New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-03-28
MONEY AND BUSINESS.

ers at the moment. an instance Of which
is found in an analysis of the bids in
the recent city bond sale on which the
awards are made. showing that approx
mately IS per cent goes 10 Investment
banking houses. 81 per cent To banks
end trust companies, 8 per cent to in
surance companies and about > per cent
To individuals. OF the $4,000 900 issue
put out last June. 10 per cent was
taken by private investors In view of
current money market conditions and the
position Of the general bond market the
city received an excellent price for it's
newest issue of corporate stock. and the
fact that subscriptions amounted to more
than four times the total asked for
gives d pretty fair reflection of the will
ingness Of capital To move into invest
ments returning more than 4 per cent.
Speculation in stocks is inactive. and
the market evidently is marking time
pending the April settlements and the
adjustment OF disputes between labor
and capital. The general level of prices
j. about the same as reported month
ago; for the railroad shares I0S points
under the final figures OF 1909 and for
the industrials 500 points down.
Money rates are firm abroad as well
as I'm this country. and in the London
market quotations are above the range
Of local figures, with indications point
ing To another advance I'm the Bank of
England's minimum rate Of discount.
low price Of consols have caused more
or less Uneasiness in financial circles
over monetary conditions at the Eng
lish capital, and. in view of this coun-
try's unfavorabla position I'm foreign
trade. they have suggested the posi-
hiiity Of shipments OF gold from New
York 70 Europe so f5r. however. for
elsn buying OF American securities has
offset the trade balance against us as
an influence I'm the sterling exchange
market The interior is beginning 10
call upon this centre for money in con-
Eecticn with ;he needs OF the agricultural
community. and it is quite likely that
with the opening of navigation on the
Great Lakes an increased oHt-of- town
y
chants arc looking forward to an active
season. and it is interesting 10 note
that the inquiry for accommodation on
commercial paper is growing. Pay
rolls are larger and promise to be more
~ factor in the money market. while
increasing government receipts also viii
work for frmer rates
u.
showed a gain Of 80 per cent over the
corresponding time in 1909. whilc for
the first two weeks In March railroad
earnings presented an increase Of a little
moro than Is per cent. The volume OF
general business. as measured by clear
inss and railroad earnings. is larger than
that reported AZ this time I'm 1906
hen trade activity VAS pronounced
snd according 10 tho best information
from trade centres the spring and sum-
mer industrial movements Will he un-
usually heavy Tho advent Of warm
spring weather has stimulated a large
distribution of merchandise and it has
brought about Improvement in build
ing lines and developed busy opera
tions on the farms. 4 better demand is
noted for dryEoods. Jobbing prices ON
staple cotton goods have been reduced
with good effect upon tho market. and
the largest sellers express the utmost
confidence that buyers soon will begin
To- operate more extensively. Curtail-
meEt IF production at the mills con-
tinues.
Speculation i'm cotton futures is in
active on an irregular movement Of
Prices. Quotations on present crop
months are lower as a consequence of
liquidation incident L. the report OF
shipments of "A large number OF bales
from Liverpool 10 New York, while new
crop deliveries are somewhat higher un-
der the influence of buying by operators
who have been selling May contracts.
The final government ginning report
shows a total of lO.36:,.24O bales up to
March l. compared with 13.432.24O in
1909. hut in spite Of this exhibit senti-
ment as a rule. is bearish. market opin-
ion being based i'm large part on the
expectation of an unusually big acre
age ana on the market curtailnaent Of
pihbutlihl tpNsl at tho NORTH ana south.
Wheat is stronger on dry weather re-
PORTS from the winter wheat belt. and
though cash prices are higher. actual
business is light. The available supply
declined last week $4,000 bushels.
against an increase in the same period
in 1909 OF ;;3I 900 bushels. but the gem
cral supply OF the grain throughout the
world shows no scarcity Business I'm
-four is of unimpOrtant dimensions. with
prices steady. Demand for cash corn
is light
4 larger business is reported i'm pig
iron, and competing 10y the chief
furnaces for the inquiries on foundry
grades serves To- weaken prices. Buy
crs are looking for further concessions.
but as quotations are close To the cost
of production Il does not appear likely
that further material declines viii he
recorded. I'm the market for finished
steel specifications and sales are heavy
Tor this time Of the year. The United
states steel Corporation is receiving
orders close to capacity. and in the hrst
two weeks of the current month new
orders were booked ~ the rate uf ~
U0O tom Il d5y compared with "a aver
% II HSOnn tons "a dal in February.
The railroads are liberal BUYERS 81
equipment. structural material and
rails, the demal or neW motive poa er