The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1907-09-29

corresponding figures for last year show
the rather startling expansion OF more
than 379 millions. As partial offset
there has ben an increase OF Is millions
in specie and Q millions in legal tenders,
while deposits have increased lla mill.
ions, An appreciable part of this ex.
psnsion undoubtedly represents the
transfer of loans to this country from
abroad; but it nevertheless also reflects
Ia strain upon the financial situation
which foreign money centers are not in
o position TO relieve in the form OF ab.
stract loans. On the other hand. we
may unquestionably rely upon the bene.
fetal effects of large exports OF our
agricultural products, OF which We have
a sufficiently adequate supply to export
at the favorable prices conditions
abroad will compel buyers there to pay.
1t is quite evident that there is ample
room to adjust prices to favoraple ex.
port basis ii it should prove the present
range is too high; cotton. for instance.
is about 2Ac per pound higher than a
year ago. while wheat is 25c per bushel
in round figures, corn l5c and oats 25c.
Imports are cotinuing at record break
ing rate, the dutiable enteries for the
month of August, for instance ut New
York being vauled at S33,6s40OO, as
against 30953,OO0 the preceding August,
and the duties collected on direct i'm
ports for the month were Sl4,3ll,O0
comparing with Sl3,6SlO0O. These du.
ties are now available under the AID
rich amendment for deposits in the ma
tional banks, instead. as has heretofore
benn the case, Of being transferred to
the treasury. whence they could only
resume circulation by means OF the reg
nlar Congressional appropriations. The
Copper Company is to curtail production
so per cent as first step, and whatever
amount may be needed to adjust the
production to the market requirements,
is move in the right direction; it
may be regarder as a forerunner OF sim
liar movements in other quarters. The
Smelling Trust is recommending to in
dependent lead producers a general re-
duction of 50 per cent in the output
upder threat OF flooding the market with
supplies if the recommendation is ig-
nored. The chairman of the United
States Steel Corporation Board in a
published statement shows that the de-
creased demand is fully recognized in
iron and steel circles, and states frankly
that the new orders for the latter half
of 100 ane 25 per cent below those OF
the corresponding fbures for last year.
The demands of the railroads for a
stronger and more perfect rail, is, OF
course, a factor in this situation in that
there is every encouragement for rail.
roads to refrain from purchasing road
bed supplies until the joint committee
of railroad men and manufacturers who
are giving the matter scientific study
shall have made their report. 1t is
possible that orders for steel rails that
naturally have been accumulating dur
ing the period of suspense will then
make much more favorable comparison
than at present.
The news developments OF the week,
aside from the efforts to curtail the
metal production have been on the whole
quite favorable. The New York City
Al per cent bonds, which were offered
/ last week, have been sold at about 4
per cent premium over the average price
of issue and the older bonds of the
municipality have been simarly appre-
ciated in vaule. The advance in North
ern Pacific is construed a. an indication
that favorable developments of some
character are pending with that stock,
despite specific denials Of equally spe-
| cifc forecasts alleging to give the de-
tails Of the coming action. Mr. Morgan
has given official denial that he has
been accumulating Northern Pacific or
that any basis exists tor any report,
widely sirculated that he had purchased
G0000 shares representing a forced sale
by a prominent member Of the Stand
aM Oil party. The governments in
yestibation which has been in progress
in thi, city into the Standard Oil Com
pany, although showing sensational f.
nancing, did not become an influential
feature in the market situation in that
it merely placed in definite form inf0r-
nation that had previously been the
subject OF general and confident be-
lief. Its main connection with the mar
ket is contained in its practical demon
.tration that the administration has not