New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-12-12
UONEY AND BIZ SINESS.

| DrOuuCtS III lHlS COuHlfS IL I'lh,tt ot I'll
most 50, O0O. 100000, amount of money
that will supply a substantial basis for
Improvement in our industries in the
next twelvemonth period. At the mo-
ment trade conditions are disappointing
| in some lines, as, for instance. in the
| iron and steel business and in the tex
| tile markets. but there is, however, moth
! ing in the general situation which sug-
geSts that the reimbursement now under
| way will bring forth time of acute de-
preston. Bank c1earings continue to show
declines from year ago at points Where
speculative operations are an important
| factor in bank exchanges, while at most
other centres small gains as rule are
reported; gross earnings of the railroads
are moderately heavy, although high
| operating costs bring about many unfa-
yora BILE exhibits of net returns; coilec-
tions are fair, and in financial and bust
ness circles sentiment is not pessimistic
over the future. Day to day business
is active in most departments of trade,
but forward transactions are light, es-
peciaIly in the cotton goods market. in
and seller resulting from conditions IN
the market for raw materials. Colo
weather has helped the retail trade in
seasonable goods, and an excellent de-
mand is reported for holiday require
ments.
Investment markets are quiet and
speculative transactions are confined IN
+J,4 nf a ~
Dortant professional element. Sentl-
ment in Wall Street is decidedly mixed
over the probable course of money and
business in the new year, reflection OF
which is found in the unwillingness OF
substantial interests to make extended
commitments in stocks and in the mac
tivity of the bond market which pre-
SCENTS many attractive offerings for idle
funds Bank reserves at this centre are
weak, but contraction has little effect
upon- loan rates. owing to the absence
of demand for money for stock market
purposes and the scarcity of borrowers
on mercantile paper. Discounts are
lower. and exceptionally attractive bills
have been placed as low as Az per
cent compared with per cent for col
lateral time maturities running beyond
thirty days. Currency movements lnd1-
cate a better inquiry for money at out
of-town points than in the local market,
while the course of foreign exchange
quotations suggests the possibility of
shipments of gold from London to New
York if the Bank of England should in
+erDose no barriers. Discounts abroad
are weaker. and the general foreign
banking position shows Improvement.
In the cotton goods market buying is
! confined to immediate needs but III the
| spot market the demand from spinners is
! active, due to the fear that failure to
proyide for future needs at present
prices will cost the manufacturers
dearly The tendency of quotations on
! finished cotton goods is in the direction
of higher figures. owing to the strength
in the market for raw materials, and it
is not unlikely that buyers will soon be
compelled TO admit that the manu-
facturer's position on the question OF
prices is absolutely sound. On the Cot
ton Exchange futures rose from ~ to
81 80 a bale last week, following the pub
LEGATION of the governments estimate OF
a total WELD of II 4ce, 900 bales which
compares with a census report OF cotton
ginned to December | of 10 1:@,9S6 bales
and an average crop of II ,366,on bales
for the last ten years. Last years crop
was small and at the beginning of the
current cotton season supplies on hand
were extremely light, factor which
tends to strengthen confidence in the
theory that home and foreign require
ments in the next nine months will be
heavy enough to maintain high range
of prices for the staple. Unimportant
changes have marked the grain markets
in recent days, the relatively unfavor-
able report of winter wheat conditions
having been offset by the increase in
acreage of more than one million acres
as compared with the acreage Of 1909
Western receipts of wheat are heavy, but
exports are still small.
Pig iron production in November
amounted t, 9Oa. $50 tons. the lightest
monthly output since May 1909. with
production on December | at the rate of
- 40. 600 tons a year. 1t is estimated
that the total output for 1910 will aSgre-
gate 100000 tons. which viii exceed
the record of 1900 by upward of HOO
900 tons while it also is estimated that
in the next few months active curtal-
ment of production will be reported.
Buying of pig iron is contracting to
smaller weekly totals. and most sellers
are compelled to offer special induce
ments To secure orders. In finished steel
lines there has been a further falling off,
both in specifications and new orders,
with structural steel demands making
The best showing. The railroads are buy
ing sparingly. but their requirements are
growing, and at no distant time their
needs should force them into the mar
ket Talk of a reimbursement of prices to
q lower basis is heard in various quar-
ters and il is quite generally believed
that such a movement VIII take place
early in the spring of the coming year
The foreign demand for copper is active,
and q fair volume OF business is re-
ported for domestic account. Stocks on
hand decreased upward of 9,DO,00O
hounds in the last month, which. with