New-York tribune., 1907-12-09
tbom trv to forestall the great evils they
MONEY AND BUSINESS.

Iati enthusiasm
funds are available for normal cash pasinen''
b, tho hanks and while currency still con-
; mands a premium the manipuiators Vi
c.raa+ exnand loans to boom the market anu q
foar,raipn Is started against the short accou"'
=, certaip sneciaIties To the conservative ihiiio
there is no reason for sensational advances WIG"
earnings arc steadily falling off and reauc'oi'
in some dividends almost ineVitapie- Inv
investor who takes securities out oil 'he i"ai nv
can see that prices are still bargains III 'iie i'e
run even after allowance is made LOT ihouei
decreases in dividend returns, but specuial'o
nurchases on narrow margins are not WaIrah'eu
and carving charges may become hea'E oeloi0
il is possible to realize profits IL liiooei 'i0'
couId be the Uatchword until the extent ol coin
,,a-,ia, contraction is understood much tirrner
foun6a ton would be laid for the supseaueii'
rally Meanwhile, the only facts that seem
notent are that prices a fortrignt dso "e4
lower than at any time in seven years ana 'ii'
nation is far more wealthy than in 19oV
Several more SUSPENSIONS of banks, fnciudlhs
ona at Kansas City of exceptional size, have
greater signifcance as indications of the imam
cial situation than lower rates for call money al
the Stock Exchange or the official reports snow
ing a per capita amount of money In clrculatloh
beyond all records and new high-water Haih
of gold in the Treasury exceeding ss5o'ooooVo
Locally the tone is somewhat easier, put on ioiS
term loans the banks display much reluctance
~ extend accommodation 1t is well known that
heavy settlements must be made in a few weeks
hence resources are husbanded. Engagements
of gold abroad have continued, although only
small amounts now secured, but the tolal
for the movement will be over s1OO,O00,0o0, and
the more favorable trade balance on merchan-
disc account is a helpful factor. There is no
nf oIS N
place much delayed work only waits for reason
able terms on which to borrow, and events last
week indicated the caserness with which Wall
Street utilizes call money when il touches per
cent while it must not be overlooked that tho
/ Treasury Is down close to the lowest possible
working balance and will quickly withdraw
part of the s240.O0O0 900 of public deposits when
! tho urgent need is past.
| Irreguarity continues in trade returns. Not
| only are reports from different sections conflict
| ing. but various branches OF business in the
| same district do not obtain similar results. Re-
! tail distribution feels the impetus Of holiday
/ trade. although that is not uniformly vigorous.
and the general tendency toward lower temper
, ature brings out a tardy demand for heavy
wearing apparel favorable feature is the
comparative depletion OF stocks in many posi-
tions owing to conservatism in making early
preparations Duplicate orders come to whole
salers and jobhers more freely on this account,
but the aggregate for the season is still consd-
, erably short of last years figures. Forward
business is likewise undertaken with great
caution. although there is a growing sentiment
that consumption Will be more nearly normal by
+ next spring. Nevertheless. disposition is
shown TO stock up freely. and 1t is not surpris-
ing that manufacturers are operating machinery
part time. Bank exchanges last week were
! lower than in the same week Of 1906 by from
AZ per cent at minneapolis TO 4G15 per cent at
San Francisco and not one Of the leading cities
made a favorable comparison. This is signif-
cant. and II is also noteworthy that losses ap-
pear almost as heavy IN comparison with 1893.
Diminished demand is having logical effect on
commodity prices. which have fallen steadily
in tho last six weeks. The few instances Of
recovery are striking exceptions, and usually
due to the special influences of cold weather or
speculation.
Manufacturing plants increasing active
machinery in several Industries after a month
of contraction, but more mills closed last week
than resumed. CurtaiiTAent is most extensive
in iron and steel: not half the pig iron furnaces
now remain In blast. and the new weekly record
of coke ovens that established in october
has been succeeded by one of less than 80 per
cent Of the full capacity. These wholesale reduc-
tions explain the comparative steadiness OF quo
tatons that could be maintained in no other way
in the face of s!ackened consumption. Wire
mills still well occupied. but the heavier
shapes of steel await revival of structural and
railway work. Although cotton mills have not
| secured any additional business of note, more
inquiries recorded in the primary market
and manufacturers agents might do business il
| prices were shaded Some readjustuent is ex-
| pected but it is thought that there is not enough
| interest to warrant any changes as Yet. No
developments appear in other textiles. mills
working only part time and raw materials tend
ing downward. Several domestic wool quota
tions are lower and raw silk can be purchased al
largo reductions from prices prevailing last
! season. Footwear shops at the East are fairly
active. increased inquiries for leather being the
best sign, and hides have at last fallen 10 a
point at which business is negotiated.
Speculation in cotton again followed securities
and for some time there has appeared to be more
than mere coincidence in the fluctuations at the
two exchanges. Spot cotton at this city above
II cents a pound. while the New Orleans price
| scarcely lower. and last weeks exports rep
resented a value of almost S2O0O0OOO This is
, of international significance ut this time, as has
. been stated before in this column but bears
rciteration. 1t also encouraging to note q
, very large gain in exports of other farm staples
last week, the outgo OF wheat and -four reaching
about 100000 bushels which at present high
| prices should provide a considerable supply oi
bills in the exchange market. The rise in cotton
was also stimulated by most aggressive opera
tions by the long account, based on smaller port
receipts than year ago and belief In a much
less favorable ginning return by the, censu,
, | -,