New-York tribune., 1907-11-16
CONDITION OF TRADE.
..Dun,s Review" saws:

'Dun'S Review says
Liberal receipts Of gold from abroad and large
Increase in banknote circulation tend TO relieve the
financial stress al New York, but the interior IS
nov feeling the scarcity of currency, and CONNER
Cial activity is retarded extent. Dispatches
from leading cities indicate conservatism in
preparation for future business and irTeguarity in
collections with most favorable news from agri-
cultural sections, in which the crops are being
marketed freely as the supply Of money VIII
permit. Return TO normal conditions Will he
hasened by large exports of farm staples supply
ing credits abroad upon which the much needed
gold NAV imported. Official returns indicate
that exports Of this nature were valued at about
Si0O 10000 in October, and the outgo OF grain and
cotton is a still larger scale this month II Is
particularly fortunate that there was not the
customary borrowing abroad this summer In anttci-
patton Of agricultural exports so mat payment -
now due for these shipments, whereas usually the
remittances are needed to meet maturing bills IN
the exchange market Exports from tlIS port
alone for the last week N24I, 1859 larger than
in 1906 while imports decreased S26S,1S0. Manu-
featuring returns show Increase in IDLE ma
chinery to prevent accumulation Of stocks dur
ing the period Of cautious buying, and in some
cases of Iessened demand and lower prices wage
earners have wisely accepted moderate reductions
In pay in order to continue at work. Railway
earnings thus far reported for the first week OF
November show a gain Of o. per cent over last
years figures. and the quiet security market IS
largely responsible fer the decrease in bank eX-
pared with the same week in 1896. AT other Leading
cities the decrease amounted 10 POI per cent
.'Bradstreets" says:
erations are being cUrtaied in accord with the read
f,stcnt process forced by the prevailing monetary
gtringency and the spread Of the acute currency
scarcity TO the country at large. Evidences OF
this are found in the restriction Of wholesale buy
ing for future delivery, in the confinement Of job
hing trade 10 purely hlng-in proportions and in
the clrtairnent of retail buying by the necessary
ern-Iovrnent Of credit instruments In manufact-
,Iring lines there is apparently a determination 10
1U orders only as they received ana an lndiS-
rositjon TO accumulate stocks. the result here be
ing p slowing down Of operations pending the set
tlenent Of affairs upon substantial basis. This
Industrial quietnS is also In no snall degree que
10 the fact that manufacturers. unable or unWill-
ing TO ask their employees to take pay IN credit
Instruments chose rather to reduce production to
a noint where operations can be conducted free
from dispute as to the methods OF payment en-
ployed. ,,. ,.
There are however, some favorable elements
which pont TO the rehabilitation process being
wei! under way. There is, in the first place an
absence OF anything like precpitat@ action In the
business community. the first furry OF hnanclal
unsettlement has passed without much OF the DIS
oreanization witnessed IN other years, ana there
has succeeded a steady determination 10 make the
host Of situation which by many Is regarded as
Lut temporary and not of a lasting, depressing
lind The situation the larger financial markets
is ,,pnuestionablv cheerful gold arrivals
from abroad continue very large. and the security
markets display considerable steadiness. despite
evident secondary liquidation inseparabie rom
times like these