New-York tribune., 1911-01-09

business. Inc prOuuCtioh W l,a.5
the last month was materially
the blast furnaces OF the s'ee,
being chiefly responsible for 'h' o", :,
which. according to "Thc Iron age
brought production to yeariy ., COO
~. 100000 tons, against rate " oi'O'
600 tons in February, 19lo
In the output has not been checked py
weakness I'm prices. Buyers a'o> ..''''"e
off I'm the hone of securing lower ngures'
while similar conditions preVa' IL 'le
market for finished materials, except III
structural steel. which supplies 'he one
bright feature of the situation Inc
largest COPPER producers ana sellng
agencies continue TO hold the He'ai az
Is cents a pound. which does not appeal
to consumers. Buyers believe ''a' III
view of the heavy decline in consump-
ton lower quotations will be recorded
and they evidently do not intend TO make
forward commitments until prices nave
been readjusted to lower range. De
mand for all grades of coal IL actlVe' ana
at present quotations profits are heaVy.
In the last year production OF coal In
this country was approximately within |
per cent of the maximum record of 4S0,-
1853, ,424 tons. in 1907.
Stock market prices have enjoyed mod
est gains in recent days on light trad
ing, while Improvement is reported in
the character of the buying Of railway
mortgage issues. AS money rates are
casing under the influence of accumu-
lating bank holdings at this centre, 1t
is quite probable that transactions in
bonds will expand in the course OF the
next few weeks, but no important IN
crease in the volume of speculation in
stocks is looked for until various uncer-
taintes In the general situation have
been dispelled. Currency is moving TO
New York from the interior, as it al
ways does ut this period of the year,
the banks are gaining on their opera
tions with the Sub-Treasury and the do
nestle and foreign money markets arc
Sterling exchange at this point is strong,
and it is not unlikely that rates Will
seek a higher level. Although London
has been called upon to supply demands
for gold from the Continent and South
America, the Bank Of England has not
changed its minimum rate OF discount
and apparently 1t does not intend to
call upon New York for the precious
t,I x,et, ie hnunUpr
that with growing bank reserves here
and an increasing inquiry at the British
capital for gold our bankers later in
the winter or spring may find it neces-
sary to make shipments.
Heavier sales are reported In the
woollen market and better conditions are
developing in woollen goods. Buyers of
cotton goods show something of a dis
position to pay the prices asked by
manufacturers, and from the point of
view Of the latter quotations will tend in
the direction of higher levels for the best
part Of the present year. At the same
time American spinners are looking for
lower figures on the raw material. and
as a consequence are doing little in the
market. Foreign spinners, however, are
buying freely, their operations being
based on the shortage of the East India
crop. In the local drygoods trade day
10 day business is active and the de-
mand TO meet nearby needs Is improving.
while buyers are displaying more inter-
est in spring lines and are predicting
better inquiry after January inven-
tories have been taken. Speculation in
cotton futures is quiet at the moment
and wholly professional. Small receipts
Of wheat at primary markets and de-
creasing worlds supplies have brought
about better prices for the cereal and
higher levels in the market for -four.
The visible supply declined last week
100000 bushels, compared with an in
crease Of $4,000 bushels in the same
time last year.