New-York tribune., 1907-11-02
CONDITION. OF TRADE.


contraction has followed the financial crisis Of
ast week, but only 10 the extent compelled by in
aDlHty 10 raise money. There is no evidence tb,t
confidence has been permanently fupaired. On Tho
contrary, qualification is felt that the nation was
50 strongly fortified by decade of ,,novaTr,rroI
iioaperlty that the severe strain made no deeper
impression Depcsitors recovered their con,n,si,ra
Win conlIrendable rapidity. and runs on the HANKS
ceased almost suddenly as they beean 7, ,,,,,.,
.sSalceS me funds were deposited in other insttu-
-o "-A1e l--uCh OF lne money invested in
securities which had declined 10 the most attractive
pIlceS IN seven years Large sums were boarded
-o'''r4 ana business would have suffered Il much
greater handicap but for the general adontion b,,
t-e ranks al Clearing House settlements with GER
uncates and arrangements for the imnortatio1 ~
about eZ0Og0000 In gold This specie viii not begin
10 arrive until Tuesday but the senfir7entai
en- eIltet was immediate Deposits of public funds
with the banks We're increased TO S207 600 600 and
larger banl1note circulation was made possblA h.,
secretary CoTtelyou, who has proved fully equal TO
,-As emergency Many contemplated developments
lave peen postponed, and merchants find rates for
commercial paper almost prehibitive yet retail
raae Is stimulated by more seasonabe temperature
anu at interior cities collections improve with the
movement CT the crops to market A biz, export
oeand for grain and cotton facilitates imports Of
gold, although shipments Of wheat are retarded bv
the car shortage, and cotton is being held back for
higher prices Exports from this port alone for the
last week were $2,002,053 larger than in 1906 and
imports increased $513.553. There is much com
plant of inadequate railway facilities yet earnings
thus far reported for October were 10 per cent
larger than last year. and November interest and
dividend payments will aggregate $75,O 0OO ex-
ceeding all records for the month Bank exchanges
al New York for the week 0.S per cent larger
than year ago, and at other leading cities there
was a gain Of rs per cent
"Bradstreet's" says:
'The country large has this week felt the after
effects Of last weeks financial disturbances at New
York and other Eastern cities. Prompt imitation
Of New Yorks action in curbing and limiting the
force Of these disturbances has, however, allowed
OF necessary readjuStments TO meet changed con-
C!tions with probable minimum of Immediate fric-
tion and without the sacrifice 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 restrict the out
how Of cash from business and other banks Tho
entire country in fact, may be safd to have gone
upon check or credit basis pending the Kissing
OF the uneasiness. which seems now to have almost
entirely calmed down Coincldentally with the en-
Forced employment Of credit instruments has been
witnessed marked increase of transactions on 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
ana cotton purchases these have materially aided
he work OF relieving the present congestion, as
Illustrated by the engagement of s24, 100000 Of
ioreign gold for import Naturally, there has been
some dislocation of the countrys business notably
N the Item Of the domestic exchanges, which has
reacted the collecting and forwarding forces by
Tor time stopping the buying of wheat in the
northwest and of cotton at the South, and there
mas also been a sensible quieting down of jobbing
trade activities reduction OF forces in railroad
improvement work and IN other industries and
Some effect also upon retail trade. which. however
aided by fine fall weather. has given good account
ot Itself this week. Naturally, collections have
SHOWN come effect OF the disturbance. and later
eiects OF the reduced buying OF grain and cotton
Tor cash In the country districts will be closely
scTutnized"