New-York tribune., 1909-02-22

Is increasing at a rate that suggests the deveiop
,ar+ of nariod of congestion unless Iheie
,,,,l5 +s a z,,l,stantiai modification In ihe pA8
or comnanies seeking additional capl'al y
change in monetary conditions THAI "ouiu -
Del a cessation of new corporatioh ,roaI,
leading active railroad shares closeu az ~, a., =;
at an average price of HIS. against LOU -
the preceding week, and the CHIEF ihu"'
S2.14. a loss OF 4OS ,er last
The Stock Exchange inquiry for mon -
y,eak was not heavy enough to ABSORB '
Wv, on call and Notwithstanding the reluiH -
+ba hanks of government deposits uhoei
cant order of the Secretary OF the IreaSS -
condition approaching monetary cong -,
-,siIed owing to excess payments oii .I,a
account by the federal Treasury anu on - 4Lo
movement of currency to this cehtI0 3.
,n+ar;or Some transactions were rePoL'e
iore pnatUrities owing to the attractive ie.e- ~ -
-. ,,,+ for the shorter dates business was "
.ta,ds+iI1 borrowers filing their requlreiii4'9
!; .ba call departrnent in which loans ~
made at a minimum of IA per cent anu g.
innum OF 21h per cent. Foreign 60
counts were easier; the Imperlai pam 60
many reduced its rate to 31s per cent anu ~
tinentaI exchange continued to move III -
Taodon sterling rates at New YORK "eie
Arroer as a consequence OF european So -.
orr securities and a better denanu ioi q
80. In connection with increased imports 'i
r,Arcbsndise Imports for the month OF JAM
arv the figures Of which were recei'eu
week showed a material gain over 'li7
4,o, 1as+ year while exports of domestic plou-
nets and manufactures decreased IN Value - 'i''
amount of S49.34I ,O04 ..,. 20
Manufacturing plants. as rule coIi'i.u -
o,,a~ote ON a basis far under normal but IN
-. IT,. NJ fine country's industries con-
sentative Improvement is reported ho'aUiS
so4s and building transactions, new Dul4o
,ro r.rp-fts since the first Of the year III OH
large cities entaiing an outlay or more uio'
$50 900 600 as compared with about nan u 10 Is-
amount in the corresponding periou ~ -
The detail record of commerclaI anu Ooie
"a iures in the last month discioses the recover
of confidence that has been under way sinOo -
,aasinsr of panic conditions, the CONTRAST oeL"eo
January this year and January a year ago Oei,'e
Greater than in any two corresponding months
-. 800, NTH q nercentage of decrease in the
number of failures well above that whlch 'ooA
,Iaca from January 1907, to January OF inc
foIIov,iue wear The volume of business Ihtoush Il
clearing houses shows a large percentage Oh gam
over this time I'm 1908 and makes a mooer0toiS
favorable comparison with the year oelote' "i
railroad earnings now coming 10 manu- Ioi '@
ct oel, I'm February present noteworthy I'M
movement over the returns for the same PefIou
twelve months ago. In most department. u
the drygOods market the acIiNltS 'iAoI
nth tbe first of the year is we'll maintained
and throughout the cotton goods business ouS
ing hv retailers is better than 1t has been at
tbie time in more than a year and half. with
the v-holeEale trade vastly better than IL was
IN February 1905 New York is crowded with
hrZers Steady export markets are reporteu'
Prin. cloths are somewhat Quieter' nut the
weeks sales at Fall River reached fair total
An omen market for steel has been established
and producers Of finished products are beslhhihs
10 realize that the buyer rather than the seller
az the moment is the chief factor IN MAKING
nr1oas The action of the United states Steel
Corporation in recognizing the cuts mace pE
the independents by an announced policy OF
selling at such modified prices may be neces-
ssrx, in order to retain its fair share Of the
business NAV mean an old-fashioned price war,
brt the outcome OF the present situation and
possible further reductions all along fhe line
will accrue TO the benefit Of the consumer ana
should serve to stimulate the trade to an extent
that eventually will work for its permanent wei
fare orders for finished steel products so far
in the current month have been extremely
light Production has been curtailed in many
instances and though improvement In orders Is
looked for as a result OF the lower prices quoted
last week great expansion in the industry Is not
expected until after the character OF the changes
In the tariff on steel is known. Copper prices
u,ent TO a lower level last week without attract
ing a buying movement, and further reductions
are likely Exports OF the metal have fallen on
foreign consumers Withholding orders in the
belief that cheaper quotations for all grades OF
conner will be recorded notwithstanding the
light demand no curtailment of production is
reported.
In the wheat market the cash situation is the
dominant feature, and at present advanced
prices in the West, Northwest and Southwest
little Of the cereal can be sent here, as local
quotations are low in comparison with those at
other points Large speculative interests are
supporting the Chicago market and May wheat
sold last week at that centre at price higher
than that recorded In the memorable bull cam
paign Of 1905 Export business has been better,
and an increasing home and foreign demand for
consumption encourages the hope of strong prices
for months to come Winter wheat -four is up
as a consequence Of reduced receipts. Corn also
is at a new high level Speculation in cotton
futures is inactive, but prices are maintained
on firm basis. In the raw sugar market
weakness apparently is at end In leather
prospects favor an active year. and current de
mand is good in soite of, tariff uncertainties.
-
Carroll D. Wright. who died on Saturday at
Worcester Mass. had served both his state and