New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-01
lfDNEH 1ND III 81 YIN.

market. both on the Stock EXCHANGE anu
over the counter, total transactions III
the public market in the last wen
amounting In par value to S1S,46i,o W'
while I'm the last ten days totai Oh
more than S1Oi. 100000 in new bono
! issues and short term notes mas pee"
financed. New York city AS. WHICH
were put out In January at 1OO.9O4. sold
| in recent DAYS at 1852 on institutional
and private buying. the movement peins
typical of the general list. Local pdhhs
and trust companies, which are unable
IN secure living rates for their funds IN
the loan market. are active buyers VI
notes offered for subscription, ana '"e
fact that at the moment there Is ho
other equally attractive avenue open Tor
the placement of money encourages the
o5pectation that the short term invest
mont will he I'm active demand for some
time 10 come. The supply of mercantile
paper is light. The Willingness OF BANK
ers to finance the requirements or cor
| porations is an excellent indication of
better times ahead in The industrial
world. while II foreshadows an increased
| 81 eculstive inquiry for stocks following
the elimination, of various uncertainties
! IN the current situation.
Domestic trade continues small in vol
ume so far as forward commitments are
concerned. but there is nothing IN the
| general outlook that warrants uneasiness
! a hout the future of money and business
In the country. our export trade is
large winter wl:-at promises big crop
progress is being made in planting In all
| sections of the agricultural community
and general fundamental conditions are
sound that fact being reflected in the
abundance of money, in the small STOCK
ON merchants shelves and I'm the cessa
ton of overproduction in all lines. Re-
! tail business Is growing as result OF
the stimulating influence of seasonable
weather. and If it were not for the re-
strictive effect Of tariff agitation and the
delay in the announcement or supreme
Court decisions In the antitrust cases
active eXpansion in future delivery bust
/
ness would doubtless he under way.
Among stock market spectators seht'-
ment is bearish. but i'm high circles ~
finance and in the offices of merchants
and manufacture there is no indication
of pcssimism. despite the fact that new
orders arc not coming in at rate that
means heavy profits. The business
world and the financial world have been
through a period of liquidation. with Il
sound underlying situation resulting.
In the drygoods market trade is WITH
out significant change. but the advance
I'm the price Of raw cotton has impaired
frmer tone To the primary market Tor
cotton goods. Distant needs are receiv-
ing little attention. most OF the buying
being for current requirements, although
there are a few interests that are oper-
ating more actively for the future on the
theory of a possible shortage of goods
and higher prices. Speculation in cotton
options is fairly heavy on generally ris-
ing quotations. bulls basing their trans
actions on reports of too much moisture
! in the cotton belt, decreasing visible sup
plies and stronger markets abroad With
the exception Of cotton the general COM
modify markets show unmportant price
movements. wheat being trife lower on
good winter and spring wheat reports,
while corn and oats are nuctuating
within fractional limits. 1t is worth
noting that the Kansas report on wheat
indicates yield in that state Of $1,000
600 bushels. against Gl,WO,U0O bushels in
1910. Buyers Of flour maintain their pol
icy of dealing only from hand To mouth.
The market for hides is dull. but bust
ness in footwear shows improvement. In
Canada steady gains are reported in all
departments of industry, a reflection of
which is found I'm current rates for
money in the Dominion and in the heavy
Withdrawals of gold from New York for
Montreal account
Reduction I'm the price Of iron ore has
not stimulated demand for pig iron. In
most departments iron and steel business
is light i'm volume at the moment, but
| the best Informed men in the trade are
| not looking forward to a long period Of
! depression. The report Of the United
| states Steel Corporation for the first
| quarter of the year. while showing a
| falling off i'm earnings as compared with
the same time last year and with the last
three months of 1910 exhibited net
profits large enough To warrant the dec
| laration of the regular dividend on the
| common stock although the surplus
/ after dividend payments was not heavy.
THE Iron Age" SAYS that the Finishing
! mills in most lines are operating on re-
duced schedules, the output of the last
week being the smallest in two months.
! With the falling off Of new business, re-
ports of irregularity in steel prices are
more frequent. but those affect only a
| small proportion Of the total business
| Export trade i'm steel is quieter The
railroads are still inactive factors in the
| steel market. while the demand for steel
! for building purposes is somewhat
| smaller than was recently reported.
Sales of copper are heavier. the output
last week making "a high record for the
year Copper prices appear to he at bed
rock
4. h. II.