New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-05-29

| physical needs OF their properties, anu
according to current indications the out
put Of new issues for the rest Of the year
will be enormous, owing to postponeu
expenditures on the part Of Corporations
and the favorable position Of the money
market for the financing OF the various
requirements Of railroad and industria'
concerns. Bank reserves are almost re-
dundant. After a brief period Of firner
money based upon the expectation Oh
rapid expansion In speculation on the
Stock Exchange. which has failed u
materialize. rates have returned to the
low levels prevailing prior to the an
nouncement of the Standard oil oe-
cision, and at the present time institu-
lions which recently would not lend SIX
months funds below 3h per cent are
now accepting 3 per cent and lending
pretty freely at that figure. Quiet trace
conditions are reflected in large receipts
Of out of town money at this centre ana
In a scarcity of commercial paper ofrer-
ings. Foreign exchange rates fluctuate
within narrow limits. with the market
in favor of New York owing to grow
ing export trade and European buying
OF our investment securities.
In the primary markets for spot ana
future delivery cotton broader buying
movement is reported. while prices for
most lines of goods. although still under
q cf rem
dency. Exports are ahead of those re-
ported a year ago. In the general textile
trade business is so much better than
that recorded in April and March that
manufacturers and jobbers are convinced
that the long hoped for Improvement IN
the industry is actually developing
Speculation in cotton futures is inactive,
and prices in recent days have weakened
&c consequence of liquidation In the
old crop months and the light spot trace
in Liverpool, TO say nothing OF snort
selling on the basis Of favorable crop re-
ports. Confirmed bulls on cotton, now
ever. appear TO see in rapidly dwindling
worlds supplies and increased taklhss
bv the spinners reason not 10 chahse
their attitude. in spite Of the prospects OF
a large harvest in the current year. NO
noaterial damage 10 the crops has re-
suited from the dry weather prevailins
In some parts of the country. although
bull operators in the wheat pit are en-
deavoring TO create an impression that
widespread harvest failures are in view.
The May wheat option has been strong
owing to manipulation and covering by
helated shorts and not to the actual crop
situation. Abundant rains have fallen
in the spring wheat territory, and corn
planting has been finished under the
most favorable conditions
Steel bar prices have been lowered
quotations on pig iron are more in FAVOR
of the buver. and cuts in other lines are
looked for as a consequence OF the re-
fusal of consumers to take an active in
terest in the iron and steel market at
ruling figures. New business Is light In
volume. and il is not likely that the in
ouirv for finished lines will expand ma
terially until buyers are satisned that
further concessions are improbable.
While the iron and steel market is in a
state Of unsettlement. II Is encouraging
to note increased business in copper
The demand for actual consumption is
growing. due in part to greater activity
al the plants Of the electrical companies;
prices are frmer and exports of the
metal are heavier than those recently re-
ported. In view Of the existing uncer-
tainties in the business world current re-
turns of railroad gross earnings make
favorable comparison with this period
last year and in 1909. but in the case of
the larger number Of roads net earnings
continue to reflect apparent inability
among operating men TO reduce oper-
ating costs TO an appreciate extent.