New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-12-27
--------------7---------s77---
.nONEI ND BLSINESS.

market. The outlook justifies confidence
In the theory of continuance of the up
ward trend. with the usual temporary
reactions, while the same thing may be
said of commodity prices, notwithstand-
ing the advanced levels now current.
Liquidation of railroad shares that have
been discounting January disbursements
doubtless will be something of factor
in the new year, but it is believed. never
theless, that concerted operations for tho
rise, backed by the support of large
banking interests. will mark the course
of Stock Exchange business in the early
part Of 1910 especially as bankers will
have on hand new capital issues for
which n market must be found. The
wealth OF the farmers in the great West
eru agricultural section of the country
should be reflected in investment pur-
ohases for their account, while II is not
improbable that the reduction by certain
savings banks in their rate OF interest
and the apparent certainty that other in
situations will follow suit at the next
interest period will bring considerable
amount or money into the securities
markets for Investment in issues on
which the return is still reasonably fair.
Speculation at the moment is held IN
check by the Arm rates for money
In view of the growing activity OF
trade and other known factors that con-
troll the price of money. it is not likely
that loan quotations will return to an
easy level for months to come. though
some relaxation from the high end OF
the year rates may be expected following
the January interest and dividend pay
ments and the usual movement of cur
rency from the interior. Bank reserves
at this centre are low, but bank cOndi-
lions are strong. and the small surplus
above legal requirements merely reflects
the increasing demand for funds in the
channels of trade. Two years ago there
was deficit in the weekly statement OF
the Clearing House institutions, due to
the boarding Of money. To-day deposits
in the national banks of this city show
an increase of s113319, 200, as compared
with this time in 1907, while actual cash
holdings exceed those of the panic year
by more than $7O,0O0.00o Loans are
heavy and they are secured by gilt edged
collateral. Foreign exchange is easier than
was reported a week ago, but rates are
still at an abnormal level for this period.
despite the gain in exports of merchan-
disc in the last two months. Present
indications suggest that 1909 will show
cotton exports larger in value than in
any preceding year on record, owing to
the high prices prevailing and the lib
raj .11- Nv ion h,YNr xxrl1i "a
from known foreign needs and the i'm
provement in industrial conditions
abroad it is safe to count upon a mate
rial increase in the outward movement
OF food products and manufactures in
the course of the next few months.
Textile mills are increasing their ca
pacity. especially in the South. and
conditions in the raw market will have
to become far more serious before man
ufacturers fail to provide for future re-
quirements. High prices for cotton have
caused a certain amount of curtailment.
but the movement has had no effect upon
raw materials. and 1t has not altered the
views of the trade regarding the future.
Cotton on the local exchange sold above
16 cents a pound last week, under the in
fiuencc of a better demand for the spot
article and higher prices in the South.
while October futures were quoted at
1850 cents, or SCI 90 a bale. the figures
representing the estimate of the specula-
tive markets as to the supplies of the
crop OF 1910. 4 large acreage is prom
ised for the coming year, and, judging
by records of the past, the cotton world
looks for a heavy gain in acreage plant
ed and remarkable gain in yield over
the poor crop of 1909. Winter wheat
conditions are excellent, and the fact that
practically the entire wheat belt west
of the Aleghenies Is cove -ad with a pro-
lection Of STOW encourages the hope Of a
big harvest. though the favorable pros
poets do not weaken prices for the cereal.
While holiday duIness prevails in some
lines OF business the general mercantile
world shows unusual activity for this
season, with ali indications pointing 10
q remarkable expansion in trade in the
new year particularly in the market for
finished steel products According to
advic"s received from steel making
points, the orders on hand arc unpara-
ieled both in number and tonnage VOL
ume. demand being especially heavy
from the railroads. which are buying to a
larger extent than was ever before known
in the history of tho country. The steel
works have enjoyed an unexpected vol
ume of new business in the current
month. but in the foundry iron trade a
quietcr situation prevails. though con-
ditious governing steel products fore
shadow greater activity in this line early
in 1910. In the copper market improve
ment is reported. Sellers find an In
creasing inquiry for tho metal with a
special demand for future delivery
substantial decrease in stocks on hand
Is looked for in December and gradual
extinction OF the surplus next year. ac-
companied by advancing prices. which
some interests believe viii carry the level
to l. cents by April or May
-
wireless message sent from Colon 70