New-York tribune., 1907-12-23

n,s+ed brokers encourage purchases on the
theory that campaign is In progress 10 ioiee
liquidation. All movements just no" are paSeO
upon an e1ually temporary basis:
Gradually the financial atmosphere pecoiie'
clearer and most banks furnish ali the currency
needed for payrols. But it is no easier 10 oo-
tain loans, especially in commercial chahheis'
where the need is most urgent Mercantiie -"
per natures in large quantity at the end OF
the year. and choice names cannot De solu a
less than per cent While many banks take
care of regular customers, those who are COM
PEELED to go into the open market and borrow at
,revsiJiue quotations will find profits seriously
reduced There is less difficulty in making
loans on Stock Exchange collateral which can
he realized on readily yet rates for call money
or short naturities rule at about IL per
cent One of the best features of the last "eeh
was the decrease in the use of Clearing fiooao
certificates, although there was SUN ehoue
premium currency to bring III ihoi0 e
Engagements since this movement pesah "9
gregate about $1OS 100000. and each DAY he"
high-vater mark is attained OF gross soio al
the vaults of the government foieisi "a
change advanced on account of customary re-
mittances for annual settlements, but fuctua
tions in sterling rates have no effect on imports
of specie.
Definite information regarding the genera
business situation is difficult 10 OBTAIN because
of the confusion arising from the suddeh rush
of holiday buving Early returns of demand for
Christmas goods indicated large net loss III
comparison with last years figures. although IN
some sections there was no evidence that trace
was reduced. The larger crowds IN the
stores last week probably created mistaken
impression unless considered in conjunction with
preceding reports There is also ne" lactor
in the occasional statements of Increased iofoes
in some industrial departments due OF cooiae'
to previous idleness caused by dlfhculty III op-
tanning necessary funds. AS the banks become
more reasonable in providing cash there shouio
be further progress of this nature. but 1t must
not be COMPOUNDED with increased business Al
hest if is only a partial return to normal On
the other hand, statistics of foreign trade are
really Very gratifying. Stimulated perhaps by
special needs abroad. exports of merchandiSe III
November rose above S200000OoO for the hrst
time in history and the moderate reduction IN
inports contributed toward balance OF trade
S3OOG0 600 larger than the net imports OF gold
in that month.
Exports OF the leading farm staples have con-
tinued on a liberal scale. the notable oinclai
report for November being supplemented by
similar encouraging preliminary weekly hgures
thus far this month. Cotton has gone out i'll
greater abundance than last year in so lar as
comparison can he made for recent weeks. and
prices also average higher than at the corre-
spending date in 1906. although some reaction
followed speculative liquidation and big gain
in port receipts. Official and trade reports OF
the quantity of cotton ginned in the first two
weeks of December far exceeded expectations
and seem a contradiction OF low crop estimates
as well as Of statements regarding the quanuty
still held back for higher quotations Grain made
a substantial net advance last week. Wheat
responding 70 further big exports and sinaHer
estimates OF crops in other surplus nations
Shipments have revived predictions That the
United States will he compelled to import wheat
before the next crop is available. Corn shared
the strong feeling. although the movement
abroad was smaller than year ago but that Is
not surprising in view Of the rise In price OF
almost 20 cents a bushel. The official estimate
Of the value Of all farm products is about Sooo'-
oG0G1 larger than last year despite conslder-
able decrease in quantity
There is much unanimity in the tenor of re-
ports from the leading Industries. Briefly sum-
rnarized there is a tendency further TO restrict
current operations but a feeling of confidence
that regeneration will come after January l.
Vhe only difference of opinion relates to the
date Of resumption. some manufacturers plan
nng full time and force much earlier than
others. and nearly all refer to the financial
situation the only serious drawback. If the
mills do not start machinery until We have
easy money Il Is not likely that the opening
weeks Of the new year will any change.
Sentiment I'm the hide market has improved.
some grades recovering from the lowest prices
Of the season, and tanners expect increased
orders from all consumers Of leather Current
shipments of boots and shoes from Boston,
however. show large losses in comparison with
the movement a year ago. and the total for
1907 will be smaller than in four Of the six
years Immediately preceding Cotton mills
make no concessions in prices the market being
sustained by curtaied production and the
steadiness OF the raw material Output OF
other textile mills is also restricted. and steel
plants are not operating much over third Of
their capacity. Iron furnaces and finishing
mills take advantage of the reduced business
to make repairs that have been too long de-
ferred by years of continuous activity. and in
all these Industries the future is regarded with
equanimity because OF the belief that stocks
are low In all positions.
or one typical New York car the report of