The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1907-11-16

dustrial operations are being curtailed
in accord with the readjustment pro-
cess forced by the prevailing monetary
stringency and the spread of acute
currency shortage to the country at
large. Evidences of this are found
in the restriction OF wholesale buying
for future delivery in the confinement
of jobbing trade to purely f1lling-in-
proportions. and in the curtailment of
retail buying by the necessary en-
ployment of credit instruments.
In manufacturing lines there is ap-
parently determination to fill orders
only as they are received and an in
disposition to accumulate stocks, the
result being a slowing down of opera
tions pending the settlement of affairs
upon a substantial basis. This indus
trial Quieting is also in no small de-
gree due to the fact that manufac-
turers unable or unwilling to ask their
employees to take pay in credit instru-
ment choose rather to reduce produc-
ton to a point where operation can be
conducted free from dispute as to the
methods of payment of the employees.
There are, however, some favorable
elements which point to the Fehabili-
tation process being we'll under way.
There is. in the first place an absence
of anything like precipitate action in
the business community. The first
furry of financial unSettlement has
appeared without much of the dis
there has succeeded a steady deter
mination to make the best of a situa-
ton which by many is regarded as but
temporary and not of a lasting de-
pressing kind The situation in the
larger financial markets is unQuestion-
ably more cheerful.
Gold Arrivals Large.
Gold arrivals from abroad continue
very large, and the security markets
considerable steadiness, de-
spite evident secondary liquidation in
separable in times like these. Urgent
demands from the interior early caused
an advance of money premium. but
later this demand weakened as the
needs of the country were met by large |
shipments from New York and other |
of foreign gold, the increase OF the vol |
ume of national bank circulation ana
the growing familiarity of the people OF
the interior with the new credit instru- |
.nents. one especially hopeful sign |
has been the renewal of grain pur- |
chases in the northwest exchange |
checks on large interior markets being |
the medium of transfer, thus allowing |
Of the resumption of grain forwarding |
and the buying of supplies at retail by |
The former. AS a result and in keeping |
with the progress of the read1ustment,
operations in practically all lines OF
trade and industry have been reduced.
forces have been curtailed, and In some |
Instances wages have been cut. Holi-
iay trade has not developed to any ex-
tent. and business on spring account is
Of small proportions, the general desire
among merchants being to act con-
In some cases this con-
servatism has led to the cancellation of
orders placed earlier in the season, and
4 number of houses have called in their
travelling statesmen pending a clearing
I'D of the financial situation. Business
s being done on the basis of clearing
house certificates and cashiers checks.
rhe domestic exchange markets are
still unsettled as the country banks
seem to be disposed to build up un-
Usually heavy reserves. Collections are
yery poor, and the banks are not MAX
ng new loans. At some large centers