New-York tribune., 1909-11-29
MONEY AND BUSINESS.


After some midweek recoveries the
downward movement was resumed on
Saturday the Oil decision being still the
prime source of depression. although
operating in a secondary form. namely
through the report that 1t had discour-
aged further negotiations looking TO the
formation of the big copper merger
.'his liquidation at first produced some
relaxation in the money market, aided
by a measurably easier money situation
abroad. so much so, in fact. that ex-
pectations were raised that the gov
ernors OF the Bank of England might
feel impelled at their weekly meeting TO
modify their minimum bank rate. and
thus officially announce the elimination
of the money strain. The weekly state
ment OF the Bank of England was un-
expectedly favorable. indicating an in
crease of f1,13S,O00 in reserve and Of
f1 200, 996 in bullion. The Imperial Bank
of Germany also showed added strength
in its weekly return. amounting to 40
J24 900 marks in it's gold holdings. The
Bank of France. which has operated
somewhat as a safety valve during the
recent strain, again indicated a loss of
gold. its stock of the precious metal
being 10,725.OO0 francs below the pre-
ceding weeks statement.
The promises of world monetary
relaxation proved rather Elusive. how
ever. Here in New York the money
situation showed renewed firmness as
the week advanced, suggesting that
hopes for a return of low rental rates for
funds had been rather too optimistic. In
time rates there has. in fact. been a frac-
tional advance, short maturities at the
close being unavailable below 3 per
cent for. say sixty days. comparing
with AZ per cent earlier in the week,
while longer maturities commanded AZ.
per cent. instead of Az per cent. New
York has again been borrowing i'm Paris
"a feature, however, that in large meas
ure seems to represent a transfer of
loans maturing in that centre from Eng
lish TO French capital An interesting
feature Of the week has been the free
buying by Europe in the local market OF
SHORT term notes of high quality that
will be paid or during the early months
Of next year. Important amounts of
these obligations will mature during
the period mentioned. Little definite
basis is available for estimating TO what
extent the British finance bill is, to quote
some OF the opponents of that measure.
driving British capital from English
investments" but it is an interesting
fact that financial institutions on this
side have received numerous inquiries
from bankers and individuals in London
regarding the investment prospects and
the methods that could be employed In
! making investments on this side TO avoid
British taxation. These are Inquiries
that American banks and trust COM
panies will feel amply competent to
answer. In international banking circles
here slight heed seems TO be given the
reports OF an early lowering OF the Bank
of England rate unless some comprornise
should Immediately be reached in the
legislative situation in connection with
| the budget AS long as uncertaintv
| exists on this matter conditions will no
present containing encouragement for
| maintaining London reserves ON an
emergency basis. If its revenue To meet
extraordinary expenditures is held nm
pending an appeal 10 the people on the
budget question, the government will n
| Is expected, be compelled TO seek relief
| IN the form OF short term deficiency hills,
On Wednesday 100000 i'm thraa
months Treasury bills will be offered for
tender in London.
AT home trade and industry ara ,,ol-
/ ing satisfactory progress. Pig iron I,
not quite so active, but the demand fer
hnlshed iron and steel products remains
at high tension. Copper. curiousIv
enough. is not participating in the other
wise general activity In metals. the Iarea
surplus stocks at home and abroad evi-
| IDENTITY restraining consumers from sbou,-
Ing urgency in requirements for any,
| considerable time ahead. The biob NIL,
OF cotton Is also to some degree an ad
verse influence in connection with tho
distribution OF cotton goods Prices of
the raw material during the week Jpdi-
| Gated some tendency toward easiness
and crop estimates in a broad sense We're
rather increased than the reverse At
any rate. very little is heard now of anv
lO'OOOOOO or 1O,500.O0O bale cotton cron
| The average estimate obtained nv n nor
! OF New York Cotton Exchange members
early In the week was 11.231. 900 bales.
Ihe mills. however. are firmly main
tanning prices OF print cloths. and what
/ ever concessions are available are from.
/ second hands. The wooIlen mills ar,
most actively employed More season.
able weather has naturally produced a
| more cheerful sentiment i'm merchandise
ing generally. Bradstreet's report of
bank clearings at the leading centres OF
| the country shows a decrease of 1913 ner
| cent for the week. which is a natural re-
suit OF the shorter week due to the hoIi
day. But compared with 1908 a gain Of
1913 per cent is indicated Outside OF
New YORK the bank exchanges repre-
sented decrease of 1871 per cent and
an Increase Of 14.3 per cent for the week
and year. respectively The increase N
| New York over last year was per cent
Wheat and the grain markets generaIlv
ruled exceptionally dun. though prices
were maintained. General trade i'm the
West and South is rather more active as
a general rule than in the East. reflect
ing the general prosperity resulting
from the exceptionally fine harvests this
year. While no individual crop has this
year made a new high-water mark. ac-
COrding 10 the nraIImfnar,. ,.,,,~.... = a,