New-York tribune., 1912-04-15
MONEY AND BUSINESS.

reports received Dy lHe 'oiiihiSi 'i"'
agencies indicate an expanding volume
Of business in most lines OF trade ana
conservative optimism in industrial ana
financial circles. Better weather condl-
tions. the expectation that the difference;
between the anthracite coal operators
and miners will be settled on lines salts
factory to both parties. enlargement Oh
demand for textiles and broader mar
ket for metals at higher prices are feat-
ures Of the present situation that en-
courage the idea of gradual improve
ment in our mercantile activities. BANK
clearings show for the last week a gam
for all cities Of more than 70 per cent
as compared with the same time a year
ago while the latest reports OF gross
and net earnings Of the chief railroads
in the United States reflect growing
transportation receipts. The recent IN
dustrial and trade expansion Is being
well maintained, and the distribution OF
merchandise, both wholesale and retail.
is unusually heavy for this period of the
year. In all departments OF the iron
and steel trade increased business is
noted. The United States Steel Corpora
ton is operating at the highest produc-
tive rate in its history. and according
to THE Iron Trade Review the inde-
pendent concerns are making supstan-
tial gains, especially in the East, where
the mills are now working at about 80
per cent Of their capacity
In the drygoods market striking con-
trast to the conditions prevailing year
ago is found in production and con-
sumption. At this time in 1911 the tex
tile industry was in a state Of extreme
depression, while just now activity Is
reported throughout the trade, including
large export business. Speculation In
cotton futures is active and prices for
options are higher. the advance in quo
tations being based to a large extent on
the floods in the Mississippi River terri
tory and heavy rains in both the east
ern and western sections Of the cotton
belt, which have delayed field operations.
Spot cotton is selling at the best price
of the year. but well under the quotation
of a year ago. Domestic and foreign
spinners are heavy buyers. and opera
/ tors on the Cotton Exchange believe
that until more is known regarding the
new crop yield the tendency Of prices
Will be upward. Wheat is higher owing
to adverse reports on winter wheat.
while corn and oats also have advanced
| because of unfavorable advices from the
| farms. 1t is toe early in the season to
formulate a theory as to the ultimate
outcome of the years harvests, but In
spite Of the last weeks response Of cereal
prices to bull operations information re-
ceived by officers of railroads in the
| agricultural section of the country indi-
Gates that soil conditions are in favor OF
big crops.
Political and labor developments tend
to cause irregularity in stock market
movements. The larger interests, how
ever, apparently are not at all worried
over the outlook and are proceeding
with their plans for strengthening rail-
way and Industrial corporations by new
financing New securities find a ready
market. Although bank reserves are
relatively low, there is an ample supply
Of capital in the country available for
investment in the offerings Of high grade
companies. and 1t IS worth noting that
| in the last few weeks issues brought out
by prominent banking houses have been
heavily oversubscribed. Local banks
continue to receive funds from the in
terror in excess Of shipments, but to
some extent the gain on interior ac-
count is Offset by heavy payments to the
Sub Treasury. The higher rates for ac-
commodation recently established are
likely to be maintained, and 1t is evi-
dent that no material decline in foreign
discounts may be expected in the near
future, as the foreign demand for money
from trade and speculative quarters is
increasing. Speculation on the London
Stock Exchange has assumed large pro
portions since the settlement Of the
| British coal strike.