The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-02-12
Nearly Sixty Per Cent of Blast
Furnaces of Steel Corpora
tion in Operation.
CROP CONDITIONS ARE
CONSIDERED FAVORABLE
Fall in Discount Rates Abroad
and Consequent Ease lin
Money Over Here.
BY RALPH EMERSON.
BY Leased Wire to The Tribune.

NEW YORK, Feb. 1.-THE business
outlook continued to grow brighter dur
Ing the week. Increased orders and speci-
fications for locomotives and cars were
|, received by plants during the week. The
Hartman lines. which recently placed
orders with the Baldwin Locomotive
works for 1906 locomotives, have nppor-
toned the orders for the different roads,
most OF which are to go to the west and
the southwest
United States Steel is now operating
about. 5S per cent of its blast furnace
capacity. an increase OF approximately 13
per, cent from the low level reached sew
or TWO the corporation has blown in sew
eral furnaces and re-cmployed in the
nelghborhocd OF 10000 men.
This week increased orders and speci-
fications for locomotives and cars were
received. and thus the equipment Indus
try has better future ahead OF II after
the steel trade was even more marked.
with an Increasing demand for finished
products generally, The gain in figures
was represented by an Increase in the
corporation at the close OF January Of
43o.l62 tons as compared with those at
the end of December This is the first
increase in months and derives its i'm
portance from the fact that IT marks the
turn in the steel industry from depression
to revivlng activity.
Crop Conditions Favorable.
Crop conditions are favorable for con-
world The slight decline in the price
OF cotton had the effect OF drawing In
creased orders from foreign centers.
which was a stimulus TO export trade
The copper producers statement for the
week was not so good. Its best feature
was an apparent further decrease In pro-
duction during January. amounting TO
Z 500 600 pounds. but the chances are that
this has been owing more TO the weak
ness OF the metal market than TO any
recognition by producers Of the deslra-
bility OF curtailment, so much discussed
last year. On the other hand. domestic
deliveries were the smallest set forth In
ducers' association. while exports shrank
5000. 600 pounds. The result OF these
changes was an increase In domestic
stocks at the end OF January OF about
20.50o.0 900 pounds.
The collapse of the bull speculation In
several commodities. especially coffee.
the cost OF living, The adoption by con-
gress OF the reciprocity agreement with
Canada would lead TO a still further re-
duction, and the significance OF all this
lies in the fact that IT would bring con-
tentment 10 the wage earners OF the
country and prevent that almost constant
demand for increased wages which has
become a serious problem 10 corporations.
Good Market for Borrowers.
The monetary outlook has been favor
able 10 borrowers and II looks very much
as II prospective railroad financing viii
be carried 10 q successful issue and at
lower interest rates than at the close OF
1910. The decline in discount rates
abroad at such prominent financial CEN
ters as London. Paris and Berlin is en-
couraging 10 American corporations and
il certainly looks as " Europe would
take considerable amounts OF American
securities In the next month or two. Our
own money market has been very easy
with free supply Of capital except FOR
long maturities. and these are held more
or less firmly. largely because OF the eN-
peCtation that the treasury will sooner
or later place on the market Sl0Q, 900. 900
OF Panama canal bonds. The absorption
OF funds by the treasury would exert a
greater influence In hardening money
rates than the absorption by corporations.
The question OF the future OF the money
market, therefore, Is likely 10 loom into
greater prominence with corporation bor-
rowing in connection with trade improve
ment. which VIII deple,e the bank re-
serves.
'rhe only incident Of Importance in
business abroad today was another some
what unexpected foreign requisition on
I.ondon's gold supply The government
gave out today it's figures OF our Coun-
! trv's agricultural exports and they were
highly interesting. There was. as Us
usual In that month. considerable de
! crease from December. but the value ol
tho last months shipments OF the sort
ran sal 500 900 ahead OF January, 1910.
| This IS II striking gain, though Il stu
| leaves the total we'll below January OF
| laos or 1907 1t hardly need he said that
cotton exports played the chief part In
| this Increase: they were $39.60QOOO ahead
! Of 1910 and were in value much the lar
cest OF any January in our history