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Show significant that Importers' shelves are unusually bare of supplies; and largo Imports are expected In spite. of possibly pos-sibly lower duties. The brightest spot in business at present Is in cotton goods,; for which there has been a good demand, especially from the interior.. in-terior.. The prevailing Indications, however, are for a period of quiet and readjustment In general business which may last until the tariff is settled, set-tled, or some idea is obtainable regarding regard-ing the next harvest." ' BUSINESS OUTLOOK" Henry Clews, in his weekly letter, says: "Just now our own money market is being subjected to a number of unusual unusu-al demands. Gold has recently been exported to about $7,000,000, and tho current movement is expected to reach $25,000,000 to $30,000,000. The trust companies will shortly be obliged ob-liged to withdraw $40,000,000 to $50,-000,000 $50,-000,000 before February 1 to comply with requirements of the reserve law. Much of this will probably be provided for in advance; nevertheless considerable consider-able sums must be temporarily withdrawn with-drawn from tho money market in such an operation. Again, the government deficit necessitates the withdrawal of public deposits from the banks, and about $15,000,000 will be surrendered on January' 23, also another $10,000,000 on February 10. If to these requirements require-ments we add the obligations incurred by-recent heavy bond issues, it will be found that the demands upon the local money market have been unusually heavy. The offerings of the $250,000,-000 $250,000,-000 Russian, the $30,000,000 Canadian loan and other foreign issues show that the demands upon capital abroad are also on an extensive scale. So far as the banking situation at home is concerned there is not the slightest cause for concern. Our banks are exceedingly ex-ceedingly strong, and the great expansion expan-sion in loans which has taken place during the last few months Is shown to bo amply protected by the large increase in-crease in resources. Owing partly to the quietness In business and partly to the expansion of our currency, our banks are almost surfeited with idle money. "A most unsatisfactory feature at the moment is tho universal dullness of trade. January is proving a decided decid-ed disappointment In this respect and the volume of business will unquestionably unques-tionably be considerably below that of December. Tho iron trade is exceedingly exceed-ingly quiet, and not employed to more than half of Its capacity. Railroads have ceased placing orders mainly because be-cause they have satisfied urgent requirements re-quirements and aro inclined to postpone post-pone further orders in expectation of securing further concessions in values. Railroad traffic returns, moreover, are not satisfactory, as shown by the continued con-tinued large number of unemployed cars. Tariff agitation Is also a deterrent deter-rent upon business, much more so than deserved, but there are many who hesitate about making future commitments so long as thero is uncertainty un-certainty In this respect. It carries little weight with many that no tariff changes are possible within six months and perhaps even twelve months; or that the tariff will be revised by its friends and at a time when our industries indus-tries wero never so little in need of protection. Some of our Industries have been so overcoddled for years that the mere suggestion of the withdrawal with-drawal of support causes a shiver. Time, however, will show that no injurious in-jurious changes will be made and that an ample period will be given for readjustment. re-adjustment. With the 4th of March a new administration will come in, and Mr.Taft will undoubtedly call a special session of congress to consider tariff changos, this being imperative for the redemption of party pledges. Discussion Discus-sion may easily last until June or July, and new tariff acts do not usually go Into effect until six months after passage. pas-sage. Judging by the developments at recent tariff hearings a Btlff fight will be made against Injurious reductions, reduc-tions, and because of weak Democratic opposition such efforts are likely to succeed. Nevertheless, in the eyes of many it will be a period of uncertainty uncertain-ty and postponement, and right or wrong such ' ideas will temporarily govern Meanwhile, some of our largest larg-est Industrial concerns dependent on the tariff aro going along accepting all tho orders they can secure without regard to tariff possibilities. It Is alsc |