New-York tribune., 1911-10-30
HONEY AND BUSINESS.


General trade conditions throughout
the country exhibit an increasing ten
Gency toward irregularity.' but on the
whole the business situation shows i'm
provement as compared with this time
year ago. though in most lines deinahl
il still confined TO day-to-day require
ments. While capital is not moving ac-
tiN ely into new enterprises. wholesale
jobbing and retail operations are reIa-
lively heavy, and i'm spite of current un-
certanties regarding the future or our
great corporations there is a confident
feeling I'm industrial and financial circles
that present perplexing problems VIII DE
solved in n way satisfactory to all IN
terests. II is quite probable. however
that pending the outcome Of the govern
ment's suit against the United states
Steel CORPORATION and the result of next
years Presidential election there viii be
little disposition on the part of large
financial interests TO engage In lmpor-
tant transactions involving the tying up
of money. Forward movements naturally
are restricted at a time when the busi-
ness of the country does not know where
IL stands under the Sherman antitrust
law.
Foreign exchange rates here are near
the gold exporting level, notwithstand-
ing our favorable trade balance, ana
local bankers credits in Europe are be-
ing used in the markets of London, Paris
and Berlin instead of being withdrawn
for service here. Demand for accommo-
dation In the New York loan market is
extremely inactive. At interior points
a similar situation prevails, and from
current indications no Improvement in
the domestic inquiry for money is likely
TO develop in the near future. Interest
and discount rates are weak In the race
of extensive lending TO Europe and the
buving by our bankers of a large issue
o. Prussian treasury bills. The plethora
OF money in New York and other large
American cities has induced a fair alb
sorption Of short term railroad and In
dustrial notes. but the demand for bonds,
which recently showed signs Of revival,
is light and not along lines that encour-
age offerings of new issues. In view OF
monetary conditions in New York and
the difference between rates here and in
European cities. our gold-not all OF 1t
will doubtless soon flow across the ocean
1t will go as loan rather than for the
settlement Of an obligation, unless gov
ernment activities against corporations
should invite heavy liquidation Of for
eign held American securities.
In the cotton trade the governments
figures of this years cotton ginned 70
October IS showing a total of I,I4o'634
bales. a gain of more than 40 per cent
over the corresponding time in l9lo and
new high record for the period are
taken as an indication Of total harvest
larger than was ever before gathered In
the history of the country. Spinners are
more disposed to buy, and in spite OF
the tendency Of some planters 10 hold
their supplies i'm the hope of better prices
IetPlDlS at tAp'lN l''lil'S ~ '''' - '''
shipments of the staple to Europe are
heavy. So f." manufacturers OF cotton
goods have shown no especial apprehen-
sion over the situation In China spot
cotton is slightly higher while futures
are lower than they were week
ago. In the textile markets conserva-
tism is still noted among buyers, but in
some lines a better demand has devel-
oped for both immediate and forward
delivery. the chief hesitancy being re-
ported in cotton goods, in which oper-
ators are unwilling to deal extensively
pending the development Of a clearer
outlook In the market for raw materials.
Commodity prices as rule are lower.
Wheat and corn show a substantial re-
duction as compared with the quotations
of a week ago while oats. provisions
and live animals are cheaper. Visible
SUPPLIES Of wheat have increased, crop
news from foreign wheat growing coun-
tries ia favorable and domestic exports
are still in excess of shipments at TINS
time last year the outward movement
I'm the week ended October - amount
ing TO 3.7SO,Ol6 bushels. against 3,i2I-
169 bushels in the corresponding week in
1910 Since January ] total exports OF
wheat and corn from this country have
exceeded the record of the like period
last year by 22913,166 bushels. Low
prices for steel products are stimulating
demand to some extent, but the general
market for finished steel materials Is far
from satisfactory. The companies are
making little money on the basis Of pres
ont uuotations