New-York tribune., 1912-02-12
MONEY AND BUSINESS,

MONEY AND BUSINESS.
Measured by the volume OF payments
through clearing houses current ous'
ness transactions are large. but opera
tions. as a rule, represent day-to-day
dealings. Little disposition 10 ant'ci-
nate future requirements Is noted IN any
line OF trade. and at the moment Weatnef
conditions are not in favor OF satis-
factory distribution of goods, except
winter merchandise. Undercurrents III
the business world, however suggest
gradual expansion in our INDUSTRIES
especially in the steel and drygoons mar
kets, the latter showing better inquiry
from BUYERS, induced TO somo extent py
higher prices for raw cotton on tne
theory that lower quotations on hnisned
goods are out of the question. Ihe
heavy cotton crop doubtless has been
fully discounted, and as the larger num-
ber OF mills are short on stocks in the
face of rising prices for options and the
spot material it appears safe 10 assume
that future quotations on cotton goods
will rule above prevailing levels. Cot
ton for future delivery has been active
in recent days at advancing figures
under the influence of heavy buying by
spectators and spot houses.
According TO The Iron Age" pig iron
production in January was 2,OoI,9ll
tons. as against 2,o43,270 tons in De-
cember, and according 10 the same
authority thirteen United States Steel
Corporation furnaces were blown in the
first month of the year, which Is exactly
the number by which the total Of active
furnaces in the whole country on Feb
ruary l exceeds that OF January j. In
finished steel materials some irregularity
is reported in prices, the figures at which
large producers were holding plates,
shapes and bars in December having
been shaded in many instances. While
the general steel market is "spotty' the
United States Steel Corporations book
ings are encouraging, and Its untitled or
ders on hand at the end OF the last
month show an increase of 29i,960 tons
over the December record. II is esti-
mated that the big steel concern Is now
operating on basis OF So per cent OF its
pig iron capacity and upward of 50 per
cent OF finishing capacity. The inde-
pendents are not doing so well. I'm
provement Is reported In the copper mar
ket, and the price Of the metal Is again
practically on 14k-cent basis.
Reports received by the commercial
agencies show largo number OF failures
In the first month OF the year "Dun's
Review fnds that the number of all
mercantile disasters in January was
1,s97, with total Indebtedness OF S1e-
no, $50. compared with 1868. with liza
bilities Of S24.O90.6i3 in the correspond
ing period year ago. the record present
Ing an increase In small insolvencies and
decrease I'm the number OF failures OF
large concerns. SO far In the current
month the number OF commercial failures
Is considerably I'm excess OF that re-
ported in the same time In 1911. In the
commodity markets prices as a rule
favor the buyer, In comparison with re-
cent quotation levels, cotton being the
chief exception. Cereals, however, show
season, and in spite Of speculative profit
taking in wheat and corn there has been
no material decline in tho various op-
tions. The worlds supply Of wheat in
creased last week $500 bushels.
against a gain in the like period in 1911
. 4 Ill III
wheat from Ill ports In this country and
Canada amounted 10 3,S16,45S bushels,
compared with 2,274, ,2o1 bushels for the
corresponding week year ago Butter
and eggs are lower; also cattle, hogs and
sheep. The market for hides is strong
In all parts Of tho world.
Speculation In stocks is light in vol
ume, and only a small investment de-
mand Is reported. The professional ele-
ment on tho Stock Exchange is bearish
owing to the various uncertainties In the
general situation. but 1t has not been
successful In bringing about investment
liquidation nor has II made much of an
impression on prices. Securities are In
strong hands and the larger financial in.
terests arc not pessimistic regarding the
future. Bank reserves, although smaller
than those reported at the opening of the
year, are still large enough to maintain
eesy rates for money, but az shipments
of funds from the interior are beginning
10 increase, while local bankers are lend
ing heavy sums to Europe and are ship
ping gold to Paris. It is quite possible
that firmer tendency will soon develop
In the local market for loans. Discount
rates in London have declined, and the
easier situation in the British capital IL
reflected in ii reduction Of tho Bank of
England's rate from TO 3la per cent,
Exports Of merchandise from the United
States are heavy and the position of the
country in the International money mar
ket is one OF extreme strength
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Did Governor Wilson misread the signs
Of the times when he recanted his