New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-18
MONEY AND BUSINESS.

Trade reports from various parts of the
country reflect conservative improve
ment in day-to-day business but there Is
no indication of any activity in the mat
ter of forward movements. The many UNI
certaintics of the current situation con-
tinue 10 restrict new enterprises, as cap
ital ig still timd. and as a consequence
money is piling up a. the chief financial
centres, being almost unlendable in
large amounts, with no indication of a
material increase in the demand for &C
commodation I'm the immediate future.
Interior institutions are so we'll supplied
with cash that they arc not calling upon
their New York correspondents for cur
rency for harvest financing, as they usu-
ally do at this period of the year. al
though it is not unlikely that as the sea-
son advances moderate Withdrawals Of
Western and Southern account Foreign
financial markets are unsettled, with
stocks declining and discounts rising.
owing TO the strain of the long drawn
however, appears in fair way of settle
ment through diplomatic negotiations
Paris has been calling in it's London and
Berlin credits, and q reflection of {, q dis
turbance i'm the French exchange is
found i'm higher rates i'm our own mar
kct. Further liquidation has taken place
on the New York Stock Exchange
While the operation has not included
selling for investment account the pro-
tractod decline I'm prices tends to dis
courage sentiment in business circles,
where the theory obtains that lower
quotations for securities foreshadow a
long period Of contraction IA our in
dustrios.
Measured by tho volume of payments
through clearing houses and by gross
railroad earnings, by the position Of the
crops, by our foreign trade and by gem
eral fundamental conditions there is no
reason for the extreme pessimism noted
i'm some quarters, but the fact remains
that trade in most sections of the Coun-
try lacks snap and i'm largo part is con-
fined TO the current needs Of our growing
population. a wider demand is reported
in the drygoods market. although the
movement is without many Of the Gle
ments that encourage the expectation of
the development Of activity Actual
some extent as a result OF price rcyisions
arising from the lower range for the raw
product and manufacturers appear to be
re confident over the outlook for the
spring jobbing and commission business
Mil men in the North are deriving con
siderable amusement from the an
nounred intention Of the cotton growers
of the South 10 compete with nature and
econ ionic conditions by fixing the price Of
the staple at IL cents pound. but they
are losing no sleep over the ultimatum
that they will be compelled to pay that
figure. as the market is now on a basis
Of ahout ~ cents a pound, while the
outlook for a good sized crop is daily
growing more promising.
New cotton is coming to market in
volume and both domestic and foreign
trade demands have grown more active.
Speculation in futures, however. Is run
ming in favor Of the bears, although
authorities on the market DO not look
for materially lower quotations. belicv-
ing conditions favorable to cheaper cot
ton have been thoroughly discounted by
tn decline that has taken place in the
last two months. The grain markets are
moderately active. Prices for wheat and
corn have declined in recent days under
the influence Of more favorable Euro
pcan crop news, laIge worlds shpmenla.