New-York tribune., 1911-09-11
,fONCY AND BUSINESS.

conservatism prevails IN the ildttef VI
making forward commitments, the gen.
cral business situation, as measured ny
hank clearlngs, the number OF idle rail-
way cars and railroad earnings, shows
Improvement. Sentiment is more cheer
full regarding the outcome OF the cotton
and grain crops, and the actual condl-
tions in the agricultural section OF the
country, as rule are far more promis-
Ing than they were at the close OF July.
The labor outlook Is not altogether sat
isfactory, but the chances appear TO
favor a settlement Of existing difficulties
without the development OF widespread
strikes on railroad lines. The demand
for drygoods is heavier than that re-
Gently reported. operations in the wool
market are fair in volume, jobbing and
retail trade in general Is slowly expand
ing and reports received by the CONNER
cial agencies covering all parts of the
United States indicate a larger amount
OF business in almost all departments OF
industry than was recorded at this time
n year ago. A development of value in
tho last week was the resumption Of
work In many New England textile mills.
Money is in abundant supply and
stocks on merchants shelves are low.
The two factors named will encourage
trade expansion, but great activity in
our industries is not looked for pending
the elimination Of various perpleXing un-
certainties OF the current situation.
Furthermore, it should be borne in mind
that fnanciers and ordinary business
men are not likely to engage in extern
sive new undertakings with the approach
of a Presidential year and with the pos
sibility Of tariff changes ahead. The in
quiry for money from Stock Exchange
houses is almost at standstill, owing
TO the absence Of active speculation on
the Stock Exchange, and the banks are
finding little employment for their sur
plus funds in either time loans or COM
mercial paper, the Offering Of the latter
being light and confined in large part to
second grade bills. Efforts to force the
rate Of discount 10 per cent have not
been effective, owing TO the stagnation in
collateral loans, which induces many
banks and trust companies to accept a
AZ per cent quotation on paper that is
beyond all suspicion. Interior with
drawals Of currency incident to the
financing of the crops have not yet de-
veloped in volume. and cash supplies at
out-of-town points are so ample this
year that a heavy drain on the local in
stitutions is improbable. Activity In the
money market would be accompanied by
flow of gold from Europe.
Some improvement is reported in the
cotton trade. and although buyers are
not disposed to make large purchases,
owing TO the uncertain price outlook, the
general feeling in the industry IS far
from pessimjstic. With the appearance
Of the new crop for actual use it is not
unlikely that the mill men who have
been opposed to taking orders at pre-
vailing quotations will be willing to ac-
cept business on the current basis The
returns Of the National Glnners Asso-
citation, showing more than 100000 bales
Of new cotton ginned prior to September
!, against $3.50 bales a year ago and
41G, Cos bales-the preceding high record
reported in 1903, tend to encourage
the expectation Of more than normal
harvest and rapidly developing demand
from home and foreign splnners, while
the present course of speculation on the
Cotton Exchange discourages the idea
Of materially higher prices for the raw
product. Commodity prices, as a rule,
are high and stiff quotations for wheat
throughout the year appear to be fore
shadowed by the latest government fig
ures, Indicating a disappointing harvest
in tho spring wheat country. The con-
dition OF corn is better than that re-
corded at the beginning Of August. and
the final yield Will be small only in COM
parison with the tremendous crop gath
cred last year.
Blast furnace output in August showed
substantial gain, tho bulk OF which
came from steel producing companies.
According to THE Iron Age" the daily
average pig iron production in the last
month was 81, 100 tons, against 57,4S1
tons in July and 59.jS5 tons in June, the
total production for the period being at
the rate Of 22,GS4,7JO tons a year, COM
pairing with approximately 27000,000
tons brought out In 1910. Steel ingot
production of the United States Steel
Corporation in August made high rec
ord for the year at 1,22S,000 tons. Since
September there has been a slight fall
ing off in the operations at the steel
mills, but the decline is not considered
an indication Of a serious reduction In
the volume of orders for finished steel
materials, although IL is generally con-
ceded that there will be nothing in the
nature of a boom in the iron and steel
industry in the course Of the next twelve
months. In August stocks OF copper on
hand In the United States decreased
4 ,297 ,3J1 pounds, an especially good
showing, as production increased from
the July figures of 112,000,O00 pounds to
upward of 125 100000 pounds, the latter
being exceeded in the current year by
the output Of only two months, March
and May. A gradual diminution OF the
worlds stocks appears assured.
"
II will be lasting misfortune however
II the present i'll feeling over the attempts
IL 10Th he las-