New-York tribune., 1912-03-04

mart Of business interests in general 10
make substantial forward commitments
owing to political uncertainties espe-
cially in regard TO the outcome OF tHe
Democratic programme for so-calleu
tariff reform. Improvement in weather
conditions is reflected in better railroad
earnings and an increase In bank ciear-
ings in most cities. the only important
falling off in bank exchanges as COM
pared with this time year ago Deins
credited TO New York as consequence
Of the dulness in the speculative mar
kets. The iron and steel trade shows an
increase in production and an enlarged
demand from consumers; in the copper
market prices are tending toward
higher level, under the influence or
growing inquiry from domestic and for
eign consumers Of the metal, and in dry
goods conservative expansion is noted.
"Bradstreet's" reports that there are
many visiting buyers in the countrys
chief markets. This makes for falr
degree OF activity in house sales and an
insistent demand by retail dealers for
prompt deliveries of goods which they
have ordered.
Commodity prices as a rule, snow
more strength than was recently re-
ported, but the general situation in the
grain and cotton markets is not ma
terlally changed from week ago. Spec
ulation in cotton for future delivery is
not active at the moment, owing to un-
certainty regarding the effect Of the
English coal strike upon the British cot
ton business and the unusually cold
weather in the South. The visible sup
ply of cotton in this country Is the
largest on record for this period Of the
year, and in spite Of the fact that the
new crop season Is late, as n conse-
quence of adverse climatic conditions,
cotton trade authorities look for an
abundant yield and relatively low quota
tions for the staple for months to come.
Spot interests have been active buyers
and March export engagements are
heavy, but the amount of cotton on hand
is large enough to- meet demands with
prices. Worlds shipments Of wheat are
comparatively small, and quotations FOR
futures are strong and evidently on the
way to a higher level. Figures showing
small farm reserves have impaired
strength to the market for -four. but 1T
tie activity in operations Is reported.
II Is estimated that wheat reserves are
the smallest held since 1897 and that the
stock of corn is lighter than at any time
since 1902.
In the investment market transactions
are moderately active in high grade
bonds. and there is an excellent demand
for new issues. The abundant supply CT
money and the low rates prevailing sug-
gest the probability of a large output of
new securities in the current year, while
the growing confidence in investment
circles regarding the course of money
and business in tho months TO come war
rants the belief that the railroads and
industrial corporations will experience no
difficulty in finding a ready market for
their offerings Speculative operations
are light. Prices show no disposition to
move TO lower levels, although profes-
sional traders are exercising all their
talents TO bring about liquidation. The
average investor appears to be quite
we'll satisfied 20 keep his money in Amer
lean securities. New York is still lend
ing money abroad and financing Euro
pean obligations in South America, the
two operations, together with heavy pay
ments by the local banks to the govern
ment. being reflected I'm a firmer ten
dency in rates for loan accommodation.