New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-02-01

- -, a>,,orsion in the currency at time
whom general requirements are light. the banks
are surfeited with idle funds to an extent mo
has brought about abnormally low rates az
conpanied by shipments OF golo 10 i'iee
noints the latter movement however Cousins
no concern in financial circles owing 10 th0
largo s,,nrl,, ~ the metal in this country cur
ranr1- ss coming TO this centre in active VoiuI'e
and the gains by the banks on this account on
set withCra walls OF government money i3oiii ~
pository institutions. Treasury eApehui
continue to exceed receipts. with no lnqicati0h
at present of n change in this respect anu %
thu federal working balance must De nlali'Aliieu
ct a reasonable level the chances faVor ~
thsr call by the government upon natioha
HANKS which can we'll afford 10 return deposits
for which there is no employment in hnanciai
and industrial quarters. There has been ma
terial reduction in the amount of free soia IN Tue
Treasury's general fund from current reueHp
ton of national bank notes, and II this supply
Of the metal should be entirely depleted the
gold redemption fund could be used and II III
turn be replenished by the issuance OF one-year
8 per cent bonds for which there is autnorll! III
the financial act of March, 1900. The Bank OF
England strengthened its position in the week
by securing the South African gold offered III
the open London market. the inquiry from FaTls
being checked by a rise in French exchange on
the British capital while the latter centre d.
verted the demand for the yellow metal LOT
Argentine account to New York
General trade conditions continue to reflect
light operations in most lines. with no indication
Of underlying weakness in the countrys indus
tries. II most departments OF business stocks
are depicted to a degree that encourages the
expectation Of a more active buying movement
at no remote period. signs of heavier purchases
already being reported from the South and West,
where distributors OF merchandise find an en-
larged demand for consumption and confidence
on the part OF dealers OF slow return 70 a
basis of normal transactions. In drygoods the
largest houses enjoyed better business last
week than at any time since the opening Of the
season. ut-of-town buyers were active factors
IN the market. and the extent OF their opera
lions suggested belief on their part IN the
development OF marked expansion in the retali
trade, evidence Of this being presented in the
desire Of interior representatives to transact
business quickly and return TO their homes.
Print cloth prices are moving toward mere nor
nal conditions. IN both primary and secondary
markets staple cottons are being taken Win
greater freedom, and though in some lines prices
show a stronger tendency, the general level OF
quotations IS not materially changed from
week ago. Speculation in cottoT FOR future de-
livery in the last week was large at times. &C
companies by a good sized volume OF liquidation
IOT the account OF southern anu fs1 1N4VSN
operators Large spot interests were active buy
crs on all declines and maintained their belief
in higher prices on the vel founded theory that
the worlds requirements will increase as the
year advances
In the steel trade the volume Of business
is disappointing. and plants are still working on
a basis far under normal The uncertainty over
tia future OF prices for finished iron and steel
is more ~ drag on the market than the pros
pect Of a readjustment Of tariff schedules. and
the continued price cutting on the part Of GER
tain independent companies is having effect
whlrh is unssttlng. TO say the least. Consumers
are holding OFF in the hope of general reduc-
ton, and in many quarters il Is believed that
unless there should be sudden change for the
better in the demand the market viii work to a
lower basis while the same thing may be said
OF copper which is weak at figures that attract
few orders from the users Of the metal Not
withstsn ding the current depression in the cop
Per market the best informed men in the trade
are willing TO go on record as confidently be-
lieving in their prediction that producers ana
selling agencies soon will be able to sell all they
car. handle at 14S. cents for lake and 14Is cents
for electcoytic; also that copper will 60 above 10
cents before the end Of the year, Sales were
made last week as low as i4is cents for lake and
1875 cents fer electrolytic. Indications point
course Of the next few weeks while the pros
poets are favorable for larger volume OF bust
ness IN structural material Tin plate and wire
lead in point OF production, but the Tin mills
are operating almost wholly on contracts booked
IN December, while the new demand foE wire is
less active than foreshadowed a fortnight ago
Shipments Of -four from the mills light,
sd general activity IS reported in the marks.
for the commodity The outlook neverthelesz
appears "a favor higher prices. If conditions al
Tecting wheat are TO be taken as an indication
Of future movements. European stocks Of wheat
are low. and. in spite e shipments from Argen-
tina and Australia. England and the Continent
IN all probability soon viii be compelled TO buy
more freely in the American market. The cash
trade a. the Northwest and in Canada shows
Improvement at a time when stocks are declining
Farmers are holding their corn with tenacity
ard as q consequence the movement Of the
cereal TO the large primary markets has beer
gar below recent expectations In the general
inclination 70 assume position on he shorx
side. Prices in the leather market are strong
with advances reported in various lines espe-
ciaIly sole while hides are held at high figures
Boston reports active demand for shoes. In
dieations that the cOuntrys business is not go
ing 20 the dogs are found in RAILROAD earnings.
year ago. in substantial decrease in the
number OF Idle cars and IN expanding bank
cleariaes. which last week increased EST per
cent IS compared With tpe corresponding time in
1908