The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-11-23
BUSINESS IMPROVES
PROSPECTS BRIGHT FOR
HOLIDAY TRADE.
Financial Situation Easing Up and Re-
tail Trade Is Fairly Brisk-Conf-
dence in Future rs Shown.

NEW YORK, Nov. 23.-Dun's review of
trade in its issue of today said;
improvement is reported in retail trade,
and sentiment is more hopeful in some
commercial departments. but pending the
resumption of active demand, manufactur-
ers restrict production.
Financial conditions arc less disturbing.
much relief resulting from large Imports
# gold, while n better feeling was caused
by the announcement OF further govern
ment aid, although the proposed bonds and
certificates have not yet increased the
actual supply of money. Mercantile col
~lections are irregular, some sections of the
country reporting unexpectedly prompt
settlements, while at other points they are
slow.
Liquidation has continued in securities.
the only support being supplied by small
purchases for investment, and the average
for the sixty and most active railway
stocks fell to a new low record for the
past seven years.
Railway earnings thus far reported for
/ November show IA loss of 16 per cent. as
compared with last years figures, and for
eiGn at this port for the latest
week supplied a gain of $50, $50 in exports,
hut a decrease of g, s1S, 800 in imports.
The final return for October indicated a
favorable trade balance for the United
States of sos, TAT, 4S2 and still better results
are promised for November by preliminary
reports available for three weeks.
A new record Of immigration was estab-
lished in October. 11l,513 aliens arriving.
or lis per cent. more than in the same
month last year. No further difficulty is
anticipated in meeting pay rolls now that
the midmonth settlements have been made
without serious delay.
Holiday trade has opened, wholesale
houses distributing goods to dealers
throughout the country. Bank exchanges
at New York for the week were Ala per
| cent. less than In 1906, while at other lead
ing cities the decrease to 21.4
per cent.
Little alteration is noticed in quotations
of iron and steel, reduction in prices being
averted by restriction Of output. Any pres
sure to force sales would result in conces-
sions, but producers maintain the statistl-
cal position by shutting down all capacity
for which there is no demand,
While actual cancellations are few, many
requests for deferred deliveries are re-
ceived, and all departments of the industry
await more settled financial conditions.
Midmonth payrolls were met by partial
cash payments and some use of credit in
struments without any serious trouble, and
no difficulty is anticipated at the end of
the month because working forces will be
smaller.
Confidence in the future is shown by the
leading interest, which continues work on
the plant at Gary, supplying a good de-
mand for structural steel, and this division
has the further support of contracts for
buildings on the Pacific Coast and bridges
at the East. A fair inquiry is noted fol-
plates, wire products and pipe, the senti-
ment on the whole being somewhat better
than last week.
Reduction in blast n activity has
checked the vigorous movement of ore,
and it is probable that lake shipments will
not exceed 41,OO0,000 tons for the season
This will be a new record, but about 1000.
600 tons below previous estimates.
quiet continues In the primary markets
for textiles, and production has been mod.
erately curtailed. Manufacturers Of cottoI
make no attempt TO force sales, waiting
for restoration of confidence and s%ufficien'
funds TO warrant new undertakings. Pro
duoers readily grant desired delay in de.
l~iveries, but there is stubborn resistance
TO cancellations of orders, taken In good
faith, for which provision has been made
In many cases by arrangement for delivery
of raw material.
Although the past week has been the
quietest for years as to new orders for
cotton goods, a better volume is promised
by the numerous Inquiries that Indicate
1kO@N0 u tAA0 INV ~ " IlUtn AG~
lay in providing for needs may result In
failure to secure shipments. Sales that are
now being made are not at material con-
cessions from recent preceding prices. spe-
cial conditions determining the cost in
each case, and no definite basis Of quota
tons is expected until after January l..
MUCH Oh the same nlsIsOsitlon to defer
decision Is noted in wooden goods, although
In those fabrics the conservatism of buyers
has produced greater depletion of stocks,
and the 1lIy material iQ ala In0pa gfauHax#
Clothiers' statesmen AVE returned from
first trips, the volume of spring BUSINESS
Comparing favorably with normal years,
but many manufacturers will reduce out
put until the danger Of cancellation is past
and currency Is more readily obtained for
pay rolls.
Shoe shops are operating very cautiously,
forward deliveries being prepared with due
consideration for the possibility Of counter-
manded orders.
A moderate trade Is reported in fall sam
pies, but supplementary spring contracts
are scarce, and selesmen il the West and
South find wholesalers restricting pur-
chaseS to actual needs for current business.
Some plants are idle because Of the diff
Guilty experienced in obtaining cash with.
which to pay employees and meet invoices
for leather and other materials.
Large sole leather tanners maintain quo
tatfons by consistent curtailment of pro-
duction, and similar tactics are now pur-
sued by producers Of upper leather, but
this change is more recent and less effec-
tive. The decline in harness leather ana
betting butts now amounts to fully 2 cents
per pound. Hides are almost nominal
because OF the light demand.
Quotations are lower on the few sales
arranged. but many varieties have not
found a market during the week and must
be considered unchanged. 1t is stated that
a private. sale of October branded cow
hides was made at s cents. This would
compare with 14A cents a year ago, ana
the decline might coura hopes of
export trade were II not for the over
stocked European markets.
Lower prices for wheat followed large
offerings at primary markets and less in
terest on the part of exporters, Cables
indicate that Europe's needs have been
supplied for some weeks, and further lib
eral purchases are deferred until after Jan
uary 1, when 1t is anticipated that inan-
cial conditions abroad will be easier.
The ontgo Is still large, however, but
consumption by Northwestern mills has
decreased. Western receipts Of 4,347, 055
bushels Of wheat fell short of the Sill, 800
bushe reported in the same week last
year, and exports from all ports of the
United States were {, 751, 1874 bushels, -four
included, against 5000, SS3 In 1906 and 2,413.-
1873 two years ago.
Corn ceased to sympathize with the huc-
tuations of the leading grain, strength de-
Veloping on reports that receipts of the
new crop were of poorer quality than an
ticipated. There was also support IN the
larger shipments abroad. Arrivals oil
1 ,778,244 bushels of corn ut primary mar
kets compare with 1900, 421, while Atlantic
coast exports were 744,911 bushels against
394.579 last year.