New-York tribune., 1909-01-18
question Of China for the Chinese" before the
rest of the world in a practical form.
MONEY AND BUSINESS.


quotations the general level Of values is only
trifie below the high record of the last twelve
months. In the last week the leading active
railway shares closed at an average price or
1880, compared with 1880 in the week before,
while the prominent industrial issues ended At
an average of $3.50. gain of IA Demand
came chiefly from operators short of the mar
ket the relatively high range of quotations dis
couraging actual buying, though in railway
mortgage securities an active inquiry was re-
ported for the account of persons interested In
permanent income rather than in speculative
prDfits. Substantial followers of the market are
making efforts to induce extended move
ments for better prices, but they concerned
in maintaining values on a stable basis.
Local banks show gains in reserves as con-
sequence OF heavy receipts of currency from the
interior and excess government payments Rates
for funds remain at low level, with no indi-
cation Of materially higher figures in the course
of the next few weeks. though gold exports
and the recall by the national Treasury of fed
eral money held by depository institutions may
bring about slightly frmer tendency Heavy
selling of American securities for foreign ac
count is important factor in advancing ster-
ling exchange quotations, and, together with
easy money at this centre and higher rates
abroad. promotes an outward movement Of gold
that promises to run to heavy total before
1t Is automatically checked by a change in in
ternational monetary conditions. Paris
tnues to accumulate the precious metal in con-
nection with the financing of the Russian loan
and in line with the policy of the Bank of
France to maintain heavy gold reserve, while
the Bank of England, in the hope Of adding to
its own holdings, is quoting per cent instead
of per cent as its minimum rate of discount.
The local mercantile demand for accommoda-
ton continues light, merchants and manufact-
urers being well supplied with funds for cur
rent needs.
General returns from trade sources indicate
conservative progress in the country's indus
tries. Disappointment is expressed by persons
who have been looking forward TO an active
| boom in business circles, but among business
men who have their eyes the future no sign
Of distress is noted; indeed, the country's cap
tains of industry and their intelligent followers
exhibit the greatest confidence in the belief of
gradual and healthfu return of American in
dustries TO a normal basis. In drygoods all
lines looking up under the influence of a
growing demand, which is pronounced for prints,
woollens and the fancier stuffs, including silks.
The semi-annual influx OF buyers is near at
hand. and jobbers and manufacturers are
pectng liberal orders as consequence of the
depleted stocks on merchants shelves and the
prospect OF a heavy demand from consumers.
In the cotton trade special activity is reported,
to supply the inquiry for goods. notably in
brown materials for export and in print cloths
for delivery through June The recent sales of
print cloths at Fall River have been enormous.
The primary markets for cotton goods reflect
improvement Stocks low in most lines and
increased buying is foreshadowed by current
conditions. Speculation in cotton for future de-
livery presents firm tone based on an excel
lent demand for the actual cotton at home and
abroad. which promises to increase to an extent
that will leave little surplus from the present
crop for distant needs. Spot holders in the
South. in many instances, continue to wait for
higher prices. which perhaps are indicated by
the strength OF the market on Saturday. Total
receipts OF cotton last week were 236 289 bales,
against 295.374 bales in the preceding week.
making total receipts since September l 6794.-
1858 bales. as compared with 5,637. .473 bales ins
the corresponding time in the year before. Iron
and steel plants continue to work below the
limit Of their full capacity and taking the trade
as a whole current conditions about the
same as they a month ago, with sug
gestion OF immediate expansion in the de-
mandsfor consumption. Nevertheless, an under
current of strength in the iron situation mani
tests itself in the confidence of interests con-
nected with the trade and In tho maintenance
Of current price schedules. In certain finished
steel products some price cutting is reported, in
expectation of tariff reduction and in the hope
of attracting a more active demand
Manufacturing plants IN many lines have in
creased their working forces and added to their
output. The improvement recorded in the clos
ing months of the last year has been maintained.
a reflection Of 1t being found in bank exchanges
and railroad earnings payments through clear
ing houses for the week Just closed showing
gain over the same time in 1908 OF 1S9 per cent
and the latest weekly railroad reports in
crease of per cent. The general metal situa-
ton is intrinsically strong. The market for cop
per is quiet with prices firm, though consumers
are buying so sparingly for future needs that It
is naturally assumed they expecting lower
quotations. notwithstanding the assertion by
producers that reQuirements will soon be urgent
enough to bring about 15-cent level. Leather
market conditions snow no setback from the
progress made in the last two weeks. Hides in
several grades are at the highest point ever re
corded. and 10 per cent beyond the low point of
1908. while materially above the top level of the
prosperous 1906 period. Shoe manufacturers
are heavy buyers, and exports of leather are be-
tween 30 and 40 per cent in excess Of the ship
ments at this time last year.
Unimportant price changes noted in wheat
-four, despite slightly lower market for wheat
brought about by speculative conditions on the
Chicago Board of Trade and the local Prod
uce Exchange. The cash demand is somewhat
heavier and a more active export inquiry is re-
ported. The general market, however, is dis
appointing, with bear sentiment more pro-
nounced than at any time In the last month
The winter wheat crop has received ample snow
covering and protection from the severe cold
waves recent days actual crop condi-