New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-09
RAILROAD AND OTHER STOCKS Continued.
BANK CLEARINGS LARGE
Commercial Agencies for Week
Report Good Business.

In their review r. G.. Dunn G. Co. say:
Two events coincide to clear the busi-
ness situation of disturbing uncertainties
the signing Of an armistice In the Bal
kan war and the decision OF the arbitrat-
ing committee averting q railroad strike.
The decision Of the Supreme Court In tho
Union Pacific merger caused some unset
Element in tho securities market, but has
had no other effect Money continues
high, as usual at this season, but largo
foreign trade surplus has enabled tho
United States to obtain moro gold from
abroad. Railroad gross earnings In No
vember increased 81 per cent-tho largest
gain In over q year. and comparing with
& gain of per cent In January-the
previous record for this year. Bank
clearings for tho first week OF December
increased 81 per cent over last year and
l45 per cent over 1910. These and other
records Of business testify to the contnu-
ance of Widespread activity In domestic
trade. On tho other hand, the November
failure exhibit shows q large number or
small failures, which is q development
quito distinct from the other facts Of the
situation. The iron and steel trade still
displays q record OF wide distribution,
but there is evidently. for the first time
In many months. some signs Of a diminu-
ton In the volume Of new business. There
is also a continued largo trade In dry
goods, with tho New England mills fully
occupied with orders for next spring;
nevertheless. considerable conservatism Is
developing, the result Of the high prices.
Woollen and worsted goods are somewhat
more quiet and wool is very nrm. but
dull Retail mercantile conditions seem
very satisfactory, with a brisk holiday
trade opening up. The weather has been
generally favorable for distribution. Shoe
manufacturers are doing we'll. with. how
ever, some seasonable hesitation noted.
Leather is firm. but quiet, and hides have
developed further slight weakness. with
heavy receipts and increased crop esu-
mates, the cotton market shows more
bearish tendencies. Foreign trade Is
maintained In large volume. exports from
New York during the latest week being
A4037,22 a considerable gain over last
year. but less than in 1910, while imports
were 81, 90, 5l5. a gain Of over 100000
a sum over l9l0'
Bradstreets statement OF trade condi-
tons contains the following
Trade still displays considerable vlgor,
irregularty or slackness IN this or that
quarter being Offset by increased or sus-
tanned activity In many lines. Thus, or
ders for future delivery continue on an
extensive scale. while holiday distribu-
ton, which has surged TO the front, PROB
ably exceeds that OF any previous season.
partlcdla at centres that have been
favored by Influences resulting from
bounteous crops. Incidentally, Jobbers
have done well with holiday specialties.
On the other hand. sales OF winter weight
goods have been hampered over a wide
area by unseasonably mild weather and
therefore recorders received by Jobbers
arc hardly up to seasonal expectations.
However, sentiment as 10 the future IL
still optimistic. which fact Is corrobo-
rated by steady buying for future &C
count. In the drygoods line scarcity Oh
various makes Of goods Is very notewor-
thy, and while demand. taking the coun'
try as q whole. shows no appreciable let
uu, there Is a tendency to discourage
buyers from rushing In and bidding up
market that Is clearly short OF supplies.
and, moreover. It is probable that high
rates for money also exert some influence
in this respect. Such being the case, 1t is
almost superiiuous to say that prices are
very firm. Manufacturers are very busy.
shortages OF help still affect textile out
puts North and South. and outdoor op-
erations continue at a brisk rate. thanks
TO mild weather. In the iron and steel
lines. pig iron is less active and buying OF
steel has abated somewhat, but that In
dustry is so wen filed up with orders.
some plants being booked for the first
half OF next year and others for larger
period, that a lull is not unexpected
Crop reports are excellent, the conditions
OF winter wheat being above the average