New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-10-23
unNEr -lND RTSLNESS.

/ Measured by the volume Of payments
/ through clearing houses. railroad earn
. inrs. the steadily decreasing number
Of idle cars and the export trade
( business in this country IS on d more
satisfactory basis than has recently been
/ reported and although capital is not yet
moving actively into new enterprises
/ greater confidence is noted in financial
/ and investment circles. Advices TO the
commercial agencies, covering all sec
tions Of the United States, supply no rea-
son for encouragement. Requirements
4 70 replenish depleted stocks are reflected
/ in heavier inquiries in the wholesale and
iobbing trades. the quickened movement
being especially pronounced in cottons.
/ woollens and general drygoods. while IN
/ iron and steel a better demand appears
/ 70 be developing. owing 10 the low prices
prevailing and a disposition on the part
NJ the TRANSFORMATION companies 70 come
irro the market for equipment and sup
,liae Contracts for structural materlal
~. being made more freely. Both the
t,5e,srdar-s and the United states steer
Co-no-arion are fighting agsressively tor
IN. business but in spite OF the more
active buving Of finished products proH's
,-o extremely small as consequence Of
the low prices prevailing.
| commencement in the demand FOR ooilu7
ie we'll sustained and the cheap hgures
- which stocks are quoted are attract
Inc moderate investment purchases OF
tho shares Of our high class railroad anu
,-5,,srriaf companies. Economic and po-
|r,ics1 p-oblens vet 70 be- solved nave
a.r.~er+rr ceased 10 worry Stock EX-
ot,.-sa traders. Prices are frmer' hqul-
zo.io,, has rrn its course and the tecA-
rioar nosition Of speculation IS inherent
~ strong. Money is in abundant supply
lei, ro+ae for loans abnOrmally easy Toy
! tr,,s r-oriod of the wear. Interior banks
ora e7ancing harvest movements WIN
-,,+ withdrawing balances from their
oo~-a-nonderts al this centre. and are
actually pressing funds upon our unre-
srorsive market. while some of the larger
i,,--f-,,-ionz in Western cities are Lending
-,ora,- m Europe The big international
banking houses in New York have been
~laofDe loans abroad In the last week az
terms -o WELD from AZ 70 > per cent
and il is estimated by competent author
,-ios that our advances 70 London, Paris
and Berlin aggregate upward Of Sl'"-
600 OO0.
The banking situation abroad Is not
satisfactory. and as money rates in the
FOREIGN csuitaIs are more attractive than
they are here we may soon he called
rnor m ship gold 10 Europe in spite NJ
ou~ favorable position in international
trade Exports of merchandise from the
Tinted states I'm September were heavier
+bor i'm any corresponding month. and
,,.i-b only q few exceptions reached q
o~eater valuation than in any month IN
the history OF the country the excess
over ir7Do-ts representing a value or
$40 G12 1914. For the twelve months
.-ded Seutcrrber 30 the excess Of eX-
1or+s was S574. ST.. 400 OF course. there
IS the so-caled invisible trade balance
made no OF travellers credits. interest
,avr7euts on our securities held abroad.
-euittances by our foreign born popula-
ton 10 the old country and various other
factors which may be uutavorable
enough TO account for the current situa-
ton i'm the exchange market. London.s
ability 10 draw gold from here. however
has been greatly impaired in the last
twelve months by the growth Of our eX-
mort trade. and at current rates Of ster-
ling shipments Of the metal would not
be profitable except through the offer Of
sprciaI inducements by British bankers
Cotton futures sold under 9 cents
hound last week. but closing quotations
showed somewhat hrmer tendency
R.coiuts of the staple are heavy
weather conditions are favorable for con-
tirued growth and picking and even with
carly frosts one of the hest crops on
record should Doe made. An enormous
amount of cotton has already been
rinned and moved 90 market. the foreign
demand having taken heavy proper
ton of receipts. Although cotton prices
are much under the level prevailing at
this time year ago. exports Of the
staple are larger in value than they We're
i'm 1910 the September total, for in
stance showing a gain of S3.S54 .1;:i. II
is too early 10 estimate the effect of the
rebellion in China on our cotton goods
trade with that country. Wheat is higher
Cudcr the influence of "a better cash de-
maud. and the general market for cereals
is hrmcr Aside from cotton. iron and /
steel. prices for commodities, as rule /
are higher.