New-York tribune., 1911-12-25

a substantial enlargement Of traffic Will
be a. development OF the new twelve
month period. In the textile markets
conservative extension OF transactions IN
under WAY. reflection Of which Is found
in increasing output and disposition on
the part OF the mills to add TO ther
supply of raw cotton. speculation IN
cotton futures is moderately active ana
prices exhibit an advancing tendency
due 10 active covering Of shorts and
buying by large spot interests. 1t Is
orth noting that many cotton mills
which have been idle in recent months
are resuming operations.
The low price of cotton was responsible
for a slight falling off in the total value
of our export trade in November, but
with shipments Of cotton excluded the
outward movement OF merchanulse
showed an increase Of more than lO per
cent as compared with the correspond
ing month in 1910, while the excess or
exports over imports amounted In value
to S75 461 ,64S, making for the eleven
months OF the year an excess or more
than S475,000,0O0. Owing 10 our large
exports Of staple products and manu-
factured articles we are occupying an
important position in the international
money market. We have become
creditor nation as a result Of our excess
of exports over imports and the large
amount Of idle money here which enables
us TO make liberal loans TO foreign coun-
tries. Berlin is heavy borrower in this
market, and the recent demand for re-
newals Of maturing loans has been so
urgent that New York bankers have
placed funds in the German capital at
a figure we'll above the current thirty
day rate for accommodation at this cen
ire. Berlin also is borrowing In London
and Paris. paying in London as high as
Z per cent for one month loans.
Bankers predict a much easier none
tary situation abroad early In the new
year and cheaper rates for funds in New
York. Quotations here are relatively
easy for this time Of the year, but 1t Is
not improbable that firmer prices will be
recorded for call loans in the present
week, owing to the preparations nY the
banks for the January settlements, 1t is
estimated that interest and dill lend
payments in the first month OF 19l will
aggregate more than S232.000O00, & ma
terial increase over the total disbtrse-
ments made in January, 1911. The fact
that our corporations have been COM
PEELED TO reduce or suspend dividends In
only n few instances, while in many
cases increased payments have been de-
clared is especially significant In view
Of conditions in the year that have not
been altogether satisfactory to producers
and consumers. There have been many
adverse developments in the year now
closing, but fundamental factors have not
changed for the worse. Although condi-
tiCns have not favored forward commit
ments in business or the creation Of new
enterprises, the year is ending with re-
markable indication OF confidence In all
circles over the future.
Iron, steel and copper trade conditions
look in the metal markets is now more
promising than at any time in recent
months, and the effect Of activity In this
important branch OF our commercial life
will be reflected I'm expansion in other
industries Prices for metals are moving
to a level that will allow a reasonable
profit to the producers and manufactur-
ers. without placing a burden on the
consumer. In general, commodity prices
show little change from the quotations
reported a week ago. Wheat Is somewhat
lower, owing chiefly to favorable reports
from Argentina and large receipts at
Northwestern points. The worlds stock
OF wheat is heavy and quotations ma
terially above those now prevailing are
not looked for. Winter wheat conditions
az reported by the government are ex-
cellent.