New-York tribune., 1910-01-31

by means OF fictitious transactions or,
as they are commonly known. wash
sales.
Money is easy at the moment, owing to
the recent large receipts of currency
from the interior and the liquidation of
loans against speculative commitments,
but better demand for accommodation
is looked for in the course Of the next
few weeks. both for investment and mer-
camille purposes. The destruction OF
property in the Paris floods has caused
firmer discounts abroad. and it is not
improbable that as direct consequence
of the French disaster exchange in Paris
will decline to point that will attract
gold to that centre from other countries,
with the burden Of the movement on
New York. international money market
complications may follow the serious
situation in France, but even outside of
the possibility of such development the
outlook here does not favor the main
tenance of the current low level of loan
quotations. The demands for expanding
business sooner or later must compel
new corporate financing. and the very
fact that money is now easy encourages
the expectation that railroads and other
corporations will take advantage Of cur
rent opportunities to float new capital
issues Furthermore, the condition Of
the federal Treasury points TO the immi-
nence of some sort Of government financ-
ing.
Industrial conditions have not been
weakened by the break in the securities
Street, the agitation over the high cost
Of living and unfavorable weather in
certain parts Of the country have caused
some irregularity in trade movements.
Fundamental factors, however, are
sound, and measured by railway earn
ings and bank clearings there has been
no appreciable reduction in the volume
of general mercantile transactions. AS
a matter of fact, bank exchanges indi-
cate trade activity Of extensive proper
tions. clearings last week showing a
gain of 50 per cent over the correspond
ing period in 1909, and 10 per cent over
the same time in 1906, when business
was exceedingly prosperous at all indus
trial centres. Compared with a week
ago. a slight falling off is reported The
cotton goods market is relatively quiet
in most departments. with the chief ac-
tivity at the moment in mapped cottons
for the fall and in staple prints. That
the trade is looking forward to a busy
season is reflected in the heavy imports
Of drygoods, which last week amounted
in value to $4s77. .49s against S2,s73,OS5
year ago. OF the total receipts $4,OS1,-
sumption and S196, 141 for warehouse,
while there were withdrawn from bond
goods to the amount Of $751; $50, making
a total marketed of Sd, ,S63, ,6O5, an in
crease of S1,s34.S3O over 1909.
Speculation in cotton futures shows a
falling off in public interest in the mar
ket, and a tendency of prices to advance
for the near months. and an opposite
movement for distant options. Spot in
terests have been taking March and May
deliveries and selling later crop months,
while Wall Street appears to be bullish
on March contracts and apparently be-
lieves that after the general decline of
$15 a bale the market is entitled to fair
rally. There is, however, no indication
that active speculation for the rise will
be resumed. and it is quite likely that
with the approach of the new crop sea-
son prices will decline to a level that will
induce heavier buying by the actual
trade. Spot markets in the South con-
tinue to show resistance to the recent
decline in futures. Wheat prices exhibit
irregularity in the speculative markets,
but cash quotations in the Northwest
etr he for tlo -into
wheat crop is promising, and the same
thing may be said of conditions in Eu-
rope. where visible supplies appear to be
large enough to restrict imports from
the United States. despite the lower
prices here. Our price level, however, is
still high, and in view of the large stocks
On hand throughout the world materially
cheaper quotations should develop. Flour
is inactive, and cash corn and futures
arc down.
In the iron and steel market contracts
are being made in a conservative man
ner,~ and the general attitude of consum-
crs and producers suggests a total lack
of uneasiness on their part over the fut-
ure Of the industry. Prices for finished
steel products are on a stable basis, with
some lrreSularlty reported in pig iron
quotations The remarkable recupera-
tive power of the steel trade is reflected
in the preliminary statement Of the
United States Steel Corporation for the
last year, showing an advance from net
earnings of So, ,921 900 in the first quar-
ter of 1909 to S4O,971 800 in the last
quarter, and a balance available for the
common stock of more than 10 per cent.
Orders now being booked by the mills,
both for the United States Steel Corpora
ton and the independents, insure active
operation for months TO come, and
though reports are heard that the steel
industry is upset because of the admin
istration's policy on corporations there
is no proof that anything of the sort has
developed.