New-York tribune., 1910-01-17
MONEY IND RESINESS.

outlook appears to favor further losses,
not as a consequence of an expectation
| of unfavorable changes in the business
| world but owing to the liquidation of
| top heavy speculative account and to the
natural tendency of quotations to move
to a level more in line with money rates.
! There has been little investment selling.
! but there is reason to believe that some
| of the larger interests have encouraged
| public liquidation in order to impress the
| fact upon our lawmakers that Wall
| Street speCulators are opposed to legisla-
| tion based on the recent recommends
! tions of the President affecting railway
and industrial corporations. 1t is note
worthy fact that certain Wall Street
| gentlemen who are heavily interested in
the country's transportation industry re-
fuse TO become reconciled to the sound
theory that government regulation of
the railroads is not step toward actual
| government control The political stu
| alton offers no good argument for the
| sale of investment holdings. and owners
! of American securities should not con-
| cern themselves with the current down
| ward movement on the Stock Exchange
Liquidation in all the speculative mar
kets has served to lower rates for call
money. while the recent high quotations
have attracted a large amount of cur
rency to this centre with the result that
| local bank reserves now stand at S2I,-
| SS1 $50, against S3, ,4S9, 100 at the open
ing of the year. 1t may be assumed in
some quarters that the heavy receipts of
of 3a
substantiate the reports from all sec
tions of the country showing trade ac-
tvity, but the fact remains, however.
that business is advancing faster than
at this time in former years, a reflection
of which is found in bank clearings.
which are heavier in all cities than were
ever before recorded at a corresponding
period. The return of the January dis
hursements to the banks in various parts
OF the country and the shipment OF IN
creased country bank balances to New
York to take advantage of the loan mar
ket opportunities here supply adequate
explanation of the record breaking flow
of funds this way. Time money is in
good supply, and commercial paper is
being drawn in moderately large quanti-
ties. Foreign discounts are weaker,
while sterling exchange at this point is
strong, with rising tendency, due to
constantly increasing imports of mer-
chandise and falling exports, the latter
In the month of December showing for
domestic products a loss from the same
time in 1908 to the value of S13,OO0,OOO.
General conditions of trade through
out the, country are normal and the vol.
ume of business, as measured by railroad
earnings and bank exchanges, is unusu-
ally heavy for this season Of the year.
Liquidation in the Wall Street markets
has not been accompanied by disturb
ance in the mercantile world, where con-
fidence prevails in all circles and where
the actual demand for consumption is
steadily growing. Seasonable weather
has helped the coal trade, and from cur
rent indications profitable winter busi-
ness is in view. There is some irregu-
larty in retail lines, while great ac-
tivity is reported by the wholesalers
who are looking forward to busy spring
operations. The cotton goods market is
quiet, and is held in check by the un-
settled conditions in the raw material
though in the face OF the sharp decline
in futures last week several advances
were made in important lines of fabrics
print cloths at Fall River selling at the
advanced price of a. cents for delivery
in the first half of the present year
Speculative factors rather than trade
considerations were responsible for the
break in cotton quotations, which ended
the week at a rally Though there has
are still high, and at the Northwest
transactions in wheat flour are heavy
both on new shipments and on old con-
tracts.
Pig iron market authorities report i'm
provement in the iron situation since the
first of the year. The inquiry is larger
ana prices are firm, with Buffalo figures
up 80 cents ton at SIT 90 at the fur
mace, which is equivalent to $40 90 in the
local market. The demand for finished
steel products is moderately active. the
railroads being fair buyers of suppIies
and equipment material, while the plac-
ing of good sized contracts in connection
with the building trade for distant de-
livery is something OF feature at the
moment. Western mills are particularlv
we'll supplied with orders. Conner "a
stronger and the decrease in the surplus
stock of the metal OF more than IL 900
900 tons in December has created a bet
ter feeling in copper trade circles. Com
sumption is increasing, and the pros-
poets favor volume of buying in the
current year larger than in any preced-
ing year in the history of the copper in
dustry. Prices for hides are a trIne
easier Heavier buying is reported nv
tanners, but so far in the new wear tho
demand for leather has been jnac,iye
buyers doubtless holding off In the ex-
pectation of lower quotations
Al Los Angeles there has heer ,,
Nlnsfrntinn of the harm. -, ~"