New-York tribune., 1911-04-24
MONEY AND BUSINESS.


and wholesale lines are quiet, although
the volume of day-to-day business pre-
sents no material decline, as compared
with that reported at this time year
ago. a reflection of which Is fouhd III
payments through clearing houses. snow
ing for the last week loss for all cities
Of only a little less than per cent
Commitments for the future arc re-
stricted. owing to the uncertainty re-
garding the character OF coming Su-
preme Court decisions in antitrust
cases. the outcome of tariff agitation III
the extra session of Congress and TINS
years harvest results. although in the
case of the last named factor present
conditions in the agricultural section OIL
the country supply reason for commence
in business circles. Railroad earnings
continue to grow. notwithstanding that
the larger number of industries Ill the
country are working well under capacity,
while in the last fortnight there mas
been a decrease in the number OF idle
freight cars Of 40 per cent, the reouc-
ton in the surplus being due in part 10
the increased demand for coal cars. AT
the moment the anthracite coal trade
is the most active industry in the coun-
try. The mines are working full time
and the volume of shipments and sales
ia equal To that of any preceding Apfl'
in modern years. In the bitumihous
trade conditions are not as satisfactory.
ic large
accumulation OF idle money at fnanciai
centres, but the funds that are pilng up
at reserve centres impart strength 10
the banks and increase the chances OF
an active forward movement in our IN
dustrial activities when the various UNI
certalnties in the situation have been
eliminated. New York exchange at chi
cago has been quoted as high as ID
cents premium in recent days while at
other points. with the exception of san
Francisco and Montreal, rates are hcay-
lily in favor Of this point. an indication
of which is found in the congestion OF
cash in the local banks and gain by
the Clearing House institutions from the
interior last week amounting TO almost
SO OoO.OOO Rates for money at home
and abroad have weakened under the
influence of growing reserves and falling
demand. ninety day loans, for instance,
having been made in the local market
at -. per cent and seven months loans
at > per cent. The large supplies OF
money have made no impression upon
the stock market, which remains mac
five and wholly professional. Invest
ment buying is light, but the case of
money is reflected to some extent III
better demand for commercial paper,
short term notes and state and city
bonds
Stocks Of drygoods in customers hands
ara low. which makes the actual stua-
ton better than surface indications,
such as curtailment at the mills. indi-
cate Retail distribution is retarded by
the backward spring. but merchants APP
near to be somewhat more optimistic in
their views about the future than they
have been, especially in regard to cot
ton goods The mills are taking bust
ness on contracts chiefly for May and
June delivery. Speculation in cotton
futures 1s fairly active. with the prices
higher on buying based upon the light
receipts of the staple at Southern points.
a decreasing worlds supply and strength
in the spot market at homo and abroad.
Large moneyed interests are working on
the bull side of the market. but there
are not few observers who believe That
i'm view Of the condition of the cotton
goods market and the outlook for a
large acreage for this years crop the
prospects tor unloading speculative hold
ings at extreme prices are not pronis
ing Weather conditions in the last few
days have been ideal for winter wheat,
and reports from all parts of the winter
wheat belt are uniformly good. Indeed,
they rarely have been so favorable at
this period in other years. Cereal mar
kcts are stronger. owing to decreased
visible supplies and poorer advices from
European and South American crops.
While worlds stocks of wheat are di-
minshing. they are 20O00OO bushels
larger than those reported at this time
year ago.
The market for pig iron and finished
steel materials is less active than il was
earlier in the year, yet there Is no sign
of pessimism in iron and steel circles.
The United States Steel Corporation Is
working at a little more than 80 per
cent OF it's capacity, and the fact that
the productive capacity OF the concern
has doubled since the time of its organi-
zation lends particular significance To the
present showing. Pig iron is not in
heavy demand. and in the South pro-
ducers are witnessing period of de-
preston similar 10 that prevailing in
the larger part of 1910 with every indi-
cation pointing to further curtailment
i'm the output. Relaxation in the busi |
ness OF the iron and steel companies has
been pronounced since tho convening of
the extra session Of Congress. The rail-
roads are making only beggarly pur
chases OF steel products, their buying |
being about - per cent under normal |
The copper metal market is duh and
heavy. In Canada trade In general Is |
more active than in the United States |
and the fact that money In Canadian |
cities brings more attractive rates than |
o.p la c.curad barp may lead fn "A ctIb- |