New-York tribune., 1910-01-03
MONEY AND BUSINESS.


level in the year just closed than IN an!
preceding year, with the exception OF
1906. and at the end Of the twelvemohth
period of 1900 presented an average ohiy
a trfle under the high point recorded last
August. The leading railway issues are
now at an average of 130.50, and the
chief industrials at 1925. these prices
comparing with 1915 for the railroads
and 81 for the industrials at the close OF
1908 In recent weeks the general mar
ket has been without the support of pub
lie interest, and, though active efforts
are being made by the Wall Street ele-
ment to attract an outside demand indi-
cations at the moment do not suggest
the probability of an immediate resump-
ton of buying for this account despite
the belief that current prosperous condi-
tions are likely 10 continue in the pres
ent year. Promised favorable develop
nents are already represented In the
prices of most securities. This factor
appears to be generally recognized
throughout the country, but large held
ers of speculative stocks are confident,
nevertheless, that a manipulated Janu-
volume large enough to relieve the con-
gested securities situation in the finan-
cial community.
Investment operations are light, not
because of any uneasness over under
lying conditions, but owing to the
scarcity of securities that can be secured
to return satisfactory income yield
Many new capital issues will come upon
the market in 1910, and it is quite prob
able that better opportunities will be
offered for investment buying in this
class than in existing stocks and bonds
though it may be we'll to bear in mind
that under prevailing money market
conditions and in view of the sound
position of industrial affairs new secur-
tiles will not be put out at bargain fig
ures European demand for our in
vestInents promises to be factor in the
stock and international money markets
in the current year Money rates hard
ened at the close of 1909, call funds
making a high record for the year at I
per cent, the movement being wholly in
line with normal conditions, While ster-
ling exchange rates, Whicn for many
weeks had ruled at abnormal figures, de-
clined to natural level, without, how
ever the promise OF the development OF
extreme ease. Indeed, unless marked
Improvement takes place in our outward
movement Of merchandise the demand
for remittance against increasing i'm
ports and local financial obligations
abroad may bring about further exports
of gold.
Our apparent balance of trade in 1909
amounted to approximately $269, 600 600
tie lowest in ten years. The total of
imports and exports in the year was
about s per cent more than the average
OF the three preceding years. but the
gain in 1909 was made up entirely Of
imports, which, of course served to
weaken the country's position in the
international exchange market Prices
for commodities here are so high that
this market is a better one in which to
sell than to buy, no stronger reflection
o. which can be found than in the fig
ures of foreign trade. Domestic trade is
sound and the outlook for the new year
is unusually promising, especially in the
metal industry, in which expansion is
particularly encouraging. owing to the
fact that activity in this line reflects
growing prosperity in ali departments of
business. New orders for finished steel
products are developing at an unprece-
dented rate. and even in copper, which
in the last year failed to share in the
general industrial progress. current indi-
cations appear to assure a decided re-
Nival in the demand from consumers
The inquiry for pig iron is increasing as
consequence of the recent concession
in prices, and buyers are endeavoring to
make contracts extending into the third
quarter of the year. Pig iron production
In 1909 was approximately %. 500 OOO
tons against l5,936,O1S tons in 1908 and
"a, 7Sl 1861 in 1907, though in the last
quarter of 1909 the output was at tho
rate of 31,00o,000 tons year.
In the drygoods market retail trade in
the last two weeks of the wear was
heavy in volume, and merchants Won.
unanimous In predictions of biegor
business and better profits in 1910 as
compared with the satisfactory record or
1909. Wholesalers report an active do
mand for cotton fabrics. notwithstand,,.
the high prices prevailing the inouirias
from the agricultural section of t,n
country being especially pronounc.a
Wool remains expensive, but high nr;oo
schedules established by the leading CON
Germs fail to embarrass the trade as -
tail houses are buying extensively an,
regardless of cost. Recent specuIa,,,
sellers of cotton have readiusted mi.
position, owing To the strength of a..
spot situation in the South. and a, a.,
moment there appears Ia be little che
of a speedy return OF prices To . 49,
terially lower level Mills are cs,,,.
cotton and are in the market for go
plies. Cotton futures sold at nov. ~,
records for the season last week 80,