New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-01-23
11nNEN 1ND BININLSN.

,rade &c active. hut forward operations
o.o ,;gbt with indications of immediate
Improvement in the latter iacking'
de-currents however are running III ''0
RIGHT direction. and the financial markets.
o,narentIv are beginning to discount the
rat,rn of normal conditions i'm our IN
dustries. although the few pesslnlis'S 'ei'
in Wall Street are unable to see any
thing bright I'm the outlook. Speculation
IN stocks. while expanding. is being con-
Quoted in an orderly manner, the market
is not flooded with new securities' III
vestment demand is increasing hohS'
60 in abundant supply at easy rates ana
there is nothing in the financial or mer-
camille situation that warrants 'he
slightest uneasiness. Curtallmeht III
various lines evidently has not yet run
it's course and readjustment has not YET
been completed but It is only necessary
to study money, foreign trade and crop
factors to realize the strength of UNDER
living conditions and the substantial
foundation that is being laid for future
business prosperity. Spring wholesale
trade IS not developing rapidly. job
bers look for improvement, however In
the course Of the next few weeks.
Money Is accommodating at this centre
as a consequence Of the usual January
return flow of currency from the interior
and excess payments by the Sub-Treas-
ury to the banks. Demand loans are
ruling i'm the neighborhood Of ~ per
cent. with as low as per cent quoted
a the close Of the last week, while time
funds can be secured at from to 34
per cent for periods running from thirty
days to six months and at TO IA per
cent for twelve months Commercial
paper is more active than it has recently
been, both out-of-town and local inst-
tutions buying freely at rates that are
more attractive to the seller than TO the
buyer. One Of the most encouraging
factors in the financial situation is the
change Of foreign trade movements in
favor Of this country and the growing
tendency on the part Of European capt.
tai TO move into our securities, ref1ec-
ton OF which is found in low rates for
sterling exchange at this centre and the
maintenance by the Bank of England of
its minimum rate of discount at high
level in the face OF n proportion Of re-
serve to liability of more than 81 per
cent London evidently is afraid that
,t-ill co11 from the Rrlt-
ish capital. We do not need 10 add to
our supply of the metal, and our bank
ers certainly will do nothing TO force
shipments from Europe to this country.
In the cotton goods trade evidence Of
improving conditions is developing. More
buyers are in the market and more ami
nation in dealings is reported, while a
spirit Of cheerfulness over the prospects
for the current year IS noted. Higher
prices in many instances have met with
little haggling on the part Of buyers, but
OF course the majority object TO taking
goods on the basis of the present price
OF raw cotton. There is more talk OF
curtailment Of production without affect
ing quotations. which are maintained at
a stiff range in spite of light buying by
spinning interests, higher estimates Of
the present crop yield and the expecta-
ton that record breaking acreage will
be planted in the current year. The gen
eral drygoods market cannot he called
active, but it is moving along more sat
isfactory lines than II was in the clos
ing months Of 1910. Weather conditions
in the winter wheat belt have not been
especially favorable for the crop, but
prices for the cereal show some depres-
sion on light operations. both in the spec
Native and cash markets. The demand
TOR -four is OF the hand-to-mouth variety.
Exports Of wheat from this country
show a gain as compared with the ship
ments at this time last year.
steel and iron men do not appear TO
he apprehensive over the future Of the
trade because Of the present lull in the
industry. The fact that manufacturers
have decided TO hold prevailing prices
has served TO attract some buyers whose
needs are urgent and who find that
staying out of the market will not bring
cheaper quotations. but the general de-
mand Is still light, with new business on
a basis Of about one-half the capacity OF
the mills. Pig iron IS being bought more
freely and a better export inquiry is re-
ported for finished steel materials.
Lower prices for copper have attracted
heavier demand from consumers, but
the market is far from active. which is
true of most metal markets, including
that for tin, in which the supply APP
pears 10 have been cornered by foreign
interests. Coke is in poor demand, while
the inquiry for coal is not heavy.