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

In the current stock market small sales
are effective in bringing about lower
prices. and it is quite probable that I'M
der present conditions affecting specu-
lation large sales will result in sharp
breaks. The speculative demand for Sc
curities is light. while investment buy
ing for home and foreign account has
dwindled to small proportions. The
tremendous output of new mortgage is
sues in the last three months serves 10
weaken the quotations for old bonds of
established standing. and although cor
porations experience no difficulty in hav-
ing their offerings underwritten the bond
market is in a state of congestion. owing
To the absence of public buying Vari-
Gus factors, notably the uncertainty over
the outcome of pending litigation against
corporations and the effect upon values
Of the probable enactment into law of
the administrations railroad bill, tend
TO discourage investment operations at
the moment, the best inquiry being for
short time notes. which are finding a
better market than long term bonds
The labor situation also is becoming
more of factor in restricting trading
in securities. as the Street is at sea over
the influence that the liberal concessions
being made tn employees by the railroads
will have upon net earnings and divi-
dends. II should he observed. however.
that prices for stocks are near the low
levels recorded in the demoralized mar
a 9 in, T-o1,r
that further declines on unfavorable de-
velopments will afford attractive Oppor-
tunities for the purchase of securities
that represent our standard railroads
and industrial concerns Money rates
are trmer. Cold is being shipped to
London as a consequence of interna-
tional monetary conditions and this
country's adverse position I'm foreign
trade. but the movement of the metal
is in no way an alarming development.
Foreign discounts have not been I'M
favorably affected by the quarterly set
Elements and as a consequence Of the
inactive speculative demand for accom-
mediation April payments at this point
have been financed without disturbance
serves. however, are low enough To sug-
gest much higher rates for loans.
Reports to the commercial agencies
show some irregularity in trade but.
measured by bank Clearings. the volume
Of general business is large In the
month just closed total bank exchanges
were II per cent in excess of the same
time in 1909 and If per cent larger than
in 1906. the exhibit being especially
significant Of industrial progress. owing
TO the absence Of activity in the specu-
lative markets. The uncertainties that
restrain Wall Street operations ap-
parently are not upsetting confidence in
business circles a condition that is illus
trated by increasing railroad earnings as
well as by payments through clearing
houses. Favorable weather is contribut-
ing 10 a freer distribution Of merchan-
disc. Retail trade is heavier than il was
a year ago, and it is encouraging to note
that conditions in the drygoods market
are materially improved. prices evident
IS being at the bottom with signs Of
activity among buyers for forward de-
livery. a better demand is notes for
building materials and an excellent in
quiry is reported for leather and shoes.
Curtailment of production at the cot
ton mills is more extensive than ever
has been known in the history of the
trade. And this situation is likely to
prevail as long as current conditions in
the raw market continue The worlds
Spinners' takings Of actual cotton were
lighter last week, and more than 1OOOoO
bales We're brought into sight, this total
being about the same as reported at this
time in 1909 Since the opening Of the
cotton year 9.3J3,O00 bales have been
brought into sight or marketed. these
figures comparing with 12.2T5.O bales
last year and 1O,O45,0OO bales in 1905
Speculation in cotton futures is more
active and prices have declined. chiefly
on the next crop months. transactions
being based on the promise Of a large
increase in acreage and on better
weather reports from the cotton pIanta-
tions 1t is estimated that there has
been from 10 10 II per cent deteriora-
ton in winter wheat conditions since last
December. a relatively small decline for
the winter months, while advices from
the Southwest show that needed rains
have fallen in many sections Quota
lions for cereals are moving i'm an ir-
regular manner and no definite tendency
is likely tn develop until the crop sea-
con is more advanced. The foreign in
qury for our wheat is light. Russia at
the moment supplying the larger part
of the European demand.
Weakness I'm pig iron prices continues,
and trade authorities report orders for
new business In finished steel lines
somewhat disappointing, though sneci-
ications against contracts are considered
satisfactory. Shipments from the mills
Of the United states steel Corporation
are heavy. and for the month ~ March
show new high record Of lUJO O0o
tons Railroads are more liberal BUYERS
Of equipment and structural materials.
ana tbs equipment companies are a big
factor Ia the current market for iron