The evening star and Newark advertiser. [volume] (Newark, N.J.) 1907-1908, 1907-11-09
TRADE SKIES CLEAR
DANGER OF A FINANCIAL
STORM REGARDED AS PAST
Dun's Review of the Situation Discovers
No Dark Clouds of Consequence
Anywhere.

NEW YORK, Nov. .-Dun REVIEW m
Trade. in its issue today. says;
Scarcity of money. unreasonable weather
and the holiday combined to make thu
volume of business smaller than usual thu
week. but the situation is more encour-
aging hecause Of q geneTal belief that the
About Sn.eaNa0 IN sold was secured
abroad before the Bank Of England raised
the Official rate Of discount high enough
to check the movement, Il returning
condolences s evidenced by deposits OF
boarded money.
1t will take some time to restore all this
cash to circulation. Gut the Treasury has
given further relief. and the banks are
Issuing notes freely. Leading industries
are Handicapped by lack Of funds. and SO
many contemplated undertakings have been
deferred that working forces are reduced,
especially al steel mills.
Prices OF commodities have declined
still further and exports should be in
creased Thereby. but for the last week for
eisn eommeroe at tbs port showed a loss
last year. while imports gained Sl65,o6l.
Railway earnings IN October exceeded
similar figures for 1905 by oS per cent.
Bank exchanges for the week at New
York were = per cent. less than last
year. while NJ leading cities there was
a decrease Of 90 per cent.
In a few departments Of the iron and
J steel Industry prices are slightly lower,
notably pig iron al Pfttshurg, which aver
ages lmost s. Per ton below the ,figures
quoted a year ago, but there Is a dlsposi-
ton to avoid unwholesome accumulation
of stocks by curtailing activity until the
monetary pressure is sufficiently relieved
to restore normal consumption.
1t is well known that the railroads need
extensions, bridges, terminals and equip
ment, which will be purchased when FUNDS
can be secured at reasonable terms.
Other departments are in the same con,
dition. notably structural steel, pipe. ana
plate. for which large orders Will be placed
when money is easier. Meanwhile IL IS
proposed to restrict operations to actual
demands. and the tonnage output has been
reduced. while further curtailment is con-
templated as orders are .o~vertaken. MOST
plants have enough BUSINESS in sight to
maintain full activity during the balance
of the year. but in many cases purchasers
ask that deliveries be deferred.
BY obtaining control of the Tennessee
Coal and Iron Company the United States
Steel Corporation has greatly strengthened
its position. !.
even the largest estimates. closely ap-
preaching the highwater mark established
in August.
Less activity in exports of copper fol-
lowed the higher rates for money abroad,
but a new monthly record was attained
in October.
Textile mills are still active. but the cot
ton goods. market Is nominal as to price.
Buyers are not willing to operate at the
prevailing high level of quotations., espe-
cially as immediate requirements have
Deen supplied. PRODUCERS 10 NOT OIIer con-
c~essions, believing that business would not
be increased, while the only result would
be general Generalization 1t is believed
In the trade that a n substantial cash
business could be placed at a radical de-
parture from the current level.
The element Of speculation is entirely
eliminated from the primary market for
%cottons, purchases being only for actual
needs and in conservative quantities.
Manufacturers are hampered in their oper-
ations in the raw material by the diff
Guilty in securing accommodation, and adj
vanees from commission houses usually
made at this season are not forthcoming.
No change has appeared In the wooden
goods division of the textile market, dupli-
needs, but preparations for the heavy
weight season are pushed rapidly, and it
is thought that woolens will displace
worsted fabrics, to some extent.
New England footwear manufac turers
report trade quiet. Numerous small orders
aggregate a fair volume of business, but
the total is much below normal for the
season. Some statesmen have left with
fall samples for 1908. but few orders are
secured for supplementary lots of spring
goods, wholesalers being out of the market.
Local johbing trade is also dull, retailers
finding fall business quiet thus far.
There is little activity in leather. Prices
are sustained for heavy weight sole, but
lighter varieties are weaker. Quotations
are almost nominal because of the few
transactions recorded. Tanners report that
more leather is now going into arehous
than is delivered to customers. An easier
tone pervades the hide market, but bust
ness is not attracted by fractional reduc-
tons in cost. Foreign dry hides were
offered at concessions In the New York
and Boston markets without attracting
bids.
Grain declined still further in response to
lower cables and reduced flour output at
domestic mills. The necessity of paying
cash for wheat and the difficulty of negL-
tiating exchange on exports OF flour has
forced many Northwestern mills to curtal
operations. Shipments abroad have con-
tinued large, however, but exporters natu-
rally defer purchases on a declining mar
ket.
Nothing has developed in corn. which
followed the leading cereal Down wand.
Western receipts OF 4,159, 100 bushels Of
wheat fell short Of the 1899, 673 bushels that
reached primary markets In the same week
last year, and exports from all ports of the
United States. flour included, were 4.424,01
bushels, against only 2,SS5, 57S in 1906 and
1,90O,052 bushels two years ago. Receipts
OF corn Were 1856, $50 bushels against 2. 1885,
59t, and Atlantic coast exports of 451, III
bushels compared with 577. 7S6 in the same
week Of 1906.
Cotton declined moderately on evidence
that Southern planters would be forced TO
part with their holdings, and the news from
the goods market was not helpful.