New-York tribune., 1912-02-26

tricts have suffered TO no small extent
as a consequence Of climatic chailee''
Nevertheless, bank clearings rehect
larger volume of business tnan that re-
norted AT this time a year ago, all cities
showing for the last week gain ol
more than 1 per cent as compared with
the corresponding period In 1911. Ran
road earnings for the second week IN the
current month present an increase Vi
about 4 ner cent over the same time
year ago.
In the iron and steel trade new buying
is not heavy, but the United States steer
CORPORATION and most of the independent
concerns are working on a basis not
many noints under their full capacity
"Tbe Iron Age" says there Is a tendency
IN exaqserate the extent and effect OF
the present lull in new buying OF mn
ished steel materials, just as there was
an unwarranted proclamation OF DOOM
based on the heavy buying In the CLOS
ing weeks of the last year. All lines VI
business have suffered from the severe
winter. the effect Of weather conditions
having been especially pronounced III lhe
iron and steel trade, but the best autiior-
tiles on iron and steel do not LOOK loi
ANYTHING in the nature Of real depression
IN the industry. The railroads are ex-
pected TO become more active In the
market for rails and equipment III the
spring, while the outlook In the puiiuihs
trade suggests heavy orders for slruc'-
ural materials in the months to come
Steel makers are not at all depressed;
indeed they are enthusiastic regarding
the future. In the copper market condl-
tions continue to improve, while, thahhs
to the real winter weather, coal mas
worked into a strong position Win the
prospects of an export demand owing TO
the likelihood Of a strike of British MIN
ers The question of a strike here at
the expiration of the agreement between
the miners and operators in April Is oe-
ing discussed by employers and em-
nIoves but the best informed men In the
trade do not look for n repetition OF the
trouble that took place several years
ago.
Commodity prices show irregular ten
denotes. without important change IN
| quotations. Speculation In cotton Is
moderately active at generally hgher
figures. owing in large part to better
spot demand and Improvement In the
drveoods market. the advance having
taken place in spite of visible supply
which is large beyond precedent. BIG
| receipts Of wheat and heavy world sup
plies are responsible for current bearish-
ness in the market for that staple IN
the local stock market speculation is
quiet. but investment inquiries are fair
for the high grade issues and for ne"
bonds and short term notes. DEMAND lot
money is still inactive from all sources
and the banks and other financial insu-
tutions are using a large proportion or
| their idle cash in investments In rall-
road notes and other obligations upon
which the yield is far greater than can
he obtained on collateral loans Inc
banks also are lending money abroad to
| a considerable extent, and the fact that
foreign open market discounts show no
indication OF easing up in the immediate
future encourages the expectation that
New York will be able TO place funds IN
Europe to advantage for weeks TO come.
Interior banks are beginning 70 with
draw currency from this centre. while
at the same time they are paying obii-
cations due the federal Treasury by
drafts 10 the Assistant United States
Trea surer in New York on their bal
ances with their local correspondents.