New-York tribune., 1910-02-21
UoYEY AND BUSINESS.

eart that forced liquidat ton has run its
co,,rse shares sold on the recent de
cline have gone into strong hands. and
though operations for tine rise are not as
,-.+ aggressive the larger interests APP
,,,rentIv arc rot unwilling to see a res
+oration of the high levels that prevailed
in the closing months of the last year.
Investment demand Is moderately active
,neiutiing purchases of high grade ISSUES
for foreign account, but at the moment
tho ,1thffr is not much of a factor in
snecuiative operations, despite the cheer
ful advices of brokers that the market
gradually viii work to better range
The pufylic might be more Interested IN
Wall Street speculation If the Stock EX-
change authorities would Introduce eff
fective reforms for the protection OF
honest traders Something besides the
expulsion of members guilty OF harmful
practices is demanded by the country AZ
arec and the activity on the part OF our
state legislators in introducing Stock
Exchange reform measures ought to CON
vince the governing committee OF the
Stock Exchange of the necessity "i m
mediate action to correct abuses before
the legislature enacts laws that might
restrict legitimate Wall Street business.
Money rates at home and abroad are
easy. with quotations here however
higher than they are at the chief Euro
pean capitals Demand for accom-
mediation is not active for specuIa-
tive transactions. but the inquiry from
ont
Indications pointing to larger vol
uIne of loans for mercantile &C
count i'm the spring. reflection OF when
is found in d gradual movement Oh
domestic exchange against New YORK
Foreign exchange is stronger the prom
ise of lower rates in the next few months
Is not encouraging, owing to our adverse
rositfon in international trade. though it
is possibIe that European buying OF
American securities may increase TO an
extent that will bring about a readJusI-
r,,ent of exchange conditions. toFeiSh
trade figures for January showed the
smallest export balance for all CORE
spondiug months in the last seventeen
wears. and q falling off of upward or
sac. .00o .0oQ from January of any year
since 1901, while actual imports were
larger than ever recorded in the opening
month of a year.
Reports 20 the commercial agencies
arc more optimistic. and, measured oy
bank clearings and railroad earnings the
racant disturbance in the financial mar
kets has not upset trade conditions IN
the last week clearings for all cities IN
creased u per cent over the same time
in 1893 with gain of If per cent out
side New York. while railroad earnings
for, the first week in the current month
showed an advance of il per cent. as
COMPARED with the corresponding period
2 wear ago. In the textile markets note
worthy Improvement III the business
handled by jobhing houses Is reported
Interior buyers now in town are oper-
atine on q scale that reflects commence
on their Part over the future, and II IS
interesting TO note that the volume of
trade in drvsoods in the last few days
has been heavier than at any time since
the opening of the year, though activity
is lacking in the export department.
Speculation in cotton futures is quiet
al the moment and quotations are lower
than recently reported. the course OF
trading being affected by the siowness
of the spot business here and the de-
creased demand at Liverpool Liquida-
tion also has been encouraged by the IN
vestiga ton at Washington Of the pres
ent system of dealing III cotton futures,
while the expectation of an enormous
enlargement Of the acreage this year
has likewise been a depressing factor
The question OF supply and demand IS
expected TO bc the determining influence
in price movements for the rest of the
season Wheat options are higher,
osrensiblv as a consequence of reports
of damage TO the growing crop in the
winter wheat belt, and Increased
strength marks the spot markets, the
latter being the real key TO the specula-
tive situation. Reports OF winter wheat
killing are so numerous as to create
doubt as to their genuineness. Trading
in flour is quiet and prices have not
gone up with the advance IN wheat. IN
the West all high quotations since 1870
were broken last week in the market for
hogs.
Although d seasonable lull prevails in
the iron market, sales are being made in
sufficient volume TO induce confidence
among producers and TO weaken the
position of the pessimists who have been
predicting a serious business reaction.
Prices are lower, but men best informed
on the industry believe that an active
buying movement will soon develop to
the accompaniment OF higher quotations.
Many producers are overstocked with
iron because Of their attitude last fall
in holding iron with the expecta-
ton that prices would show further
advances from the high levels re-
ported at that time. and the re-
cent purchase Of fifty thousand tons of
Bessemer iron by the United States Steel
Corporation and large sales by Southern
companies are therefore encouraging
symptoms Of gradual reduction in the
heavy tonnage on hand. The demand
for finished steel products has improved.
especially for rails The inquiry by the
railroads for rolling stock is more ac-
tive, and railway managers are making
heavier appropriations for betterments
and general construction purposes