The Washington herald., 1907-11-09
TRADE Is IMPROVING
Volume of Business Smaller,
but Prospects Good.
MOST PRICES SHOW A DECLINE
Lack of Funds VIII Bring About
Headjustment, and Level of Com
modify Prices VIII Be Restored TO
Normal from the UnreasOnabIy
High Figures of the Last Year.

New York, Nov. s.-R. G. Dun & Co.'S
weekly review Of trade tomorrow will
say:
Scarcity OF money, unreasonable
weather. and the holiday. combined to
make the volume Of business smaller than
usual this week. but the situation is more
encouraging because OF a general belief
that the financial storm has been wealth
cred remarkably well About $4,000, OOC
In gold was secured abroad before the
Bank of England raised the official rate
or discount high enough 10 check the
movement, and returning confidence is
evidenced by deposits Of boarded money
II will take some time 10 restore all this
cash to circulation. but the Treasury has
given further relief and the banks are IS
suing notes freely.
Leading industries are handicapped By
lack OF funds. and so many contemplated
undertakings have been deferred thai
working forces are reduced, especially al
steel mills. Prices OF commodities have
declined stu further and exports should
be increased thereby. but for the last
week foreign commerce at this port
showed loss Of S2,5l2,eg in value Of mer.
chandise exported as compared with the
same week last year. while imports gained
$l65, 81
October Failures Heavy.
Failures in October were !, ISs in mum
Der against SIS IN the same month las,
year. and liabilities Of 81, 1880 compared
with $l0553. IA The amount Of defaulted
Indebtedness last month exceeded all
monthly records since September. 1896
but the cause Of the heavy mercantile
mortality was much less alarming than
at the earlier date The recent trouble
was chiefly due TO inability 10 raise money
10 finance the large volume OF business
whereas in the previous decade there was
a lack Of business.
In few departments OF the iron and
steel industry prices are slightly lower
notably pig iron at Pittsburg, which
averages almost 50 per ton below the
ngures quoted a year ago, but there I.
a disposition 10 avoid unwholesome &C.
cumula;ion OF stocks by clr,aillng activity
until the monetary pressure is sufficiently
NN 10 AfStNAE AnilldA GOusAIlpA on
Textile mills continue active. but tn,
cotton goods market is nominal as Il
price Buyers are not willing 10 purchas,
at the high level of quotations, especially
as immediate requirements have beer
supplied. Producers DO not offer con
cessions. believing that business woulC
not be increased. while the only resul
would be general Generalization
Commercial failures this week IN tht
United states are 25S. against g73 las
week, % the preceding week. and l72 in,
corresponding week last year Failure.
in Canada number -. against % last
week. g. the preceding week. and 81 las
year. OF failures this week in the CnlteC
States. 90 We're IL The East. 90 South. s.
West, and = in the Pacific States, and
IS report liabilities OF $500 or more
I against 20 last week Liabilities OF com
merciaI failures reported for October arr
81, 414,s90 against slo.553.7l4 FOR the same
period a year ago"
BradStreet's Review.
Bradstreets review will say:
Good progress has been IN accommo-
dalton 10 country 20 changed financial
conditions, this, too. with strikingly lit
tie friction. considering scarcity OF cur
rency and the widespread substitution OF
credit Instruments for actual cash. Al
the same time wholesale and jobbing
trade has quoted down very perceptibly
and the disposition in industrial lines has
been to curtail production wherever pos
sible. the aim being 70 avoid unnecessary
or possibly burdens from accumulation
Of stocks
There Is, in fact, a rather more op.
timistic tone prevailing this week thar
last, the outgrowth Of the better feeling
at the East the large arrivals Of gold
from Europe. and the idea that basic
ing power OF the people and the absence
% large stocks, are better than in some
preceding years Of stress.
Prices Must Be Lower.
There are, it is true, increasing evil
dences that the level OF commodity prices
has been forced unreasonabIy high. and
that the process Of readjustment will
compel numerous revisions In this re-
spect the easing Of iron and other metal
prices. the further decline in cereals, and
the sharp falling of in live stock quota
tons. are taken as earnest indications OF
revisions in other lines yet to come
and the SOuth-complaints are numerous
that the absence OF actual cash prevents
the movement OF wheat ana cotton to
market; but the countrywide issuance
OF bank and corporation checks in small
denominations has eased the currency
situation greatly. the domestic exchange
markets are much more settled. and the
general acceptance of credit instruments
is expected to allow OF necessary bust
ness being done, pending the readjust-
ment Of the volume OF business 10 the
supply OF current capital
Collections are rather slower. but
there has been a slight easing in the
premium FOR actual currency at the East
the runs on the various financial con-
Germs are apparently a thing of the
past, failures are not 50 important as
in either OF the preceding two weeks
and the wave OF distrust has perceptibly
subsidized, rendering the work Of rehabili-
tating and repair matter only Of time.