New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-05-13
COMMERCIAL INDICATIONS
Dun'S Reports of Business in
Various Lines.

Tho business position 81 this country IS
shown very clearly i'm "Duus Review of
SATURDAY.. May H. study Of the various
elements of our national commerce and in
dustrv is necessary TO insure an intelli-
reut conception OF this country's prospects
aud its business relations with other Coun-
,rics Referring 10 tho general tone OF
trade. "Duu's Review" has the following
Tho movement Of trade continues on
la~cor scale than last year. and the cur
rent statistics 10y which business activity
l., measured are stu favorable. Bank clear
ncs outside Of New York this week are
u5 per cent larger than I'm 1911 and 3
IN excess Of 1910 while at New York the
GAINS are t&S per cent and IS per cent,
respectiyely Railroad earnings in April
Increased IS per cent While a much
lrcer movement IS indicated by these fig
u~.s and confirmed by tho detailed reports
from tho leading trade centres, the i'm
proved confidence in commercial circles and
the more hopeful outlook are tempered by
2 wholesome conservatism which stands
in the Way Of any excessive speculative
authorization Of future needs The foremost
business consideration at present is the
FUZZY three weeks late. and the heavy rains
have been detrimental to cotton. While the
government report on winter wheat was
more favorable than was Anticipated there
has been a heavy abandonment Of acreage
and some reduction in the crop appears
probable The rains have intcrfcred with
Wholesale and retail distribution, and this
has reduced somewhat the movement of
crysoods the market. however. remain
iuc. on the whole, very strong The best
reports come from iron and steel, the pro-
duc'ion Of which continues very large, the
daily rate during tie month Of April reach
Ing q point in excess Of the preceding high
total The April copper report on the other
land showed moderate increase in sur
plus stocks for tie first time this year.
Considerable interest attached to the sale
OF the large new issue Of New York city
bonds While these were oversubscrbed.
the price obtained was slightly lower than
last year The Bank Of Englands discount
rate was reduced from 81 TO per cent,
and that institution now holds more gold
tnan ever before at this date. With one OK
teption. In spite Of bad weather, the April
statistics Of new building permits showed
2
ir- month last year. Leather and hides
continue very strong. The foreign COM
werce exhibit maintains a favorable SHOW
in- The exports from New York during
the latest week were Sl7,l3J244, which is
over 10000 I'm excess Of the imports and
compares with $146-5,6N exported last year
and ll5.l31.969 IN 1910.
That this country is now manufacturing
and consuming steel at a greater rate than
ever before is indicated by the latest sta
iistics Of pig iron production, which show
a total for blast furnaces alone Of 1880. IL
tons during April against 1S2172- tons in
March according 10 The Iron Ace. This
- daily average for the steel companies
Of 6I"2i tons IT 2,ooo tons a day more than
IN the previous month and 500 tons more
than tho high point attained ir the re-
markanle movement Of about two years
ago Continued heavy buying by the rail
roads IS noted, and prices Of steel making
IRON and Southern foundry iron show in
creased strength. The larger producers Of
STEEL blllets are filed M. and though some
material is still on the market the supply
is nov not more than equal 10 thu demand.
OPon hearth and Bessemer bilcts are
1rmer at SEQ 30 and 81 Pittsburgh As
expected, the leading interest reported a
s'.bstsntis gain In untitled orders during
April, the increase amounting - Sso.oii
tons
The railroad earnings are aua,vzed IN
another reragraph and the deductions give
favorable promise for increased pros
re~ty in that direction. The report says:
Railroad Earnings,
Railroad gross earnings Tor the month
81 April make very satisfactory increase
Ger those ~ year ago, the totsI Of all
ntcd States roads reporting 10 date sg
lregatins s54 s1oi47 4 gain Of IS ?er cent
r compared with the earnings Of the same
loads for the corresponding period last
fear. Very few roads that report for The
lszt week Of the month show losses, and
those TIA: do arc mostly in The far West
and Southwest hut even I'm that section
there are notable indications Of improve
ue0t. Missouri tactic. Minneapolis & St
Louis. s. Louis Southeastern Interna-
rensl Great northern, Texas r Pacific
and r. number Of other important systems
nov making larger returns. In toe South
fs,7- are genera arJ on many leading
stems marked expansion appears. graft
fN'uS Increases being reported hy Chess-
rezke 4 Ohio Louisville e Nashville
Southern, Alabama Great Southern, Gin
clnns'' New Orleans & Texas Pacific.
Central ~ Georgia. sea ooard Air Line and
Others Taken a. q whole. this week s
statemcn' indicates q sc1sonaDle expansion
In railrosd business that ia shared I'm 10y
most sections ~ tho 'ouutr". H. the fol