New-York tribune., 1912-01-22

dicationS at the moment Sugseslihe
Notwithstanding the approach or ries'
Dental campaign industrial acu'i''''
will increase as the months go py
Measured by the payments thiousn =
clearing houses. a large movement 'l
day-to.day business is being conouc'eU'
while gross earnings of the rallroau 'o.i'
panies support the showing maue W
bank exchanges. Clearings for the i"'
week present substantial Improvement
as compared with the correspondents
period year ago, the total for the i'
ing cities in the United States afiiou"
ing to more than S3,0O0OO0,OOO, a gam
of about : per cent over the same Weeh
in 1911. Improvement in this city peihs
especially noteworthy in view OF 'ne i'o'
that operations in the stock market Id 70
not been at all active. Low tempcia
lures throughout the country nave ooen
effective i'm retarding the movement Oh
freight. vet transportation receipts 50
far reported In the present month SHOW
only an insignificant loss from the to'al
recorded in the early part OF Januar!
last year. Railroad men are cheeri"l'
while at this time last year they were
bubbling over with Apprehension for the
future. owing to the idea that under the
Hepburn law the railroad companies
would go ito the demnition bow-wows.'
Speculation in cotton futures Is mod
erately active on an Irregular movement
of prices. Heavy selling has been re-
norted as n consequence of the Lam
cashire strike and the labor troubles at
Lawrence Mass, but the general aver
age Of quotations shows only an unim-
rortant change for the last six business
days. In the cotton goods market con-
ditions show slight Improvement, many
lines being in better demand at higher
prices, exceptions as rule being con-
fined 10 departments governed Dy
weather factors and specific conditions
incident TO certain localities. Exports
of cotton are large, and 1t is generally be-
lleved that in the current cotton season
shipments will be far in excess OF any
known I'm recent years. The drygoods
market as a whole is working INTO
stronger position. Most commodity
markets show irregularity. with the
greatest activity in cotton and little HE
in cereals, prices in the latter showing
small changes. owing to the ofsettinB
influence of heavy visible supplies
against reports of smaller Argentine
surplus. Country products, such as po-
ht,t choose
higher as a result Of real winter weather.
Butter is higher than at any preceding
time in the last thirty years.
Home requirements for money are not
supplying adequate employment for the
large amount Of surplus funds in this
country, and local bankers are finding
an outlet for idle cash In the markets Of
other nations. Call money at this CEN
ire is quoted at from Ia per cent 10 "a
per cent, and for short periods time
loans have fallen virtually to the basis
for demand accommodation, while in the
exchange market long bills on Paris and
London can be secured on a level that
represents a net return OF 31s TO 3S pe-
In stock market prices have been narrow
and without significance IN recent days,
representing little beyond the varying
views OF professional traders, while in
the bond department the tone is strong.
with fair investment demand reported.
The report OF the cOuntry's foreign trade
for December. received last week. shows
an excess in exports Of merchandise over
imports to the value OF $si. i.l0S,S7S. max
ing for tho twelve months an excess OF
1858, AL 80. tho total exports for the
year breaking all earlier records.
amounting TO 5000. 1913. lil. against i'm
ports in the same time OF 81 So, ,93l SCI,
tho latter being in value S20,972, 30
under the high record OF 1856, ,90i. l5l.
made In 1910.