New-York tribune., 1912-01-15
UONEy AND BUSINESS.

The course of the iron and steel in
dustry and current developments in the
drygoods market apparently foreshadoW
progressive improvement in Ali lines OF
trade. The volume OF new business In
finished steel products is larger than has
recently been looked for, while in dry
goods better conditions obtain than have
been reported at any preceding time III
many months, a reflection OF which ~
found in a growing domestic and export
demand for cottons and In the arrival at
this centre OF many buyers from all
parts of the country. Business In dry
goods is being conducted upon con-
servative basis, without any indication
of speculation, but sentiment among
manufacturers, merchants and con-
sumers encourages the idea Of much
more extensive operations in the next
twelve months than has generally been
noted in past Presidential years. Inn
provement is likewise reported In the
woollen market. Prices Of cotton
futures are somewhat higher owing to
active DuNlUE ny SI'N ih''i''N' 49,
the belief that the strife in the Lam
cashire district will soon he brought 10
satisfactory settlement Heavy exports
Of the staple and the fact that the crop
movement has been retarded TO C. %
tain extent by bad weather in the South
are also factors in opposing a downward
tendency in quotations.
Railroads are placing Increased orders
for rails and equipment, and observers
of all departments of the iron and steel
trad. appear to he confident that a gem
uine widespread demand from consumers
is developing. December's gain In the
untitled orders Of the United States Steel
CORPORATION OF more than S42pD tons
furnishes ample testimony TO the
stronger conditions now prevailing In
the trade, the increase being the largest
for any month since March, 1910. More-
over. new business is being booked at
better prices. Advices received within
the last week from men actively CO.
nected with the steel industry Indicate
that the enlarged movement bears all
the signs Of permanency, without sug-
gestions of the growth OF an unhealthy
boom. In the Central West pig iron is
still active. and at most points the price
situation has improved. In the copper
market the statistical position is strong.
Purchases for actual consumption arc
moderately heavy, while quotations con-
tinue to show an advancing tendency,
standard copper having been sold as
high as lax cents pound in recent
days. with indications pointing to
further rise in the near future
With the exception OF cotton, the
prices of most farm products show
tendency TO recede. Wheat is lower
under the influence OF better Argentine
weather reports, heavy liquidation In
| Chicago and aggressive operations on
the short side Of the market. The
| worlds stocks are large and well in ex-
cess Of those Of a year ago, the visible
| supply in the United States end Canada
being 26,7OO,OOO bushels heavier than
was reported at this period in 1871.
| while the general supply shows an in
crease for the week just closed of up
ward of 5000 900 bushels, against an in
crease Of only 2,S17 900 bushels In the
same time last year. Signs of returning
life in the flour trade are noted. Gen
eral retail trade has been handicapped
to some extent by the extreme weather
prevailing in most parts Of the country.
but mail order business with Jobbers is
gaining, and at this centre and In 9th r
cities active transactions are recorded in
seasonable goods. Commercial failures
so far in the current year make a fave
able comparison with the corresponding
period in 1911, liabilities showing a con-
siderable decrease, although the actual
number Of mercantile insolvencies is
slightly larger than 1t was for the early
part Of January year ago.
Speculation in stocks is light in vol
ume. and business is being restricted to
certain degree by the tie-up Of secu-
rifles incident to the burning OF the
Equitable Building. Except In the bond
department, investment buying reaches
small proportions, and thus far there
has been little reinvestment business
from the heavy January interest and
dividend disbursements. Foreign dis
count rates exhibit a firmer tone, but
| the situation here is one of increasing
ease, demands for funds amounting to
small totals in comparison with the sup
ply of idle money available for lending
purposes. London is borrowing IN &
local market, and some loans have been
made to Lombard Street for thirty days
on basis Of 41a per cent, the inquh
from abroad and the big bank holdings
in New York suggesting the possibility
of gold shipments before long. The chief
Investment buying just now comes from
the large financial institutions. which
find II more profitable to utilize their