New-York tribune., 1911-03-13
VONET iNn III SIN ESS.

declines when reported N'l' siidii' N"''
outside of the cities named. with Chi
cago and New Orleans. gain OF - per
cent was recorded. The volume OF gen
eral business throughout tho country as
reflected in bank exchanges does not
indicate trade depression. nor is there
any sign in gross railroad earnings or
IN the condition of the iron and steel
industry that suggests the development
~ q reactionarv tendency from the for
ward movement that is slowly gaming
strength in the larger number or lines
Improvement is less pronounced In dry
goods. in which curtailmcnt of produc-
tion continues. although February sales
show a better distribution than was VIII
messed in the corresponding period III
1910. More buyers are in the pr'hclpai
markets than were recently reported ana
merchants show a greater disposition TO
re eplenish depleted stocks. money sup
plies are heavy, our foreign trade Is IN
creasng. the country is accumula''ns
largo credits abroad and crop prospects
at this carly period Of the year are ex-
cellent.
Conservatism marks the course OF cur
rent operations in all markets ospe-
cialIy in stocks. and a natural tendency
IN proceed slowly until various uncer-
tainties have beer eliminated from the
situation is a feature that encourages
the expectation Of decided expansion III
tho countrvs industrial activities later
IN the year Money is growing easier
,brourhout the world. Easy money al
WAYS precedes growth in trade. just rs
investment buying OF bonds foreshadows
an active movement in stocks: ana INC
fact that surplus reserves ot tne money
institutions arc heavy, while capi'a' Is
moving into high grade mortgage issues
is creating profound confidence III 'no
theory that Supreme Court DECISIONS III
oor,orat;on cases. the results .ot the
forthcoming extra session of Congress
and the Mexican situation will not bring
forth conditions harmful to the progress
and prosperity Of the country. Nc"
York is lending money in LONDON anu
the position Of the foreign eHcn"h'
market insures imports Of gold from
r,,,rone II tho metal should be needed
here. of which there is now no ihu'ca
zion. Exports Of merchandise from 'ii's
country are increasing. shipments oi "o
mestic products in February sho"i's "
,, 20 tho value of S3S. .542 V96 over the
,,,o,.onor, in the corresponding time last
wear while the possibility of taritt re-
auctions by the new Congress Is pes"'
ming 10 restrict imports. Inc oe"'""u
.or ,,orev in the West Is better than IL
:. - ,ho East. and the usual spring now
Of currency from New York mas aire"u'
begun.
cnec,Ia,ion in cotton futures Is more
active than il has been, WIN III NV
,o,aorcv in price movements. the au-
,.orco beine due chiefly to heaNE eN
norts Of the staple, decrease III wv
cor,iicated stock on hand and re-
SUMPTION of bull manipulation 'oh'o
responsiblo trade authorities assert tnat
ot tho current rate of consumption the
s,,rnl,, of cotton will become eXhausten
before the beginning of the new cotton
wear. and as a consequence they can SEE
nothing but a return of quotations 10
higher levels. in spite OF the prospects
for q material enlargement In the acre
acc 7. is worth noting that exports ol
cotton I'm February reached value oil
sis 73o3 against So .S62.lI6 in the
same month last year. the increase peing
due 10 actual shipments rather IMAM 10
any difference in prices while lot tiie
eieht months ended on February - the
total value Of shipments was SJol.2ll,-
453 gain Of S153 15s.I57 over the cor
responding period in the year before.
The cotton goods market is unsatls-
factory to sellers. and the mills are
able 10 make little profit under existing
conditions. Wheat prices are lower as
q consequence Of favorable crop reports
and large stocks on hand. the farm re-
serves as reported by the government
amounting 10 1I9,69o0oo bushels
AGAINST 112.344.O0 bushels year ago
The reserves of cereals In general are OF
a magnitude that apparently precludes
tho possibility of sustained higher prices
According 10 The Iron AGE" some
hcsitancy is noticed in the iron and steel
markets owing TO political Developments
which has helped TO emphasize the con-
scrvatism which buyers are showing In
all lines. Leading steel manufacturers
however. consider that the reported pro-
gramme for the extra session Of Con-
gress limiting tariff action to two scheC-
ules is not one that should cause more
than a temporary halt. and they are not
uneasy. Pi5 iron production in the last
month showed a gain over that recorded
in January. and the daily capacity of { .
furnaces i'm blast on March ! was &C.
-Go tons. against J9.J6S tons on .'eb-
rIIary I. In February the untitled or
dcrs Of the United States steel Corpora
ton showed an increase of 100000 tons.
compared with an increase in January
of 431 .1G2 tons. the failure of tho cor
poration 10 show p gain i'm actual ton
mage i'm February as large as was reported
in January being due Ia increased opera
lloils, Nllt'h hpo'i ''' " i''' S'i "'i'"it VI
tonnage than was the case in the latter
month. New orders in the last month
were at the rate Of 4O.IIJ tons a day.
against 3JO0O tons in January. Copper
prices are weaker. Home and foreign
demand is inactive at the moment. while
surplus stocks of the metal are ncroas-
ing the gain in February amounting To
more than 14.OO0.WO pounds.
There will be general approval of the