New-York tribune., 1908-12-21

-, - 1oan. bave been transferred to the
trust companies from the assocla'eo O1"H
making the reserves OF the latter more heA1'.
normal for the season. Panama CanaI Do"I
subscriptions have increased the evahapie 0a9N
balance in the Federal Treasury, but stare
ments of daily operations show that expehui-
lures are running steadily ahead OF re'eip.S
Cross gold in government vaults now stahus
about $40 100000 below the high record "hlIe
the Bank of France has attained ne" Hia
mum at about S69000O000. which is eAacuy
two-thirds Of the gold stock in the Ohi'eu
States Treasury. J.,
c,oDero1 business now feels the quieting in
huence of the holiday season in all oepal'
me1ts except those supplying Christmas soouS
The latter lines are doing well. surprising last
,,aar,s record in most districts. although here
is con,nIa;nt from parts of the South. Whole-
sale and jobbing houses are hurrylns Lor r"SN
duplicate orders where stocks hao oeeolA0
n1a+ea but as a rule attention is devoted 10
Inventories and retail trade alone can DC o
sidered really active Bank exchanges TESTIFY -
tba General Improvement over the correspond
ing period last year. an increase OF 70 pei C
being recorded in payments after ehninA'ins
Navv York where speculation caused much
1aroar exnansion It is even more grauIylhs
IN note that c!earings are now about the saiiie
as. two years ago Mercantile coIeclAOHS
becoming more prompt, there oelng Ie"0A
c,,as+s for extensions as the increasing NUMBER
of active wage earners puts more money III -
culation Foreign trade in November SHOWS '-
largest monthly value OF imports since the ssisie
month last year, and decrease OF only o''000'
OOO in that comparison. while exports
sA2 oOO 600 smaller Much of the latter oihef
anca was due to the fact that exports yea
ago far surpassed any monthly fecofu u1
that time on account Of the spec's4 prOSSo
send products abroad In order TO asIEAoN 1
needed gold since the opening Oh De0e
: the comparison is closer. although tho Fe'o
breaking outgo continued through Iii"' o.
last year. immigration In NoVelnpea No was
400 ,osg than in the same month Of l9OI-
,-o-o1,, variations have occurred IN cotton op-
+i,pe and spot middling uplands IN the loca1
market remained unaltered during the last "eeN
at 10 cents pound, or Sl4 q pale oe4o" W
,,osi4ion q wear ago. British spinning news was
not encouraging, especially as resaros liie ca
mort demand from India, and shipments OF ia"
o++or, from, this country were 10000 bales less
than in the corresponding week last year. AH0
amount that came into sight was large ana also
tho +al,irqs bv Northern spinners. Much OF the
s1ac,,1a +ion has been in the nature or purchases
here against sales at Liverpool, noufdatlns proI-
itabIy recent operations or tho opposIte Ha'uio
= At times differences between home ana loreish
markets produce brisk business IN lheSe
astraddIes" which has been the case OF IAIe-
One the market showed no ueIlAAAeS 'SAA
dencv was the disposition Of traders to await To-
DAYS ginning report OF the Census bureau
Wheat has continued to decline, despite o1nclal
figures making the spring wheat yleld only
2 600 900 bushels larger than last year. Inc de-
messing influences were encouraging reports OF
weather conditions IN the winter wheat region
the beginning Of harvesting In Argentina unoer
most favorable conditions, and well maintained
receipts at primary markets, despite frequent
statements that no wheat remained on Ihe
farms Exports are fairly we'll maintained
Little OF interest has occurred in the manu-
featuring industries, or is to be expected untl
January There Is still some idle machinery
but most plants are busy on old ORDERS ana
managers are not disturbed by the present sea-
sonable absence Of new business. Tarin talk
tends to produce hopes Of lower prices, and also
encourages buyers to defer operations. A falr
demand for pig iron IS noted although many In
ouiries prove to be for the purpose of ascertain
ing values by holders who are taking stock A
moderate decline in some grades Of hides was
not reflected in the finished product, but the
weak tone of raw cotton is accompanied by
some concessions in certain grades Of goods, al
| though the quiet demand is probably an in
| nuence of some weight where producers urge
! sales.