The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1908-01-04
BUSINESS Is QUIET
Many Houses Taking Stock
After Holiday Sales.
IDLE MACHINERY IS STARTED
Some Mills Resume After Overhaul
ing and More VIII Reopen Next
Money Market NOticed-Number Of
Banks Have Begun Cash Payments.

New York, Jan. 3.-R @. Dun's weekly
review of trade tomorrow win say:
Business quoted down at the conclu-
sion Of the holidays, as Is customary, and
time was devoted TO stock taking, while
manufacturing plants were overhauled
and repaired. Much idle machinery re-
sumed on January 2, and Eore mills will
reopen next week, but in many leading
industries. there will continue to be a
reduction in output until the outlook is
more definite
'This curtailment is general in the iron
and steel industry, and at New England
cotton mills. Yet stocks are not bur
densome in any position, and there is
much confidence in an early revival Of
purchases by consumers. necessitating re-
punishment Of supplies by dealers. and
full activity at mills and factories.
Clothing manufacturers have received
numerous cancellations and in some lines
buyers have asked delay in shipments OF
spring goods until the situation Is more
fully developed. There Is a better feeling
as TO mercantile collections since the
closing days Of December. brought on by
absence Of special pressure In the money
market.
Furnaces Have Resumed.
MANY iron furnaces and steel mills
have resumed and others are 10 open
next week. but curtailment Of production
had been so general that not over so per
cent OF the capacity will be then IN opera
ton. according to estimates by some Of
the best authorities in the trade. This
extensive reduction IN output makes the
statistical position strong. and predictions
Of sweeping cut in prices have not ma
terialized.
Commercial failures this week IN the
United States are 36S. against $50 last
week. 9i2 the preceding week. and Z-8
the corresponding week last year Fail
ures In Canada number 81. against q
last week, . the preceding week, and 10
last year.
"Of failures this week In the United
States. l5G were in the East 14g South
6l West. and 26 IN the Pacific States, and
ll3 liabilities Of $500 or more, against
l0l last week. Liabilities Of commercial
failures thus far reported for 1907 are
a5.fS,24, against sll9 ,29l5l5 for the same
period the previous year.
Bradstreet'S Review.
Bradstreet's review Of the state OF trade
tomorrow viii say.
Rather more than usual holiday quiet
is reported in general trade and industry
but the financial situation shows con-
tinued bettermeut. Reduction sales stimu-
late retail trade AZ some cities but mild
weather limits seasonable distribution at
the Northwest while holding Of cotton
affects retail trade and collections at the
South.
Money IS more easily obtanable FOR
business purposes at large centers. a
number Of the c0untry's banks have I'M
obstrHsively resumed cash PAYMENTS and
the premium on currency practically died
with the old year at New York
"Stocktaking abs0rbs interest I'm whole
sale lines. but preparations for spring
trade are under way. and some statesmen
have gone on the road. Shipments Of goods
on spring orders are reported light Retail
ers nave begun 10 clear out stocks. ana re-
duction sales are feature shrdl uhrdluu
West. At the South, however. retail bus
mess is very quiet and in some instances
nearly one-third Of the cotton crop is still
reported held by farmers.
Lumber Trade in south.
where all lines are reporting trade
quiet, il is hardly worth specializing, but
IL is worth noting that the lumber trade.
while showing rather more life at West
ern points is very qaiet at the South. and
yellow pine and cypress production Is
being cut heavily. The effect Of this is
found in the reports Of traf1c on leading
railroads, which. in addition. report bus
mess as whole stln shrinking
High prices for grain do not seem IN AZ
tract offerings. but coal shipments are
freer. Restrictions Of output Is still noted
in iron and steel. though some mills have
resumed after the holiday shut-downs
Some resumption Of coke-making is re-
ported. but reduced wages are being Of
fered 10 returning workers.