New-York tribune., 1911-10-16
HONEY 4vD RTSTyENS.

HONEY AND BUSINESS.
While the country's business is below
/ productive capacity. general transactions
are larger than they were a year ago.
and the needs Of our growing population
point 90 expanding mercantile opera
tions Capital is not active in new en-
/ terprises. but financial circles show
greater confidence in more active de-
mand from the railroads and other cor
porations for funds 20 make improve
ments Basic conditions are sound
Trade has been helped by the cooler
weather. and reports 20 the commercial
agencies from an parts of the country
tell of better distribution both hv re-
tailers and jobbers. especially i'm dry
goods. The general textile markets
show Improvement. increased inquiries
for cottons being attracted by the lower
prices following the fall In the price ny
raw material There 10 an encoura ginE
absence Of speculation i'm the primary
cotton goods market and as the pros
uect favors the largest yield NJ cotton
ON record mill men and handlers OF
goods are looking forward 90 q far 5e--
Ter season than that of the last twelve
months.
/ Stock market speculation is quiet
I Prices show resistance TO professional
efforts for declines and the course 0f
operations suggests that rhe market has
/ been thoroughly Iiaudated and that fl rs
only waning for some new impulse 90
carry il 90 p higher level Marked inn
+ provement has developed in the volume
/ Of investment transactions in state. mu-
nicipa and railroad bonds on the part
I Of financial institutions and individuals.
while the low quotations of high grade
stocks have induced quiet accumulat lion
Boy subatantia. interests that are taking
/ long time view 0f the situation. In
T the larger number NJ instances railroads
reporting their RESULTS for the last fiscal
wear SHOW balances well in excess 0f
dividend requirements. while returns So
far received fo~ The first quarter of the
current business yeag supply no reason
.
TRANSFORMATION business in this country.
despite the gloomy predictions made hy
disappointed persons that the ENLARGED
+ powers Of the Interstate Commerce Com
mission will hamper the railroads and
force widespread dividend reductions.
/ This view is not general
Money rates are abnormaIy easy for
+ This period OF tne year owing t0 the
strong position Of the banks In cash
holdings. Co. the absence of active spec
|ulation on the Stock Exchange. to the
ability OF interior institutions 20 finance
crop requirements without drawing
heavily Oh New York. To- the absence Of
fotations of new securities and 90 the
lack ~ demand from mercantile sources.
where the supply NJ money is ample 20
finance the business moviuE Striu-
gency iu foreign cities has attracted "a
large amount of New York monev, and
it is POSSIBLE that the difference between
money rates here and iu London win re-
suit in sending gold there, develop
ment that would be welcomed b- our
bankers. Exchange rates are not far
+rcu the level at which the metal could
ne exported at a profit. while ordinarily
a- this period of the year gold moves
this wav III response 90 our crop market
ing needs. Both the money and foreign
exchange markets are out of gear for
tte autumn season. Offerings of com
merciaI paper are far below the amount
Of money available for this sort of in
vestment. Notwithstanding the low dis
counts quoted. collateral loans Weld less
than high grade bonds
With the exception Of cotton. metals
and coffee. commodities prices show un-
important changes from the levels NJ %
week ago. and as q rule farm products
uresent little difference In quotations Js
compared with the records Of September
n Late crop reports favor good final
harvest Yields though somewhat under
the average 0f recent bumper years.
barring cotton. and according to me
governments October figures the corn
CROP win Dee larger than in any preced-
ing wear save 1910 Low prices for nm
ished steel products are attracting larger
orders. and reports from iron and steel
centres ore beginning 90 be more en-
couragIng. especially n connection with
the buying by tle railroads The Gee
mand for rails equipment and general
railroad supplies is improving and while
f. is stu light In COMPARISON with "a nor
mai business the fact that the railroads
M last are exhibiting "a disposition TO
come into the market is one of the most
promising features Of the situation. The
market for copper Is without snap
Stocks ON hand have increased and eX-
ports have fallen Oft. Our general eX-
uort trade continues to expand. with
sbipments of merchandise well boz excess
Of imports.
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