New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-12-06
MONEY AND BUSINESS.

leading railway and industrial shares.
however, is somewhat above the level re-
ported a week ago. and declines when
recorded have not been accompanied by
investment liquidation. nor have they
created unessiness in quarters where the
success Of important financial operations
depends to a large extent upon stability
in stock quotations. Strength in the
money market, the approach OF the
meeting OF Congress, strikes on West
ern railroads and hostility 20 large cor
porations stimulated by sugar and tele-
phone Investigations do not encourage
active outside buying of securities. while
the political situation in England. which
is factor I'm the local market. owing 10
the intimate financial relations between
London and New York. also serves TO in
duce caution in speculative dealings.
The prospects for higher prices for
bonds are not promising.
Recent liquidation in stocks and the
commendable efforts OF the larger finan-
cial institutions to discourage heavy
speculation have been an important in
fiuence in preventing disturbance in the
ilOlltN UldIhrA l@bdl QOOAdNAOAASa thtdeh
strong are kept within reasonable
bounds. and barring the development of
active demands for accommodation
against stock commitments there should
be no difficulty I'm securing funds for
mercantile purposes at fair rates for the
rest OF the year, though borrowers can
hardly expect anything better than 40
10 per cent for short periods While
the supply Of money is adequate for
general requirements. II is not super
abundant. Offerings Of first class COM
mercial paper are reported In volume,
but the demand win not be heavy until
the hanks have arranged tile January
settlements. Sterling exchange is still
1T an abnormal level for this period of
the year, and in spite OF credits created
by exports ~ cotton. which since the be
ginning OF the season have amounted i'm
value 10 upward of 1925, O0o. ooO exchange
rates are near the point at which gold
could he shipped 10 Europe while Lon
don continues 10 settle it's obligations IN
South America through exports OF the
metal from here.
Trade movements, as measured by
hank clearings and railroad earnings.
present no indication of a lighter volume
of general business. but unreasonable
weather and the approach of the holiday
period and the time for yearly settle
ments and stock taking create a some
what Quietcr situation in industrial
quarters In the textile market trading
in cotton at first hands is quiet and the
IL. .
small orders for immediate delivery.
The holiday drygoods trade is excellent
As far as forward business is concerned
in cotton goods both mills and selling
agents are marking time, awaiting de-
velopments in raw materials and the
government cotton report. due this week.
Jobbing houses report better trade IN
the West and South than In the East
Speculation in cotton for future delivery
is only moderately active at the mo-
ment, with prices ruling near the best
of the year. traders showing q DISPOSE
ton 10 wait for further information on
the crop, which, according 10 the private
advices received by Wall Street houses.
will be as bullish as any heretofore made
public on the basis of supply and de
lnand the situation appears to favor a
stiff price for cotton for a long time to
come
In the iron and steel trade some
branches report u seasonsble setback in
the volume OF new orders, but the gen
eral position OF the market probably il
stronger than was ever before known in
the history Of the industry. Mills and fur
nsces have enough orders ON their books
to assure full activity for months u
come. and in structural materials the
new demand shows no abatement ,ha
open weather being an effective influence
in stimulating the inquiry for building
purposes. Railroads are active BUYERS
OF rolling stock. and the ear manufact-
: urers are insistent in their demand upon
the plate mills. The steel companies are
guarding against overselling. and no
business for the first half OF 1910 is ac.
I cepted by agents without it's being first
referred to general officers According
4 20 THE Iron Age" the leading seller OF
Eastern iron ore has opened it's books
/ for the new year at prices about 40 cents
/ above the average of 1909 Copper is
/ weak and lower. but well informed
/ trade authorities insist that the market
( Is I'm a better position than al any time
since the days preceding the panic of
/ 1897. and that consumption gradually is
/ running ahead OF production.
1 Labor troubles in the Northwest have
caused the closing OF few mills.
hut so far the wheat market has not
/ been materially affected. Argentina crop
reports are more favorable. and the fact
! that new wheat can he bought on the
Plate River under prices here serves TO
/ lessen tho American export demand. a
/ reflection of which is preset ted In i
falling M in shipments for the last week
/ OF upward OF 100000 bushels from the
same time year ago. Early winter
wheat prospects in this country are en-
couraging and acreage is reported much
larger than IN l9do. due to the hisa
| prices quoted for the staple in the cur
rent year. Prices hold we'll. and the
/ strength OF the resistance 10 operations
FOR the decline convinces the followers