New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-01-11

y rsnection Of which is presented In the increase
| in the cash holdings Of the local associated
banks in the last six days Of more than U.s.
| 600 600, and in sterling exchange market condi-
| tions that have stimulated resumption Oh
shipments of gold to Paris. The Bank OF Franco
is taking all the gold available in other markets
| in preparation for the financing of large Hus-
sian loan and in line with its policy of adding
| to its holdings OF the precious metal irrespec-
| tive OF immediate requirements
Returns from trade centres are highly encour-
aging An active spring business is expected In
drygoods and drygoods jobbing houses are busy
making shipments on advance orders, while re-
ports from the woollen mills generally are "a
vorable. Though the iron and steel plants are
not working on the basis Of their full capacity,
new orders are constantly being placed, ana
further demand is looked for the year ao-
yances especially for steel rails structural ma
terials and the materials used by the railway
ecuipnent> companies Some large sales of pig
iron reported last week. and Ptttsours DIS
patches indicated a healthful market. with
gradually increasing inquiry from consumers on
the price level of So 80 and SIS 70, Valley
Tariff agitation is keeping some buyers out OF
the market for steel products. on the theory that
a readjustment Of import duties will be followed
by drastic lowering in prices IN the sIeei
trade while in most lines of industry tsTin dis
cussion is an influence in checking activity,
though the prospects of a change In the scheo-
ules fail to encourage uneasness in business
circles 1t is realized by business men that the
country never has been in better condition TO
meet tariff readjustment. In lines that Will
not be affected by tariff revision an enormous
buying ability is disclosed.
Reports from cotton manufacturing circles IN
dictate that the bulk of the spinning industry Is
now in operation. Spinners are taking large
amounts of the staple the relatively low price
and the good quality being important influences
in attracting an active buying demand. wall
Street houses that have been moving on the bull
side of the cotton market for months buy
ing on every reaction, and they express the ut
most confidence in their apparently well founded
theory that consumption in the current year Will
be exceedingly heavy and that purchases by
spnners will run far ahead OF the record Of
1908. Some of the spot holders in the South
are waiting for higher prices. but efforts are
being made at this centre by conservative in
terests to prevent anything in the nature of a
rapid ADVANCE. Speculation for future delivery
is not heavy at the moment. but the undertone
Of the market is firm, though In Saturdays
trading there was heavy selling on the census
bureaus report of the quantity Of cotton ginned
between December IS and January 1. which was
interpreted bearishly, the report suggesting to
we'll informed observers yield Of from 13,oOo'-
600 to Il $4,000 bales. Total receipts OF cotton
last week were 295,374 bales. against 266,772
bales in the week before. making the total re-
ceipts since the beginning of the cotton crop
period $40, $50 bales, compared with o.39o,oo7
bales in the corresponding time in the preceding
year. Prices for wheat -four show unimportant
changes though II is reported that the mills In
some cases intend to make concessions IN the
hope OF stimulating business. Sales have been
light in recent weeks, and the export trade has
been quiet Many operators consider the price Of
wheat high, and on the Chicago Board Of Trade
and on the local Produce Exchange it will not
require much inducement to encourage bears
to attack the market. The cash trade is inac-
tive at the moment. Exports of wheat from
this country are well under the movement at
this time In 1908 while shipments from Argen-
tina are increasing.
Manufacturing plants continue to work on a
basis under the normal, but business on hand Is
fair in volume, while expectations present no
reason for encouragement The metal trades
are quiet consumers showing disposition to
come into the market beyond their actual needs
Users of copper hold to the opinion that they
will be able to procure the metal below current
quotations, and the fact that the predicted buy
ing movement has not developed confirms them
in this belief Producers, however, are conf
dent and are more disposed to advance their
prices than to lower them Electrolytic copper
is quoted at 14a cents pound and selling
agencies assert that in the course Of the present
quarter buyers will be compelled TO pay 10
cents. The leather trade shows Improvement,
and it is of the first of the country's great
industries to recover from the depression of last
year. Tanneries operating in most in
stances on full time Shoe manufactures are
busy and retail merchants report an excellent
demand for all grades OF footwear, their ad-
vance orders to the wholesalers being heavy
The most recent railroad earnings make favor
able comparisons with the corresponding period
in the preceding year. the gain for the month Of
December amounting to more than 10 per cent
IN gross receipts.
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