New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-04-10
MONEY AND BUSINESS.

gree OF activity In mercantile centres
but they show, nevertheless. strength IN
fundamental conditions and confidence
In money and business circles over the
future Of our Industries. While the
weather has not been favorable for re-
tail trade operations. the widespread
rains have strengthened the outlook for
good crops In the current year, espe-
ciallv for winter wheat, which promises
n large harvest The price of wheat Is
far under the quotation reported at this
time a year ago, with every market In
dication suggesting a still lower plane OF
values and n growing export demand ior
the cereal, the inquiry abroad FOR TINS
important product Of our farms. for In
stance. already showing a marked In
crease as compared with that recorded
at this time In 1910. Shipments OF wheat
last week amounted to .. 143O43 bushels,
against 1.176,OS6 bushels in the corre-
spending period last year while the ex-
ports of corn reached "A total OF I,ol6.-
| O45 bushels, a gain Of 9S0421 bushels
over the same time twelve months ago.
I Furthermore, exports OF general mer-
chandise continue to grow in volume and
value. and as a consequence our credits
abroad are rapidly expanding. With
! funds accommodating here and balances
for our account piling up in London and
Paris. there should be no uneasiness In
home circles over the future or money
| and business In this country.
/ For the month OF March bank clear
/ ings made a poor comparison with the
record OF the corresponding time In 1910
but q large proportion Of the decrease
was due to the lessened activity IN the
speculative markets rather than to sub
( stantial falling off In the actual volume
| Of trade IN mercantile quarters. There
has been heavy shrinkage in stock
market operations. a reflection Of which
IS found I'm decline In exchanges
through the New York Clearing House IN
the last month OF more than IL per cent,
rs compared with March last year. and
decline for the first quarter OF the year
Of II per cent, although the records FOR
|
gains over 1909. Declines outside OF this
CITY have been small. and according Ia
Tho compi,ation made by "The Financial
! Chronicle" cities other than New YORK
nresen- q gain in clearings over March q
wear ago and over the first quarter or
| that wear Of 10 per cent and IA per cent,
respectively Analysis of bank clearings
/ III all parts OF the country and OF ra'i-
road gross earnings does not reveal any
argument FOR pessimism. Money rates
| the world over are growing easier. a
money situation of this sort foreshadows
/ trade expansion. II is quite unlikely
however. that heavy forward move
ment will develop in the United states
until antitrust decisions arc out of the
wav and business men are able TO get
line on the probable outcome OF the extra
session Of Congress
! offerings Of attractive securities find
q ready market but speculation is al
most dead. transactions in last week
market amounting TO a smaller total
than was recorded In any preceding week
for moro than a year. Absence Of rpecu-
lative demand for stocks and little IN
ouiry from merchants for accommodation
mean small profits for tho banks, but
| the very fact that money Is inactive now
spells expansion and profits at a later
noriod. The banks are endeaVoring 70
maintain commercial paper rates Oh q
rer cent basis, but they are meeting
with indifferent success, Endorsed bills
receivable for sixty 10 ninety days hav-
ing been discounted I'm recent days as
low as 81 per cent. Some improve
ment is noted in the market for cotton
goods The demand is broader than was
recently reported and prices are firmer,
but the reduction by the ". u. Claflin
Company in its dividend rate reflects
depression in the primary and secondary
markets and uneasiness among drygoods
men over Democratic tariff agitation
Speculation in cotton futures is being
conducted on a quiet basis. Manipula-
,ion I'm the interest of the bulls has
brought about a higher level OF quota
t,ons. the movement having been helped
bv activity and better prices In the Liv-
,rpool market. The statistical position
of cotton is regarded as strong by the
hest Informed observers of the market
Pig iron production in March increased
AS a consequence ~ the larger activity
at the steel works. THE Iron Age the
official organ of the trade. reports an
output of coke and anthracite iron last
month OF 21SS,1G1 gross tons, or IO,5S6
tons day. compared with an average
daily record I'm February of 64O90 tons,
and n net gain in furnaces active OF
nine. Production is now at the rate of
2J $50 900 tons a year. a gain OF l,JOO.-
600 tons a year over tho rate on March
! and of 6,2JO,O00 tons over the rate at
the low point on January j. Finished
steel specifications are trifie lighter
than they were earlier In the year ex-
cent in the case of wire. for which the
demand Is enormous. In March the
bookings of the United States Steel Cor
poration were at the rate of 5000 tons
q day. against 40.115 tons day in Feb
ruary. Sales OF copper In the last month
were heavy while production was
larger than In any preceding month in
the history Of the copper industry.
amounting to upward OF 21.OOO.OOO
pounds. Against this Increase In output,
however there was an increase in CON-
sumption Of approximately 29.5O0OOO
pounds.
Cold and rainy weather Ii doubtless
trying 10 those who long for summer