New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-03-15
MONEY AND BUSINESS.


Tho confessional element except in the bond de-
nar+n,ent in which there is fair demand TOT
high grade railway mortgage issues and semi
investment inquiry for securities Of less merit
No wide movement in values is looked Tor uh'h
positive changes develop in outside conoltiohs'
though the impression prevails in many circIes
that before that time prices for the greater
number of stocks and bonds Will seek some
what lower level, especially as the current range
is only trihe under the best recorded In the
last twelve months of generally rising markets
wall Street feels confident regarding the future'
but apparently it is unwilling to make an ag-
grassI,e bull demonstration from level that
discounts any improvement that may take place
IN the Industrial world in the course OF the next
few months The leading railway issues closed
the week at an average of 1865. against llo'So
in the week before, and the chief industrials al
So q, a loss of %.
Financial conditions are eminently sound in all
narts OF the country and rates for money are
ruling at a level that brings only small prohls
to lenders Notwithstanding the fact that up
ward of S6OOOOOO gold was taken for export 10
Argentina and London in the last week the local
price for funds easier In tone owing 10 the
falling OF in Stock Exchange requirements and
the absence of an active mercantile demano'
but in we'll informed quarters of the banking com
munitv the opinion prevailed that at no distant
time a frmer market would be reported. WHAT
ever gain may accrue to the government through
the adoption Of measures TO increase the federal
income will not be felt for months to come ana
as a consequence of the growing national dencit
and the relatively small cash balance held IN the
Treasury further financing Of the governments
reads through the money market may prove
necessary Such an operation in connection win
additional shipments OF gold TO foreign coun-
tries the emission Of new securities and possibly
q hotter commercial demand for accommodation
would tend to bring about higher rates Tor loahS'
There was a material falling off last week IN
the receipts OF currency at this centre from the
interior, which may nave foreshadowed more
active o1lt-of-town inquiry for money In the
snrirg months than has recently been expected.
strength In the sterling exchange market Whlch
mas made possible exports OF gold coin 10 Lon
don Is explained by the increased demand Tor
remittance due TO heavier imports OF merchah-
disc and the extensive reduction IN our export
trade which IN the frnt two months OF the year
reflects decline in shipments of domestic prod
ducts 10 the value of more than SIO,o0o'OOo.
General trade conditions show little change
from those recently reported, but the volume Oh
business throughout the country demonstrates
noteworthy improvement as compared with thls
period a year ago. particularly in the west
whore industries are more active than they are
in the East Bank ciearings for all cities are
growing and railroad earnings are well In ad-
vance OF the results reported in 1908. though
far under the records OF the prosperous times III
1906 Tariff considerations and the democrat
ization in the steel business restraining in
fiuences on the country's trade, but neither fac
tor IS weakening fundamentals, which are IN
trlnsically strong and suspicious of great in
dustriaI expansion when current uncertainties
baap In he week a fair
volume OF business was recorded in the dry
goods market, jobbing houses moving mod
crate amount of merchandise for immediate or
nearby delivery. Buyers exhibited great con-
servatism in operating for the future. and while
fall lines received some attention, only a rea-
lively small business was transacted. An in
active primary cotton goods market Is reported.
Duness in the cotton goods trade is reflected
in light speculation in cotton futures, but there
is some quiet buying by interests that believe
the market will eventually sell at a higher level.
Spot cotton is lower. Since the beginning of the
present cotton season sight receipts OF cotton
have been 11,613,TT1 bales. gain of 2044 S03
bales the same time in the preceding year
Manufacturing plants are operating on basis
under the normal and immediate marked i'm
provcment is not looked for. though It is be-
leved that the readjustment under way ir the
steel trade and in other lines will soon attract
especially
after the character of tariff changes has become
known. So far the decline in steel and copper
prices has failed to stimulate the metal indus
tries. Sentiment. however. is better. particu-
larry in structural lines, in which moderate
amount OF new business has been placed, with
more expected The iron market is quiet. and
recently announced new prices being firmly
maintained. though in the South and East pig
iron quotations are weak. while lower figures
are expected. Sales of copper show slight
gain, and according to trade authorities the al
dition to surplus stocks in the present month
will far under that reported in February
and January Fear on the part Of some people
that there will be a hard coal strike has caused
a heavier buying movement of anthracite but
bitumlnous continues duh. with production at
the lowest point in many weeks.
Grain prices declined early in the week but
final quotations showed unmportant net
changes, Notwithstanding the large supplies in
farmers hands and the light foreign demand in
this market. Prices too high to attract
European buyers but strong speculative in
terests are able to maintain quotations in the
face of many bearish factors. Flour is quiet
and though spring wheat mills have recently
shaded prices millers believe a higher level will
develop. Buyers marking time Reports
from winter wheat fields are more favorable
Uncertainty regarding the tariff is responsible
for extreme dulness in the hide and leather mar
ket. tanners refusing to buy at prevailing prices
in the hope of lower quotations for the raw ma
teriaI result of changes IN import duties
The lumber trade is dull at unchanged prices
but in building lines Improvement is reported
as compared with this time IN 1905 Failures
in the United States -, week showed sub
stantiaI reduction in the number and amount of