New-York tribune., 1912-02-03
CONDITION OF TRADE.
"Dun's Review" says:

Money market conditions give the key to
the whole business situation. The great ac-
emulation OF surplus funds IN New York
has maze il ABOUT the cheapest money
market in the world and has enabled II to
lean at least S'50,OO,00J abroad, making this
country, tor the time being. "a powerful
creditor nation. This is q condition of inn
mense strength. IN Il situation which would
permit the development to the fullest extent
OF this country's industrial and commercial
possibilities all this credit placed abroad
would be needed at home. and the money
market, while II displays notable potential
strength, represents degree OF repression
I'm business mere. Enterprise il in consiO-
cradle measure held in cheek and trade ID
largely for immediate and pressing require
mc1ts. a vast business IL carried OF from
day TO day ana while the current move
ment does not appear TO be quite as active
as IL was two or three weeks ago, this is
due 10 purely incidental causes and not 10
fundamental weakness. II ~ notable IN
fact that the output in January of new Sc
curities aud short time notes was the larg-
est on record for that month while the
January sales of bonds were the heaviest in
several years. Railroad gross earnings dur
ing three weeks OF January decl ied per
cent owing TO weather conditions, and
bank clearings the current week are 81 per
G, nj under year ago. Tho iron and steel
trade. while still operating somewhat below
full capacity. fairly maintains It's recent
gains The strike at Lawrence causes some
trade repression In textiles; but Wool Is
tories are busy. The Philadelphia hosiery
and underwear dealers report an improved
demand, and Baltimore clothing trade eX-
psrieuceg a pronounced gain n orders from
The South. 4 number of the large Western
trade centres report an encouraging out
look for the spring trade copper ~ weaker
Wheat continues irregular. Cotton Is very
nu.et Retail business ~ row Influenced
largely by weather conditions. which i'm
most sections have not been favorable to
active distribution, The January failure ex,
hiht. while showing very numerous small
defaults Was favorable ia its aggregate OF
ilablIities Foreign commerce continues on
a large scale: for the latest week at the
mort Of New York II amounted 10 $40, 46S. So
in isle Exports were si99l0.7 .76l. a large in
crease over the two preceding years and
only slightly less than the Imports.
'Bradstreet's" says:
Trade and industry arc not moving in
ccnsonance with highly keyed anticpations.
bnf in general business tends 10 eApand'
following a relatively quiet period In Jann-
airy. AZ q matter oi Iact. we 1onc vi nd a.
sfthou,h slualI-lot buying still rules, II is
rcco osnized that this attitude on the part OF
distributors is not without us saiu'anH & ,n,
t.aVv nurchases being content 10 buy fre-
ouentIv and I'm small lots. 20 only cover
actual requirements. and not 10 ahtlcipaic
Them in q speculative sense. Staples are ~
u,ost rouuest and the leading drNSoods
markets display comparatively good up
lift. with prices on some makes o' soouS
80, '4tr,, 40 harden Road saieSmen are
s.ti.virn- Irregular success results through
ou, cotton growing sections OF the Soutn
and some parts Of the Southwest oiisettlns
,,,bnre <o marked squirt ~ expected until
weather conditions become more sot,lsd put
crnsimptivc demands are suihcientiy heaNs
t. prevent stcchs from accartuiaelii,-' ,,,' "nu
in lines that are relatively depressed, luhi-
her manufacturing Tor instance. outWpuls W
have becn curtailed to such an exteh' ld mi
stocks cannot accumulate. being reluc'u.
in fact. by even the quiet CANS ,,, ,i'a, c.
coming ~ shoe buyers are CAUTIOUS
largely because prices arc expected 10 :"
higher. supplies Of leather are iign'' pr
duct.pn being below rorinai: cotton so,r,uu SUI.
are Gr,n ,yorsten yarns ar. 1rmer. Slihs
arc stesdler and tho strike situation IN Nc"
ENGLAND has improved