New-York tribune., 1912-04-15


the outcome of the Presidential electioh'
as they are convinced that the great
majority Of people in the country are
for stability IN money and business ana
that the votes of the majority VIII u"
for President Taft, who represents the
noliciea that make for business eXpan-
cion Our industrial activities are grow
ing. and It is impossible To believe that
our voters will decide to swap horses
at a time when the tide cf prosperity Is
slowly but surely rising.
Reports from all parts Of the country
Indicate enlargement I'm business opera
tions and growing confidence in merran-
tile and financial circles. Confidence In
business quarters breeds prosperity. The
crop outlook IS favorable, and the small
falling off i'm the percentage condition
Of winter wheat as reported by the gov
ernment in comparison with this time
a wear ago does not mean a heavy re-
6uction in the final yield. I'm the iron
and steel trade increased activity is re-
ported. and in the case of the United
States Steel Corporation plants are be-
ing orerated at about 90 per cent Of
capacity. while the independents arc
working on a basis Of - per cent
Prices for finished steel products are
frmer and profits in the current quar-
ter will be far in excess of those re-
ported in the first three months OF ths
wear. The textile markets show encOur-
aging gains in the matter Of new orders
at advancing quotations; in the copper
trade q better business IS reported than
at any time in tho last two years; rail
road earnings are improving, both in
gross and net: the railway equipment
companies report heavy inquiries for
rolling stock; bank clcarings arc ex-
pandlng and idle capital is moving into
investment and general trade channels.
The people are getting busy.
As the steel industry IS considered n
barometer of trade, 1t IS worth noting
that the steel mills are operating at Il
terrific pace. reflection Of which IS
found in the fact that I'm March the
United States Steel Corporation turned
out at the rate of 100000 tons Of in
gots a year, and shipped close to 200
900 tons Of finished steel products 10
consumers In the same time the Re.
public Iron and steel Company produced
at the yearly rate Of 10000 tons Of fin
ished steel, while the Jones & Laugh
lin Company established a new high
record. Low steel prices have stimu-
lated demand. and while quotations al
ready have enjoyed material improve
ment as compared with the figures pre-
vailing in the closing months Of 1911 It
is quite probable that further advances
will be made. \ sharp advance at this
time in quotations doubtless would cause
a temporary falling off in demand, but
the steel companies now have orders on
their books that guarantee steady Oper-
ations for at least four months, even If
they do not receive a single new con-
tract. 4 large amount Of new business
IS pending from the railroads and the
harvester interests. Finished steel il
now about "2 a ton higher than the low
level reached on the recent downward
movement.
General conditions governing the money
market do not suggest easier rates for
accommodation i'm the near future. while
the chances favor the maintenance Of
fairly stiff quotations for weeks 10 come
Mercantile operations are increasing
corporations are moro inclined to como
into the market for funds, and there IS
no indication of q cessation Of stock
market activity Current money rates
are not high, but they are well above
the easy level reported i'm recent months
Bank reserves at this centre have been
materially strengthened by receipts os
currency from the interior and by tho
reduction of loans, and if the necessity
should arise holdings could hc increased
by the withdrawal Of our credits abroad
which in Berlin alone amount to up
ward Of $4,000 900 representing loans
made by New York 10 the German capt
tai. The settlement OF the British coal
strike and the return Of April dividend
disbursements to the market are re-
flected in substantial Improvement in
tho Bank Of England's proportion Of re
serve 10 liabilities. but the reserve Of
the big English bank is still low for this
period Of the year, standing at 42S5
per cent. compared with tenyear aver
age Of 4112 per cent, which, Of course.
does not Indicate reduction I'm tho
minimum rate of discount in the near
future.
The statement Of the Copper Pro
duCers' Association for March received
last week was regarded as favorable.
with its showing 81 a decrease Of 5I2431
pounds in stocks on hand TO the smallest
amount reported since the monthly re-
ports began 10 be issued. Production
increased about 9GGO00O pounds over
the February output, while domestic
CONSUMPTION increased more than H.,
Opo 600 pounds. this increase being off
set In part by a reduction In exports du"
L. the industrial paralysis caused by the
miners strike In Great britalh. fh-
couraging progress is being made Nv inc
mine owners and miners in this coun7
try toward settlement OF thelr dl1er-
ences. and prolonged suspension OF
work at the mines IS not anticipated
Although the railroad locomotive ensl-
necrs have voted in favor OF strike, II
is believed that the railroads ana lhe
officers of the Brotherhood or Locomo-
tive Engineers will be able 10 ledch an
agreement that viii be satisfactory 10
employees and employers.