New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-10-02

per rates likewise havO not changed from
the level so long Prevailing. Foreign
discounts, however, are strong, and they
have afforded our bankers excellent op-
New York is lending both in Paris and
Berlin.
The wide difference between rates in
Europe and those quoted here tends 70
encourage talk of heavy gold exports
from New York. and although exchange
rates in the local market are still under
the level at which shipments could be
profitably made, Paris already has taken
81 100000 OF the metal. The foreign
financial situation is unsettled, while
market I'm the world. Gold which we
may send abroad will represent loans
rather than the payment OF debts. our
export trade is steadily increasing. and
only enormous liquidation by Europe OF
American securities can wipe out the
financial balance in our favor. With all
the disturbance In Europe and the re-
cent panicky. selling Of stocks by our
own people there has been no disposition
on the part Of foreigners to part with
their American securities. If the Ital-
ian-Turkish war should involve other
nations and II the apparent settlement
of the Moroccan situation should prove
only q myth, financial needs doubtless
would force liquidation Of foreign held
American securities, but these IFS" are
not likely TO become full hedged de-
velopments
In the drygoods market tobbers and
retailers are buying In fair volume for
nearby requirements. but expectation
that prices will be more In their favor
at no distant period, or at least will not
advance from current levels. restricts
business for the spring season Export
trade in cotton goods shows marked i'm
provement, shipments last week from
the United States amounting to 5,7I7
packages. against $3.50 in the same time
last year, making a total from January
l of pa, 100 packages. an increase Of 3D.
10 over the corresponding period in
1910. with a total valuation for the nine
months this year OF ST. 1861 ,S51, against
SO, 707. 500 in 1910. Speculation In cot
ton futures is active at the expense of
values Receipts of cotton are heavy,
and the outlook for large final harvest
is so promising that some operators are
predicting a nine cent basis for the
staple Export demand for wheat Is
lighter than that recently reported,
owing to the higher prices prevailing,
although the sharp advance In quota
tions following the defeat Of reciprocity
in Canada has not been fully maintained
Shipments OF corn from this country
last week were much heavier than In
the week before and in the same week
last year. The corn crop has been prac-
tically made without having suffered
from damage by frost. Provisions as
rule are tending at the moment toward
lower levels, the movement being helped
by the weakness In the market for hogs,
while the climax apparently has been
reached In the advance Of sugar prices.
The market for steel is unsettled so far
as prices are concerned, but consumption
"a not on a discouraging basis. AS a
matter Of fact, consumption Is not much
below the maximum Of the year, ana,
according TO THE Iron Age" the low
quotations on finished materials are Gre
ating a feeling Of greater confidence on
the part of some buyers.