New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-01-21

fall continued until $50 GO was the average for
the same shares
Greater ease in the money market Is now an
established fact. especially for call loans Tho
decline in this class of borrowing was accei-
Grated by the liquidation OF stocks toward the
end Of last week, many banks suddenly finding
larger balances than expected, and In the effort
10 nut the money out there were loans at 21a
per cent Receipts OF currency from the interior
and favorable balances with the Sub-Treasury
lifted reserves Of the associated banks, while on
Thursday there appeared the sentimental In
huence of a lower official rate of discount by the
Bank of England Considering the abnormal
position at which the British rate has been
maintained for three months. there was little
real ease IN the reduction of l per cent, but
even that evidence OF better feeling wRs well
coined. Rates abroad are high enough to make
1t difficult proposition to import gold, while
there is still a profit In renewing maturing
finance bills in the exchange market, as time
money here is 515 per cent better. industrial
collateral paving 6 per cent for all aocomnoda-
ton. The resulting International equilibrium
has prevented any movement OF gold thus far,
and gross stocks of the yellow metal in gov
eminent vaults have established a new high rec
ord each day, being almost exactly $780,
100000 This vast quantity of gold In the fed
eral Treasury occasions no comment. however,
probably because OF the monotonous regularity
with which nearly every week for years has
brought total
Legitimate business proceeds steadily. undis-
tUrbed by the vagaries OF speculation. The
present depression in securities should have less
effect than usual upon general trade. because
of the small extent to which outsiders have
been operating In the stock market. Weather
conditions are much more potent, and with the
wide distribution OF snow there has appeared
q better demand for seasonable merchandise.
Retail trade in winter wearing apparel cannot
be expected to be OF large volume much longer.
however. except where special bargain sales
encourage purchases for next season. Mer-
camille activity is greater In wholesale and
1obbing lines that getting out fabrics for
spring, ana shipping departments are again
working overtime in many lines The question
of collections is still troublesome at few points.
but, on the whole. there is less complaint ro-
garding delayed payments. Foreign trade re-
turns are even more striking than domestic re-
ports official figures for December far eclipsing
all monthly records as to value OF imports, while
exports were only once exceeded and the aggre-
gate OF both imports and exports for the month
was 1925 100000 Five years ago the December
total was S216.S7O. $40. A growth OF 80 per cent
IN that short time Is worthy Of consideration by
those who feel pessimistio over ths stock mar
ket situation.
Several small changes occurred In prices Of
cotton but the week closed about where II
opened and statistics OF visible supply continue
above stocks in any year since 1899. During the
last week the amount that came into sight was
fully double the movement in the same week
Of 1906 but exports showed a similar ratio Of
gain and domestic spinners also absorbed raw
material freely. Mills are well engaged. many
producers having sold their output for the first
half Of the year and contracts would run still
further into the future but for an effort to
check the speculative tendency that II IS feared
may result in cancellations in case distribution
falls short of present expectations. Wool Is sus-
tanned by cable dispatches regarding the London
auction sale. and domestic markets tend up
ward. although the mills arc not buying beyond
immediate needs. New lines OF woollsns are at
tracing about the amount Of attention that was
expected and more. Large sales OF hides
reported at good prices. and the tone is I'M
proved by better feeling in Europe. Leather
Is tending upward. while a large attendance In
the Boston market shows much interest in
sample fall footwear. and incidentally seeks sup
Elementary deliveries OF spring goods. Record
breaking production Of pig iron falls short Of
requirements and large imports are arriving.
Some Improvement In the freight situation has
made It possible for Southern furnaces to for
ward delayed shipments OF pig iron. but there
is still practically no domestic raw material
available. and consumers are preparing for needs
up to the end OF the year. New business Is
heaviest IN rails. sheets and pipe. but contracts
appear abundantly IN all sections OF the mar
ket, even structural material attracting greater
interest than is seasonable.
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