New-York tribune., 1912-03-11
HONEY AND BUSINESS.

HONEY AND BUSINESS.
Bank clearings show marked improve
ment as compared with the records re-
ported at this time year ago, despite
the fact that speculative operations are
light in volume Large bank exchanges
indicate an active movement OF trade.
and at this season foreshadow good
sprIng business in wholesale and retail
lines. While there are adverse factors
in the general situation, as, for instance
the coal strike in England, the threat
ened anthracite strike here, the unset
tied conditions in Mexico and CHINA ana
the uncertainties incident to Presl-
Dental campaign in this country, busi-
ness operations are being conducted on
basis that encourages the idea tllat
our merchants, manufacturers and imam
ciers are not alarmed regarding the
future. The commercial agencies state
that a big trade movement is In prog
ress in this country, with plain signs OF
expansion. 'Dun's Review" says there
is a moderate forward movement that
seems healthy and conservative in spite
of every adverse influence, and Brad
streets reports that business Is moving
along at steady pace.
Day-to-day transactions are heavy,
and the fact that there IS a growing
tendency to make commitments for the
future is one of the most cheerful de-
veopments of the moment. y wider de-
mand is noted in the iron and steel mar
| ket, with an increased output of pig iron
and frmer prices for finished steel prod
ucts. The drygoods market is expand
| ing. the inquiry for cotton and woollen
goods showing decided improvement as
COMPARED with the demand of recent
weeks. Our export trade continues
! favorable, and shipments of merchan-
disc are still running well in excess OF
| imports. The country's business refuses
TO stop in the face of all obstacles, and
this situation is reflected in the course
Of stock market prices. Stocks are not
| in active demand from the public, as far
as speculative buying Is concerned, but
they are being absorbed by men OF
means. Current bear attacks have little
effect upon quotations. Investment de-
mand is moderately active, and bankers
who are financing the needs Of railroad
and Industrial corporations experience
no difficulty I'm finding buyers for new
securities
Money is SO easy at this point that
i Il,
are active bidders for short term notes
while they also are quite willing to lend
funds abroad and are making no effort
TO discourage gold exports, which since
January ! have amounted to upward Of
S1J,OOO,O00. This sum represents gold
sent to Paris and gold shipped to South
America for the account Of Europe.
The United States is sending gold 10
South America for London, Berlin and
Paris, and It is making n profit on the
operation. New York is the cheapest
money market in the world to-day. and
from present indications II is likely TO
remain so for months TO come. The local
banks continue TO gain currency from
that in the spring the movement Will be
reversed a fair supply OF commercial
paper is in the market, and bankers are
looking forward 20 increased offerings as
a consequence OF the visible signs OF
more active operations in mercantile
quarters.
Commodity prices show little change
from tho closing figures OF n week ago.
Speculation in cotton for future delivery
IS inactive, and quotations for the varl-
Gus options are on a basis that repre-
sents actual supply and demand The
foreign inquiry for our cotton since tho
opening Of the cotton year has taken
upward of two million bales more than
in tho same time I'm the preceding year,
and as the season is only half over II is
possible that export prices will move to
higher level, especially as domestic
spinners are becoming active buyers.
The government report showing the
amount OF wheat In farmers hands on
March | IS bullish from the speculative
point Of view, but traders in Chicago
and New York are not putting out large
long time contracts, owing To the con-
dition Of winter wheat, which promises
a big yield. In the iron and steel mar
ket the chief development in the last
week was the buying OF basic and Bos
scmer pig iron and heavy melting steel
scrap by the United States steel Cor
poration. Copper prices are firm, and
the report Of the Copper Producers AS
sociation for February suggests higher
quotations for the metal. Shipments of
anthracite coal are unusually heavy,
owing TO the demand from consumers
who believe there Will be miners
strike.