New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-10-09
HONEY AND BUSINESS.

. General trade conditions IN this Coun-
+ try present few features Of fundamental
I weakness. Consumption IS still below
/ producing capacity. but the daily volume
/ Of business IS large, a reflection OF which
/ q, found in heavy payments through
clearing houses. showing gains over the
F records Of this time p year ago; in the
/ decrease in the number of idle railroad
/ cars and I'm the gross earnings OF the
I transportation companies, which for the
+ last week In September as rule pre-
+ sent increases as compared with the cor
! responding period IN 1910 Declines in
/ stock market prices apparently have dis
/ counted unfavorahIe factors and n
+ some extent have attracted actual in
/ vestmert buying of the high grade IS
/ sues. but so far there is little evidence
/ Of Improvement I'm the buying FOR specu-
lative account Representative railroad
/ bonds ara in better demand. and Il is
worth noting that while stocks have
/ been declining az recent times in almost
Ia panlcly manner. first class mortgage
I issues have shown an average loss from
/ the high point Of the year Of less than 1
T per cent. the steadiness Of the market
/ for this class OF securities and the ease
f in money suggesting that a better mar
/ ket IS I'm process Of development.
+ While foreign money rates are still
/ quoted NJ relatively stiff figures, the ten
sion in the markets in London. Paris
and Berlin is relaxing and the settle
ments have been effected without dis
I turbance. London is shipping gold TO
the Continent, South America and
/ Egypt and n the drain on the Bank OF
England continues efforts may be made
by British bankers 20 draw the metal
from this centre. Notwithstanding the
favorable position this country occupies
IN international trade. Our bankers al
ready are lending money IN the chief
European financial centres. and as local
rates for funds promise 20 remain on 4
/ low level throughout the rest OF the sea-
/ son the higher quotations abroad nat
ural'y viii prove an attraction over our
I credits 20 an extent not usually wit
f messed ~ this period OF the year. Bank
ers are buying long bills in the ex-
change market for Investment purposes
on the theory that by holding them after
their acceptance a substantial profit will
f be secured when the credits are drawn
. against at the maturity OF the bills. IN
/ vestment operations OF this sort IN ex-
/ change reflect an expectation on tic part
. Of bankers Of Ions period OF easy loan
+ quotations here. Call money rules at
. per cent and Is in light demand. time
funds are almost unlendable at the low
rates prevailing. and although there is a
good demand for commercial paper Of
F ferings are small. despite the attractive
F discounts that may be obtained.
I our export trade presents the strongest
F feature of the current situation. Ship
mcuts Of iron and steel are heavy. not
wtthstand,us the mixed conditions In
. the industry. while the export demand
. for cotton goods likewise shows improve
ment. also the foreign demand for the
raw material is increasing. AS a result
oc depleted stocks and the lower cost Of
the staple the whole cotton goods mar
ket exhibits a broadening tendency. In
general dryEOods wholesale business In
dicates a normal retail trade in all sec
tf0ns of the country. especially in the
agricultural communities. where the
farmers are receiving. as "a rule, good
. prices for their products and are return
ing their profits 10 the channels Of trade
rr liberal purchases Of dryEoods and
other articles, including machinery for
next years needs. Speculation in cotton
futures IS active at declining prices. Re
c.irts " the staple are heavy. and both
the report showing the amount of cotton
riuued and that showing the condition
off the crop on September - apparently
fo-cshadow an enormous harvest and
lower quotations. More favorable for
eirn crop reports and large Northwest
ern receipts are responsible for q heavier
tendency i'm wheat prices in spite OF the
active export demand. which last week
. took more OF the grain from this country
than in any preceding week since the
early part Of November. 1909 Exports
of corn also reached a large total
Perhaps the most encouraging factor
fin tine steel trade IS the improved out
look for increasing orders from the rail-
roads Inquiries for bridge materials
are growing. demand FOR new equipment
IS more active than that recently re-
ported and tho volume Of business In
rails shows fair expansion. Statistics
covering iron production In the United
states for the last month indicate that
$50 far as output is concerned there has
been no real depression in the iron and
steel industry Instead Of shrinbage
I'm production there has been a gain. tine
daily average of pig iron production In
September being larger thar that of any
preceding month in the year. with the
exception of March and April Further
more. after seven months OF declining
output. the merchant furnaces showed
for scptembery gain Of 100 tons a day
over the August rate. There was "a
slight decrease IN the total orders on the
books Of the steel companies i'm the last
month. but according to The Iron Age