-
ditions governing the underlying value
Of American investment securities. and
according to the freely expressed opiH-
ions of representatives OF large business
enterprises there is nothing in prevail
ing fundamental factors that need cause
apprehension on the part OF capital
There is reported. however. a falling off
in certain branches of the country's in
Gustrial activities as compared with the
volume Of business In the closing months
of 1909. but the best informed observers
OF current business tendencies do not
expect q widespread reaction. while
they believe that in the course Of the
next few months greater strength will
be impaired 10 the situation They point
to the fact that the United States Steel
Corporation and independent steel max
ing concerns and railway equipment
companies are operating practically to
their full capacity as an adequate refiec-
ton OF the substantial character of basic
conditions. and they find in the current
position of the steel trade ample areu-
ment for the assertion that pessimistic
forecasts OF the future OF our Industries
are not founded on an intelligent anal
ysis OF controlling Influences.
The movement Of general merchandise
is lighter than recently reported, owing
to the tendency on the part of merchants
to buy for immediate needs only. on the
well founded expectation that later in
the season prices will rule at lower
levels. Sentiment among merchants
over the future OF business is optimistic,
and many of them do not hesitate to
state that after price readjustments have
been effected jobbers and retailers will
load up heavily with goods. in the conf
dent belief OF a record fall and winter
trade. Business In the West shows
greater activity than in the East, but IN
well Informed quarters II is contended
that the enormous expansion In hank
loans at Western cities and the over
lead to a reaction OF some extent, with
a subsequent development Of healthier
conditions. especially II the years har-
vests turn out as bountifuliy as the
present progress OF the crops suggests
Pig iron prices have been moving toward
q lower level for many weeks, not be-
cause Of adverse developments in the
steel industry. but owing to a produc-
ton that has been in excess Of the needs
OF the mills and foundries. Merchant
furnaces have decided to curtaiI produc-
ton. which after a time will serve to
bring about a stronger market for iron
The copper market continues to reflect a
disposition on the part of consumers to
buy for immediate requirements only.
Liquidation in stocke and commodities
has maintained local rates for money at
relatively easy level in the face OF
heavy shipments of gold to Europe At
the moment there appears to be little
prospect OF materially higher loan quo
tations at this centre. while all indica-
tons point to the development of a bet
ter situation In London. a reflection of
which is found In the marked improve
ment in the Bank OF England's proper
ton Of reserve TO liabilities and the abil-
fly Of the British capital to draw gold
from new OIk ana 10 Iue DurOen
OF supplying other parts of the world
with the metal to the United States as
a consequence OF this country's unfavor-
able position in foreign trade and OF a
currency system which furnishes no con-
troll over our gold holdings. The money
market here does not lend itself at pres
ent TO the drawing of finance bills. and
the transfer Of European capital 70 New
York In the next few months Is likely
to be confined 10 small totals. The mer-
camille demand for money is better I'm
the West than II is in the East, and
at Chicago commercial paper cannot be
marketed at less than Az per cent
Leading bankers look for tight money in
the autumn.
In the cotton goods market retail mer-
chants are reported to be restricting
their stocks TO a greater extent than was
recently noted. and the general trade con-
tinues TO move under the influence OF
the raw material situation. The outcome
OF the efforts of the federal government
to find whether or not a conspiracy to
advance cotton prices in restraint of
trade Is actually III existence IL DelnB
watched with uncommon interest in the
cotton and other markets, but fortu-
nately the Street no longer interprets
the action of the government as a move
against the useful and necessary dealing
in futures and options. Curtailment at
the cotton mills continues. and I'm connec-
ton with this il is interesting TO note that
spinners at Greensboro. n. C, represent
ing one million spindles have decided to
run twO-thirds time for the larger part
Of the old crop year. July cotton, which
Is considered the key TO the speculative
situation In the old crop. is now quoted
more than one cent a pound under the
high average of December. and the pres
ent price OF cotton for delivery In July
is practically more favorable 10 the con
sumner than at any time since the he
ginning OF the cotton year. Wheat Is
lower: also flour, but In the fiour mar
ket sslez are confined to small totals.
owing TO the hope OF further declines.
In authorizing the State Board OF
Health TO limit the use Of common
drinking cup I'm such places of resort as