New-York tribune., 1909-02-08

! that has taken place in the country's finance
and business since the passing of the panic OF
| 1907 and more than measure any gain that may
be recorded IN our industries in the near future.
| The average quotation for the leading railway
shares closed the last week at HIS, against
! 1I72 in the preceding week, and the chlet IN
dustrials at a gain of 50.
Money rates at this centre frmer, though
quotations are not appreciably higher, owing TO
| another call by the Secretary OF the Treasury
for governments funds from depository banks
| to gold exports to Argentina, to Withdrawals
| for trust company reserves and to the eXpecta-
ton of further federal financing in connection
with the Panama Canal operations The nler-
camille demand for accommodation continues
light Currency movements are in favor oL
| New York, and, unless there should be an ac-
tive interior inquiry for funds to handle 'ile
spring trade it is not likely local banks will lose
material amounts in their reserves in Mafch
| and April, when ordinarily their holdings are
denIeted as a result Of out-of-town necessities;
and the financing of the governments deficit for
| the present at least will exert nothing beyond
| a passing influence upon loan rates, as money
taken by the Treasury will soon return TO the
market Abroad the feature of the hnahclai
situation last week was the rise IN Paris eN-
| change on London, which was responsible fQr
easier discounts at the British capital. which III
turn were reflected in lower sterling quotatlohs
a+ New York. the whole movement denotng
foreign confidence in the permanent settienenI
Of the political troubles in Southeastern Europe
Though in retail and wholesale trade the
volume of business is light in comparison with
this time in 1907 and 1906, improvement is
shown over a wear ago. with indications pointing
to a slow growth in the greater number OF INES
Production as a rule has been running IN excess
of consumption, notably in the metal indrstrleS'
but according to the reports received from va
rfore narts Of the country, there are reasons to
believe that this situation will not prevail Ior an
extended period of time, and that betterment
will he effected through a general readjustment
Of prices The steel business is running so llght
and undercutting is becoming so general thaI
manv steel manufacturers say that the present
level cannot be maintained unless there Is an
immediate change in the attitude of consumers
who are stubbornly holding aloof from the mar
ket in the expectation of lower figures. Senu-
ment in steel circles is not cheerful at the mo-
ment especially as the big concerns are working
on a capacity of from 81 to 90 per cent of nor
NAL as against from so to 62 per cent in No
1ernber and December of the last year. Pig IRON
is dull. Requirements OF consumers were Wen
covered by the burst of activity that developed
following the fall election. and now there ap-
pears to be no incentive for forward buying. In
structural materials conditions are fairly strong
S
more business is reported in copper, but the
official reduction IN the price of cent pound
has failed to create the demand expected In
the opinion or one of the best informed aIthorl-
ties on copper the market is now going through
the extreme of depression which always pre-
cedes the beginning Of improvement.
Reports from the primary markets for dry
goods reflect growing decrease of stocks held
in iobbers hands and an increasing demand
cl,,y -Frecr
a greater disposition to take spring and summer
merchandise in fair volume. In most depart
ments of the drygoods trade demand last week
was steady on a firm level of prices. the plainly
indicated intention cf hnyers not TO operate
freely If sellers advanced quotations rapidly
checking the tendency on the part of the lat
ter to establish higher range. Export trade
with China IS quiet and business with mscel-
laneous ports Is small, while imports are in
creasing Cotton goods manufacturers are
counting upon continued strength in the raw
market, and the fact that contracts are now
being made for delivery as late as September
confirms the view that buyers have no idea that
by holding of they will be able 10 secure better
terms Speculation I'm cotton futures is inactive
and prices have weakened TO a small extent.
Wheat markets have been moderately firm in
recent days, and the general demand shows i'm
provement. There has been a better buying
movement In -four. especially IN low grades,
though business is restricted by limited sup
ply. Receipts are declining and prices at the
mills have been advanced from 10 to f5 cents
compared with spot quotations for forward ship
ments, as consequence of the increased cost of
wheat at the West. Northwestern cash wheat
markets are higher also at the Southwest and
stocks throughout the country are being re-
duced, except at Duluth. Foreign markets for
wheat are frmer, in spite Of increased receipts
from Argentina. Supplies I'm Europe rela-
lively light, and notwithstanding recent heavier
exports from South America the amount avail
able In Argentina for shipment is not large. and
an increased movement from the United States
must soon develop Last week the exports from
New York smaller than in any preceding
week since last July. Farmers continue to hold
their corn for better prices. The higher cost Of
leather is reflected in firmer figures on shoes
and the strength Of the market Is beginning ma
terially to affect the buying movement The
generally better trade conditions as compared
with n year ago are shown In the record of fall
ures, bank clearings and railroad earnings. all
of which make encouraging exhibits, though. of
course, the returns suggest that we are a con-
siderable distance behind the conditions that
prevailed In the prosperous period of 1906
|
While it is highly probable that no cases of