New-York tribune., 1909-01-01

parfson with sterling rates in the previous yeas
the pound and in the autumn months the dis
crepancy was much larger Late IN I,ecesn6er tnse
Inents for annual settlements abroad and eusss
tomary Christmas reulittances and the year ctoseo
with gold exports under constant consideration
SILVER BULLION
Prices of silver bullion declined almost constantly
from the beginning of 19oi. when - cents Va
Until December. lgs when 47@s cents View York
and % pence at LONDON were t3uched I4eS it sr
lions OF the lowest on record II November. 1so
the London quotation fell 70 2169 pence. which was
The minimum and showed a severe loss ir COM
parson with yearly average never neIC" & - ~ 80
been almost uniform. except for the speclal dep[
SION IN ls'7 on 1, SeT1' l l sTrs5fionsI Exports
from London the Far East in 1ses were about
, <tiii heavier loss in eomps rison win lses but
about the same as IN earlier @ years. ears ,aIr
ably smaller than in recent years p6eFedhs a. @ bs
ports Of silver were about the same.
Regarding the future Bradstreet's says:
It would Of course be unvise % say that ths
outlook entirely clear There IS SUI ~Hs.slIe ~
fran- shown on the surface of things. Shocks and
damage like those received slightly over, y eaL
R9urs are stil common in industry. and some time
elaPse before, public buy ulg a2iliIy lLa Is
PLAYED in the securities markets month or so ago
meas wss ny There S are problems to be solved be
fore American trade and industry are tGLy yi
whether the admittedly excessive cost Gr cehodSL-
ing trade arI industry. because OF hiS1 prices TOT
cd nd hence for labor. viii not nave 20 De atl-
justed- Bearing upon this i TIE pEooa2le progO!
yfCr of F,l1r0raau demand for rrOductS II
IadS in view OF the that trade aTnonS cli-
customers Is still very rluch dspresse'
our winter wheat crop at present does nc pTelI5
10 be burtfersoue. and foreign trade IS declinln
Then the tariff revision outlook IS NOT entireiN se
4Iad vet jt seems too. II a further growth IN
General trade which is confidently looked Tor N
1900 might have some important temporary elSL
r7on rhe money markets and possibly upon sectr-
1r.cas will the continuance OF hat seems
to he necessary. very large future borrow mss ~
railroads for improvements In the ent Cr cH.ssSe
these expenditures must rebound % the oeneht OF
| general business
Stocks are not burdens0He a hald tC-mouth buy
fng movement having long prevailed: and more
over we'll settled policy 0f repression 7aS oeeti
CT-ers+-a7 ming of credits dstrtbUtive lines have
uffufmized- With past experience as a Ediu7s
wifi Of 1a01 and 1908 immediately n
mind II IS % observed that panic history daS
T1es Governing these manifestations more 9H't
moe NOWADAYS the changes IN underlying AM
arfru financial and business conditions. tnH gFlILs
f rorfIo -i0n and the Investigation and the soHdar
and 70 rpadiust matters in way superior 70 Wnac
was possible in other years Of stTaln Az Ihlfss
.,Ouzi5arsd lie really II and. WhStI -
equally important really feels IN far better snaps
than a wear ago and this gain in optimistic senti-
1reUr knowledge that we have oeel pdI
tfafrv Spared Of the worst effects or previous
q~aar rquicE-Tong continued ami acute depreSslOi
sacrifice OF business Ite arc
sissrrrar of CAPITALS Itself great gain for
trade confidence There Is sense or deep reIler
mat the community has passed 50 safely through
and IL i with feellng or cildst7tl7t
I'D ,reorfu' tiST1 that the 0uSlneS.S
1-orrd LOOKS forward the year 1909 with a fat-
degree OF confidence but "ith little expectation OF
q boom. 4