New-York tribune., 1911-11-20

this centre and the efforts of our bank
ers To find profitable employment lot
their idle funds. New York rs still lend-
ing money abroad. and doubtless VIII
continue t,, do 50 until a marked change
takes place i'm international money mar
kct conditions. which just now make our
market attractive for foreign borrow-
crs. New York STOCK Exchange loans
for six months have been made recently
at n, per cent. and even az this un-
usually low figure for this period "t the
year the inquiry has not been heavy III
spite of increased activity In specuia-
tive and investment operations. STOCK
prices show material Improvement from
the low levels Of October. the advance
in the last few weeks having been free
from manipulation. while accompanied
by actual investment buying for the ac-
count of interests that appear satlsne1
that trust and railroad problems viii he
worked ont along lines favorable to rail-
read and industrial corporations. Ac-
ceptance by the government of the
American Tobacco reorganization plan
and the decision by the Court Of Com
merce in favor of the railroads in the
intermountain rate case have been i'm
portant factors in reviving activity in
Wall Street.
Exports of merchandise I'm October
were enormous and with the exception
of December, 1910, were heavier than in
any preceding month in the history of
the country, amounting i'm value to SID
523 .993 and showing an excess over i'm
ports to the value of $19,Ol5,S12. For
the twelve months ended October 81 eX-
ports have exceeded imports to the value
of almost $GO0.O0O000. 1t is not at all
surprising, therefore, that the United
States is able To lend large sums Of
money abroad. especially at this particu-
lar time. when our actual cash holdings
demand for accommodation is abnor-
ma'ly light. Our heavy foreign trade Is
building a strong foundation for future
business growth. 1t is interesting TO
note that more than half of the imports
of merchandise in october and for the
ten months of the year entered free OF
duty. The ordinary speculatOr processes
apprehension over the forthcoming meet
ing Of Congress and the political battle
of 1912. but the substantial banking in
terests are not pessimistic, because they
doubtless realize that the transition
period i'm business and political uncer-
tainties is developing no factors that
can upset prevailing strong fundamental
conditions.
A record breaking crop Of cotton APP
pears assured, Notwithstanding recent
cold weather in the cotton belt and the
Southern planters idea Of holding the
staple for materially higher prices does
not seem to be well founded. Northern
spinners are buying on a conservative
scale. Manufacturers Of cotton goods In
many cases are offering exceptional OPP
portunities to buyers on orders for
prompt and future delivery. doubtless in
expectation Of lower prices later in the
season. An active holiday trade in do
nestle cottOns is looked for, and mer-
chants in all lines are far more bullish
regarding the volume Of business for the
rest Of the year than they were at this
time twelve months ago. Western re-
cepts Of wheat continue to exceed those
reported i'm 1910. while the worlds Wis
ible supplies almost equal the enormous
total at this time last year. The price
situation in the iron and steel market
shows little change for the better, but
orders are being placed in a more liberal
manner, especially by the railroad COM
panies. which are supplying the trade
with a large amount of new tonnage.