New-York tribune., 1911-01-30
,,oyry AVID BUSINESS.

Industries apparently mas p
and expansion evidently is about to ue
velop. A reflection of which is iouilu !"
tho financial markets, in which current
movements foreshadow heavy capltai eN-
nenditures by our railroads and other
corporations. Such OUTLAWS OF cou' Sc
will lead to growing activity IN many
lines Of trade. the cessation OF curtaii-
ment Of production In various depart
r,ents of industry and the better employ
rcent of labor. the latter especially az the
plants Of the iron and steel companies
where for many months there has been d
constant reduction In working forces
The success of the New York City bona
sale has impaired additional strength 70
the financial situation. while the increas-
ing investment demand for all classes OF
sound mortgage issues has developer n
feeling Of confidence that has long been
lacking in financial circles. Capital IS
seeking investment. and the fact mat
many bonds are selling on level that
Yields profitable returns is not lost sight
Of by discriminating buyers.
Speculation is being conducted IN an
orderly manner. and in spite of the ad-
vance already recorded BY the larger
number Of stocks most market observers
believe that there is room for further I'M
provement Money is easy IN all
branches Of the market. There IS an
oversupply Of funds available for use on
the Stock Exchange, and as conse-
ouence rates for loans have fallen 10
range that does not appeal much TO lend
ers Banks and trust companies are
buying rather extensively of commercial
paper, some transactions being reported
as low as 31s per cent. an unusually
cheap figure for mercantile accommoda-
ton. Interior funds are offered In heavy
amounts in the local money market.
chiefly in the call department, While the
local banks are still gaining in cash
holdings on their operations with out-of-
town points and with the federal govern
ment The Secretary Of the Treasury Is
urging the Senate to take Immediate
steps 70 enable him to issue Panama
per cent bonds under conditions that VIII
prevent their coming into competition
with the outstanding 2s, and therefore 1t
is quite probable that the government
will soon come into this market for
money In order to strengthen its declln-
ing working balance. The difference be
tween money rates here and In London
ia reflected in higher sterling quotations.
but there appears to be no likelihood or
gold exports from New York. Conditions
in London doubtless are about to i'm
prove: otherwise the Bank of England
would not have reduced its minimum
rate OF discount last week from Az to
per cent.
While in the cotton goods market buy
ers are still operating on a. conservatives
ba sis. with the larger part Of their
orders for immediate needs. the trade in
general presents a more hopeful aspect
and contains elements that suggest
better volume Of business for future re-
ouirements at no distant period The
inquiry for woollen goods shows some
Improvement, but actual new orders nave
not vet been heavy enough 10 induce
large purchases of the raw material by
the manufacturers. Speculation in cot
ton futures is dull and narrow. with 1T
tie aggressiveness reported on either slde
of the market and only unimportant
price changes from dav to day. South
ern spot markets are strong, but an
easier tone is looked for with normal
falling off in exports Of the staple mat
government figures apparently underes-
timsted the size Of the crop Is rejected
in the Census Bureau showing Of H.
2541l5 bales ginned 10 January %
which would indicate approximately
70 600 OOO-bale Yield. Crop conditions
IN foreign wheat exporting countries are
favorable, while In the United states
Improvement is reported in the winter
wheat belt. Russia. Australia and Ar
gentina are free sellers. Most factors
affecting the grain markets are bearish,
but many spectators contend that the
decline in prices In the last twelve
months fully measures the changed sta
tistical position of the market.
Trade authorities report a somewhat
better demand for finished steel mate
rials. New tonnage though small, sug-
gests coming expansion in orders. while
the cheerful sentiment expressed by
manufacturers encourages the expecta-
ton that the business OF the iron and
xl,a GrCt
ter OF the current year an appreciate
increase as compared with the opera
tions of the last quarter Of 1910. The
advance in the price of wire products
has STRENGTHENED confidence in the the
orv that higher levels will develop for
the larger number Of finished products
and II has served to remove the impress
sion that business can be stimulated
only through a general cut in quota
tions. Immediate improvement In pig
iron prices is not looked for however.
owing 70 the large stocks on hand. Steel
mills In the Pittsburg district are oper-
ating on a basis OF between 40 and 30
per cent Of capacity. Copper trade con-
ditions show little change from those
recently reported. Prices for the metal
have tended toward a lower level since
January /, a movement wholly In line
With the December statement OF the
Copper Producers Association. Con-
sumption OF copper. however, is grow
ing.
ST Louis votes tomorrow upon ne"
eh arter nronnsed for the city. II Is q