New-York tribune., 1908-12-14

20 make the comparison of much value hEei
with the usuaI transfer Of loans to the trust
companies when call rates rose above per cent
the surplus reserve OF the associated pahhs mas
,oc,ined very heavily of late and further drains
on cash holdings are to be expected SeNeI@'
moderate exports Of gold have taken place Win
,,,,+ ,o,,o,,i,e exchange rates from the position
a+ ,,,bich further engagements may be arranged
heavy, short account in sterling having lhtro-
duced a speculative factor that renders All hoi
nal influences of no avail Moreover FaIls con
tfnues to absorb all the gold that can De seeueu
despite record breaking production Dy 1Nallu
mines that yielded $4,000 ounces IN NoVeilOei,
q short month Treasury receipts are No" u
about the same volume as year ago odl eA
pendftures are high and the deficit for the nscai
wear Is almost $4,000 600 The available cash
balance has not yet begun to show the erect Oh
the new Philippine bond issue
Holiday, Influences are much in evidence IN
renorts of general business. Most sections OF the
country are enjoying retail trade in Christmas
goods that is fully up to normal Whlie Jopplhs
and wholesale houses in those lines are hurrying
forward supplementary orders Staples are
oIiet. as is seasonable, except in retail distrl-
button of heavyweight clothing. Stock taxing Is
now in progress. and reports of inventories WHICH
have been concluded sustain earlier predictions
has improved the situation materially. bringing
the winter wheat condition nearer normal Whlch
stimulates buving throughout the Southwest.
Water power is now sufficient to start up most
of the mills that have been idle on that account
and with d good boating stage there is Deter
movement of soft coal. Anthracite coIlIerleS
onerate full time. and the lumber trade feels the
beneficial effect of unusually numerous building
permits for the season. Although resumption III
MANY industrial lines has increased the deHldlu
for labor. weekly steerage statistics continue TO
show an excess of emgrants over Immigrants
Taking the commercial and industrial situation
- - ,,bole If is gratifying to find that progress
fe Gradual and there are no indications of the
o,-cesses that would tend to make the OUTLOOK
uncertain.
severe declines occurred at the leading COM
modify exchanges. heavy liquidation follo"Ins
the publication of official reports lndlcdIlha
larger crops than had been estimated oy ua'7
authorities Cotton declined more than 81 d
hale to A position S14 p below the price at the
same date last year Exports were 1Jo'VVo DdleS
larger than in the corresponding week Oh l3V''
1,,,t tho difference in price made the total value
only a bout - per cent greater. There was d pis
increase in the quantity brought into sight on
set +o some extent by much more liberal takingS
b,, domestic spinners. The government estimate
of the total crop was 12920,oO0 bales, exclusive
of linters, while the Census Bureau announced
that II O10 S64 bales had been glnned up 10 De-
cenlber l. which indicates very early maturity.
Although the long account in wheat vigorously
resisted the numerous adverse influences, there
was a sharp reaction of over cents a bushel
from the recent high record prices for the sea
SON Official figures of acreage and condition on
December / were below the average, but 50
much better than was feared that the short in
terest operated with confidence for the first time
since the rise began.
Manufacturers are closing up deliveries OF
seasonable goods and have substantial orders
for spring that keep the plants well occupied
except where customary stoppages for inven-
tories and repairs are being made. Owing to the
long period of idleness early In the year, there
is less necessity than usual for delay In over
hauling machinery. Moderate advances in prices
OF boots and shoes have been expected Tor some
time. so that the changes of ~ to > cents pair
had little effect on the volume Of business Raw
materials continued rising. packer branded hides
being especially strong because the season for
range cattle is over Leather Is a little less
active, but no concessions in prices are offered
Reports from clothing manufacturers promise a
good demand for spring woollens. and cotton
mills are well engaged domestic trade. but
the poor export demand may result in changing
machinery from coarse fabrics to lighter lines
suitable for home consumption. Each month
brings a substantial increase in production of
pig iron, the present rate of output being almost
30 per cent larger than in June when the low
point of the year was reached. Finishing mills
are fairly we'll supplied with contracts. but the
best feature is the amount of contemplated work
that may not be placed until January.