New-York tribune., 1911-03-06

Commission against the railroads anu
the prospect OF a long -drawn-out ex-
ira session of Congress have created
certain amount OF apprehension In spec
ulatlve circles I'm Wall Street but they
have not checked progress In mercantile
activity. In the drygoods trade expan-
sion Is less pronounced than Is reported
/ In other lines. but ii is worth hotihs
that sentiment in the cotton goods mar
ket is far more optimistic than 1t has re-
Gently been. Commercial and financial
failures I'm February were smaller IN
number and lighter in defaulted liabiil-
ties than I'm the same month last year.
Spring jobbing trade Is moving on CON
servative basis, collections show i'm
movement and commodity prices con-
tinue 10 exhibit declining tendency. In
the financial markets a good investment
demand is reported, and Europe shows
a growing disposition TO participate IN
offerings OF new American railroad Sc
curities Money rates are easy. but
there is some expectation OF higher quo
ia tions In the weeks 10 come. owing 10
the financing OF the needs OF corpora
tions and the forthcoming offering OF
large amount OF Panama per cent
bonds. The new bonds viii not nave
the circulation privilege, and Will stand
entirely upon their investment merits
Discounts on commercial paper have not
followed the downward trend in COT
lateral loan quotations.
The cotton market has been heipeu u!
the failure of the anti-option measure "
become a law. Trading. however on
the Cotton Exchange is not active anu
onerators apparently are not conVlnceu
that the reaction in prices has run i's
course. Foreign demand for the raw iia
terial in this market is less III eFluence'
but this is not surprising In view OF tne
heavy exports from here IN receh'
months The price situation continues
~ restrict the Far Eastern export trade
I'm manufactured cotton goods. spot III
terests are buying rather freely ana 'heS
annarentlv are heavily concerned on the
long side OF the May option AI'hous"
dencv as a result of speculative opera
tions. the best informed men in the traue
do not look for anything in the nature Vi
sustained advance. The European Visl-
bic supply has increased. Argentina is
offering the staple in large volume IN the
Liverpool market the worlds stock II
more than forty million bushels In excess
of the total reported at this time iasI
year and both home and foreign crop re-
ports are in favor of large harvests. Re-
eipts Of corn are heavy, while the cash
demand is light The general condition
Of the flour trade is not satisfactory.
The railroads have made no cancella-
tions OF orders in the iron ana steer
market as a consequence of the rate de-
cision. and manufacturers look for an
increasing scale of buying by the trans
portation companies. The Iron Age
states that the United States Steel Cor
poration now has So per cent OF It's Dlast
furnace capacity in operation. against o.
per cent week ago, and shows a de-
crease in its stocks Of pig iron on hand.
The pig IRON fneIhtl presents "'e''' -
increasing activity and the steel mills
have enough rail orders on their books
TO keep them busy for several months 10
come. Copper is in better demand DO
mestic consumers showing a greater
disposition 10 come into the market for
future needs al prices from which there
appears TO be little chance OF important
recessions. Foreign buyers, however,
are rot factors in the market at the mo-
ment. In the coal trade normal busl-
ness is noted. except in some sections or
the bituminous region. General building
operations in the month just closed were
about on par with those in the corre-
spending time in 1910, when fair de-
gree OF activity was reported.