The Washington herald., 1907-11-02

New York, Nov. L-R. G. Dun & Cos.
weekly review Of trade. tomorrow. viii
say:
Contraction has followed the financial
crisis Of last week. but only 10 the extent
compelled by inability to raise money.
There is no evidence that confidence has.
been permanently impaired; on the con-
trary. qualification is felt that the na-
ton was so strongly fortified by a decade
Of unexamDled prosperity that the severe
strain made no deeper impression.
"Depositors recovered their composure
with conmendable rapidity. and runs On
the banks ceased almost as suddenly -
they began. IN many instances the funds
were deposited in other Institutions.
while much Of the money was invested
In securities waich had declined 10 the
most attractive prices in seven years.
Large sums were boarded. however. ana
business would have suffered a much
greater handicap but for the general
addition by the banks OF clearinghouse
settlements with certificates and arrange
ments for the importation OF about 2-8.-
o1093l in gold. This specie will not be-
gin 20 arrive until next Tuesday but
the Sentimental effect was immediate.
Deposits of public funds with the banks
was increased to Se.7O100. and larger
bank-n0Je circulation was made possible
bg Secretary C7rtelyou. who has proved
fully equal to this emergency.
Retail Trade Stimulated.
MANY contemplated developments have
been postponed, and merchants md rates
for commercial paper almost prolibit.ve.
yet retail trade is stimulated by more
Seasonable temperature. and at interior
cities collections improve with the move
ment of the crops 20 market A biz ez-
port demand for grain and cotton faci!i-
tates imports Of gold. although shipments
OF wheat are retarded by the car short
age and cotton is being held back Tor
higher prices.
Conditions in the iron and steel in
dustry are not materially altered except
that new business Is smaller. Mills cons
tinue well occupied on old contracts. as
rule. and as there have been no can
ceIauons. it is probable that no extensive
reduction in activity viii take place TINS
year
Textile manufacturing plants are not
reducing activity. although there is more
caution regarding future business. Cot
ton goods are well sustained by large or
ders on the books of producers. who can
withstand a period of limited contracts
without resorung 10 lower quotations
Commercial failures this week IN the
United States are 30. against - last
week 22S the preceding week. and isl the
corresponding week last year. Failures
in Canada number -. against g. last
week 4 the preceding week. and - last
year OF failures this week in the United
States ll5 were in The East, = South, u
West. and - in the Pacific States. and
90 report liabilities OF S5,10l OF more.
against IS last week. Liabilities OF COM
Hercial failures reported thus far for
October are S11.&6S.1S6, against Sl0.5531lf
for the same period year ago"
Bradstreet's Review.
Bradstreet's review viii say:
THE country at large has This week
felt the after effects of last weeks fuau-
ciaI disturbances az New York and other
Eastern cities. Prompt imitation of New
York's action in curbing and limiting the
force of these disturbances has. however.
allowed Of necessity readjustments 70
meet changed conditions with a probable
minimum of immediate friction and with
out the sacrifices found necessary at the
metropolis.
The leading clearing houses of the
country have followed New Yorks lead
in issuing certificates. and where this has
not been exactly followed. steps have
been taken TO restrict the outflow Of cash
from business and other banks. The en-
tire country, in fact, may De said 10 have
gone upon a check or credit basis. pend
ing the passing of the uueasiness, which
seems now TO have almost entirely Gained
down.
"Coincidenuy with the enforced en-
ployment of credit instruments has been
Witnessed a marked. increase Of transac-
tions of a purely cash basis, and large
quantities Of stocks, grain. and other
produce have changed hands. in most
cases at concessions. In the case Of grain
and cotton purchases, these have ma
teriaIly aided the work of relieving the
present congestion. as illustrated by the
engagement Of S24lGo.000 OF foreign gold
for imports
Naturally. there has been some dis
location OF the COuntTy's business. notably
in the domestic exchanges, which has
reacted on the collections and forward
ing by temporarily stopping the buying
Of wheat in the Northwest and Of cotton
at the South, and there has also been
a sensible quieting down of jobbing trade
activities some reduction Of forces in rail-
road improvement work and in other in
dustries, and some effect also on retail
trade, which aided by he fine fall
weather, has given "A good account Of it.
self this week. Naturally, collections
have shown some effect OF the disturb
ance. and later effects of the reduced
buying Of grain and cotton for cash
in the country districts Will be closely
scrutinized.'