New-York tribune., 1911-04-17
HONEY AND BUSINESS.

financial circles Is encouraged as to the
outlook for material expansion at no dis
tant period. Fundamentals are sound
with most factors in the situation sug-
gesting an active movement OF money
into the channels Of trade following the
elimination of various uncertainties that
now tend to restrict business and stock
market operations. Transactions in
stocks ut present are limited to the
Swaps" Of unimportant spectators, VINO
are unwilling to make extended commit
ments on either side OF the account. al
though In the outside investment market
q fair volume OF buying is reported, with
the chief interest ar the moment In short
term notes. Lending institutions are
unable to find an active market for their
funds against collateral loans or COM
mercial paper. and as a consequence they
are good buyers of notes that have only
a brief time to run. Mercantile require
ments throughout the country are light,
owing TO the dulness in business. In
terest rates have declined in all financial
centres. and while the inquiry for the
highest giade OF commercial paper IS eX-
cellent offerings are so small that the
local banks are quoting as low as 3h
per cent for exceptionally attractive sim
gle name bills
Discounts IN London and Berlin are
frmer than those recently reported, ow-
ing chiefly to Easter trade requirements,
but international bankers do not look for
a material further advance, except in the
event Of a marked expansion in mercan-
tile activities Foreign exchange rates
continue 70 rule in favor Of tho United
states. and as our trade balance is in
crcasine at q time when there is good
market abroad for our securities a
change IN the other direction in the near
future is extremely improbable. In
March our merchandise exports exceeded
imports to the value OF more than So.
GEO 600. compared with an excess Of i'm
almost equal amount, and since July l,
1910 the balance in our favor makes
the favorable showing OF S4400OO,00o,
against SlS1 ,000, 900 in the corresponding
period IN the year before The impor-
tance of this exhibit 10 the financial and
business interests os this country con-
not be overestimated. Prices Of domestic
products are on an export basis, and the
foreign demand for American breadstuffs
is enlarging.
Increased curtailrnent Of production
among the cotton mills is reflected in a
somewhat flrmer market for cotton
goods. strength in the price Of the raw
material and unwilingness OF the larger
interests 10 accept new business for dis
tant periods also contributing 10 the
stronger tone. Tariff agitation tends 70
restrict operations in cottons and
woollens, but export sales OF cotton
goods are we'll in excess OF the move
ment reported a year ago. New business
In the general drygoods market comes
forward slowly and is mostly OF hand
to-mouth variety. Speculation In cotton
futures is more animated. with price
changes as a rule In favor OF the bulls,
WHO HTF Ut~lUS lllfn OIl'l htlOllS 'ii tlit
increasing activity In foreign markets
and the fact that the worlds supply OF
cotton is disappearing at rapid rate.
An enormous amount Of cotton has been
ehipped from this country since the be-
ginning of the cotton year. and local
speculators apparently believe that when
our mills again become active there will
not he enough Of the staple 10 fill re-
qulrcments that may develop before the
marketing Of the new crop. Wheat is
higher &c a result Of the technical mar
kct situation. and not ,s a consequence
Of underlying factors. Growing winter
wheat is making good progress enl sol!
conditions in most parts Of the country
are favorable for seeding.
According to "The Iron Age" new bus
iness in the pig iron and finished materla.
markets has been lighter In recent days
than It had been at any time since early
in January. orders from the railroads
being especially small in volume. Con-
sumers Of PIG iron arc not disposed TO
huy for distant needs, while the general
buying of finished steel products is dis
appointinaiy inactive. although there ap-
pears to be no pessimsm IA iron and
steel trade circles over the future course
OF the Industry. The market IS suffer
inc from uncertainties that are restrict
ine buying in al departments Of bust
ross. Domestic consumers Of copper are
carrying little Of the metal, the market
for which is dun and easier. In the ms =
jority Of cities building expenditures
show n falling OFF from this time IN 1910
and the year before, but in most in
stances the decrease is not heavy. Not
vithstanding narrow industrial markets
commercial failures are light In number
and liabilities. railroad earnings make
relatively good comparisons with former
wears and bank clearings reflect large
dav-to-day business incident to the
needs Of q growing population.
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