New-York tribune., 1907-11-25

were also available. This was a matter Of some
Importance, in view of the fact that the certlf-
Gates If purchased and deposited as security for
circulation would weigh more than ten tons.
Another point that troubled bankers was the
disposition of the purchase price Subscriptions
came in freely when it was understood that 70
per cent of the cash might remain on deposit.
If the currency famine is relieved by this opera
ton the small addition to the governments in
terest disbursements will be well invested.
Trade reports are conflicting. some denoting
decided Improvement, while others show fur
ther contraction. Unreasonable weather has
been adverse influence, offset to some extent
by the beginning of holiday buying. Decreases
in bank exchanges are pronounced as compared
with this time last year, but this has less sig
nificance than comparisons with recent preced-
ing weeks. After the shock which confidence has
sustained it is not to be expected that business
will he active year ago, changes from
week to week being scrutiniZed with most in
terest. AS much of the reduction is wholly due
to inability to raise money, there is reason to
hope for resumption of activity the financial
atmosphere clears. Foreign commerce returns
satisfactory, merchandise going abroad
freely, and as imports are curtailed for the
time this country Is accommodating credits
abroad that make 1t possible to swell imports
of gold beyond any other movement for a sim
liar period. AS the gold is essential TO the re-
turn of normal conditions. weekly reports of
large exports of merchandise have a much
greater significance than usual There is much
talk of the returning immigrants. the steerage
capacity of several outgoing vessels being taxed
to the utmost. yet II will take some time to
offset the arrivals in October alone. which num-
bered III ,513, or at the rate OF $1,000 per
annum.
Industrial news is the least favorable. Many
mills and factories are reducing forces or shut
ting Gown temporarily until orders come for
ward cancellations cease and cash is more
readily obtained for wage earners There is less
objection to payments by check. the men
realize that many other plants closed. and
IN where reductions In wages are an
nounced there IS little resistance. Rather
than face winter OF idIeness it is evident that
labor will cooperate with capital. Thus far
the heaviest curtaiment has occurred in the
iron and steel industry. the leading interests
having agreed to avoid overproduction and the
inevitable accompaniment OF demoralized quota
tions. fair amount of business is still on
the books of the steel mills but new contracts
are rare. Meanwhile. work the plant at
Gary is not stopped, testifying to the belief
of the beso men I'm the business that this reac-
tion will be brief. Footwear shops are re-
Ceivng few supplementary orders for spring
shipment, but have fair sample business for
next fall. while leather is dull and hides are
weak Textile mills reduce production as or
ders are overtaken, and the primary market
for cotton goods is stagnant.
Raw cotton has had an eventful week. Start
ing low on account of monetary pressure and
vigorous short selling. induced by reports OF
more idle spindles. there advance IN
spot quotations Of So bale. Support first came
from Mr. Neills estimate that the crop would
he 11,395.000 bales. preceded by another au-
thoritative statement placing the worlds
quirements of American cotton at 100000
bales. This suggested small surplus at the
end Of the season. despite the large stocks at
the opening. Next. the Census Bureau an
nounced that only 73112O2 bales had been
ginned I'D to November Il. against 1862 243
last year, which was a larger decrease than ex-
cember oDtion was forced TO cover outstanding
contracts. in some cases at private terms, and
planters released more of the crop as prices
became more attractive. Yet the quantity that
came into sight was about 100000 bales less
than I'm the same week last year. while ex-
ports showed slight increase. Quotations OF
grain attained lower level. better deliveries
of wheat and the reduction in -four output caus-
Ing relatively greater weakness in the leading
cereal. but the general tendency was down.
ward Foreign demand for wheat is less in
sistent although the current movement is lib
eral. and the recent fall in price brought out
a better inquiry that was discernible early last
week. For the first time in many months
there was much larger export movement of
corn than in the corresponding week last year.
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There is cause for much fOv over tba Drogress