New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-02-06
,JONCy AND BUSINESS

a.
crease In the volume of general pu''
in the course Of the next Few ''o''.
Actual distributiye trade is lgh'' ""'
signs Of heavier demand from co'''.
ers are not lacking The outiooA i''
larger orders from users OF iron anu
is most promising. better fee"ns
ported in the textile markets ''o ~
centage of decrease in bank clearins' 10
declining railroad earnings reilect
larger freight movement. more puiio''5
nroiects are under consideration thah
were reported in the closing moi''''
the Ia st year and foreign commerce cOh'
ditions indicate a growing amer '''''
credit balance abroad. The United STATES
stee, CORPORATION, which made poor
showing OF earnings in the final quarter
Of 1910. reports that advices from us
managers Of sales are more faVoidp'e a.
present than at any time In the last d"
months As the iron and steel Industry IL
tho barometer of trade. current improve
ment in the demand for hnishen steer
materials must he considered a most sig
nifcsnt indication Of broader markets tor
all goods. In wire and tin plate ne" puE
ing is more pronounced than In the
heavier products. but suostan'ia'
amount Of business in rails and struct-
ural materials is pending.
Perhaps the most encouraging de-
velopnert of the moment is the an
nouncement Of the Union Paciiic's pro-
srsmme to spend $4,000, 600 in the next
five years for double tracking purposes,
the decision Of the directors Of the prop
erty 10 put out this amount OF money
not only rejecting confidence on their
1art i'm the theory Of immediate eXpan-
sion i'm general business. but also IN
the idea that healthful Industrial growth
will run on for a long time to come. Inc
action of the Union Pacific has inspired
confidence throughout the entire railway
world. and among business men in gem
eral. Steady buying of high grade bonds
is feature Of the current situation that
leads to the expectation Of broad mar
ket for old and new issues IN the next
few months. while II suggests higher
prices for stocks and a more active en-
ployrnent Of money in the channels of
trade. Money is easy and in good sup
ply. but many bankers are looking for
ward to a somewhat higher range OF
rates, owing 10 increased speculative
buying Of stocks. to the growing output
of new securities, to the larger offerings
Of commercial paper and to high dis
count rates in London. which have in
duced bankers with international connec-
tions to increase loans at this point.
The month Of January Supplied a new
record for the amount Of new securities
issued. and II Is well worth noting that
bankers are going ahead with plans for
additional corporation financing, regard
less of the uncertainty over the outcome
OF the railroad rate question and Of the
government suits against the Standard
Oil Company and the American Tobacco
Company now pending i'm the Supreme
Court The final Interpretation of the
sherman law will settle what business
men consider a most vexatious problem,
court may be the condition Of our indus
tries will he strengthened by its ellmina-
ton: and the same thing may he said OF
the forthcoming decision Of the Inter-
state Commerce Commission on the APP
pllcation of the railroads to advance
freight charges. In financial circles the
oninion is gaining ground that both the
shippers and the railroads will be salts
fed with the commissions ruling. For
eien exchange rates here arc higher than
at any time since last October, owing to
the fact that money is cheaper in New
York than in London. but as an easier
tendency appears to be developing in dis
counts at the British capital, while large
purchases Of American securities for
European account are looked for, move
ment in the other direction may soon de-
velop.
Although gain is reported in the vol
ume of new orders in the cotton goods
market. the present price situation pre-
cludes much profit for producers. The
large supply OF cotton here and in Liver
pool and the declining tendency of quo
tations on the Cotton Exchange offer. |
however. some encouragement to manu-
facturers that the cost Of the raw ma
terial may decline to level which will
check curtailment in production and en-
able them TO dispose of goods or more
favorable basis. Present selling prices
onnarently are to be maintained, and
bryers of finished goods can hardly look
for concessions even IL quotations for
raws geek a lower range. unless the de-
cline should be extensive, OF which there
IS no indication in current conditions.
Spot sales in Liverpool are lighter than
they had been i'm many weeks, and lib
cral receipts are noted here. Speculation
II. futures is inactive with liquidation of
tired out bull accounts the feature. The
general market for drygoods shows a
busincss below normal but II presents.
nevertheless. signs Of better demand
from distributors. Trading in grain is
not heavy and price movements are UNI
imuortant Increased exports OF corn
are reported. but the outward movement
Of wheat is limited. Favorable condi-
,ions are roported in the winter wheat
beI, I'm hides and leather dealings arc
heavier than for many weeks. Dis
matches 10 the commercial agencies from
tho leading commercial centres indicate
tina, suring trade i'm general Is opening
IN well in most sections.
Advocates OF more efficient federal