The Washington herald., 1907-11-23
TRADE YET HOPEFUL
Conditions Little Changed
from Last Week.
RAILWAY EARNINGS ARE LESS
Scarcity Of Currency
Proves Handicap. and the Mild
Weather Also Hindrance tn Bust
ness-DispositiOn to Restric: Pur-
chhses 10 Actual Needs shown.

New York, Nov 22--Dun's Report for
tomorrow will say:
Improvements is reported in retail
trade and sentiment is more hopeful in
some market department but pending
the resumption of active demand manu-
facturers restrict production.
Financial conditions are less disturb
ing, much relief resulting from large
imperts OF gold, while a better feeling
was caused by the announcement of fur
ther government aid. although the pro-
posed bonds and certificates have not yet
increased the actual supply Of money.
Mercantile collections are irregular some
sections of the country reporting unex-
pectedly prompt settlements. while al
other points they are slow.
Liquidation has continued in securities.
the only support being supplied by small
purchases FOR investment and the aver
age for the sixty most active railroad
stocks fell to a new low record FOR past
seven years. Railway earnings thus far
reported for November show a loss Of
l.6 per cent as compared with last years
figures. and foreign commerce az this
port for last week supplied a gain of
SIS, $50 in exports. but a decrease Of S2,S13,-
500 in imports.
Little alteration is noticed in quotations
Of iron and steel, reduction in prices
being averted by restriction of output
Any pressure 10 force sales would result
in concessions. but producers maintains
the statistical position by shutting down
all capacity for which there is no de-
mand. While actual cancellations are
few, many requests for deferred deliveries
are received, and all departments OF the
industry await more settled financial con-
ditions. Middle month payrOns were met
by partial cash payments and some use
OF credit. and without serious trouble.
and no difficulty is anticipated at the
end Of the month because working forces
VIII be smaller.
Quiet continues in the primary mar
kets for textiles and production has been
moderately curtailed. Manufacturers OF
cotton make no attempt 90 force sales.
waiting for restoration Of confidence and
sufficient funds 20 warrant new under
takings
Grnnt Desired Delay.
Producers readily grant desired delay
In deliveries. but there is stubborn re-
sistance 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 quietiest for
years as 70 new orders for cotton goods
"a better volume is promised by the num-
erous inquiries. Stocks have fallen low
and delay in providing for goods may
result in failure TO secure shipments.
shoe shops are operating very cautious
~. forward deliveries being proposed with
due consideration for possibility of cOuu-
termanded orders 4 moderate trade is
reported IN fall samples. but supplement
tary spring contracts are scarce and
statesmen West and South find whole
salers restricting purchases to actual
needs for current business. Some plants
are Idle because Of the difficulty eNper-
fenced in obtaining cash with which 20
pay employees and meet invoices for
leather and other materials Large sole
leather tanners maintain quotations 10y
consistent curtailment of production, and
similar tactics are now pursued by pro-
ducers Of upper leather, but this change
is more recent and less effective
Lower prices for wheat followed large
offerings ut primary markets and less
interest on the part OF exporters"
DrRdstreet's Report.
Bradstreets report will say:
While a number Of cities report thar
the tone Of affairs has taken a turn for
the better. actual business. taking the
country as a whole, shows an increased
degree Of quiet. both AT wholesale and
retail, working out OF the continued
scarcity Of currency at some points. Of
lessening activity in industry and Of the
continuance Of unseasonably mild wealth
er. with its natural effect upon distribu-
ton Of winter goods.
There is evident in wholesale trade cir
cles an indisposition TO do business for
future periods. and the large numbers OF
cancellations resulting from the past un-
settlement are a subject Of widespread
discussion. In some lines. notably steel
and iron and cotton goods, dealers have
set their faces against encouraging any
movement. and a hopeful sign is that
some buyers who were stampeded early
have since reconsidered their action and
asked that goods be shipped.
1T is also TO be noted that where. as
in the cases Of some Western markets.
bargain sales were held fair attendance
OF buyers has been evoked. Still. buying
at wholesale is in a high degree con-
servative and the disposition is IN confiue
purchasing 10 present wants Retail
trade feels the effect Of the smaller move
ment OF cereals from the farms. and al
though producers are reported more IA
miliar with checks rendered i'm payment,
lower prices now offered are a drawback
to sales. Sales of cotton at the South
are also small, a reflection Of the scarcity
OF currency. as well as the indisOpSition
to sell at prices 21z cents below the open
ing Of the season. Cold weather would
be helpful in moving retailers surplus
stocks"