Rensselaer Semi-Weekly Republican, Volume 40, Number 20, Rensselaer, Jasper County, 15 November 1907 — COMMERCIAL AND FINANCIAL [ARTICLE+ILLUSTRATION]

COMMERCIAL AND FINANCIAL

CHICAGO. Despite the difficulties interposed by 'stringent money conditions, trade generally maintains satisfactory activity, especially in the distributive branches. The efforts to bring about financial relief are unrelaxed, and there is more encouragement for the future in gold imports, increasing note circulation and ready acceptance of checks in local payments. Liquidation is not yet exhausted, and it is not surprising that further shrinkage is seen in values of leading commodities, together with increase In commer-» cial defaults. In view of the limitations attending settlements through the banksand absence of discount operations thetotal clearings this week make a fair exhibit, although the comparison with a year ago is unfavorable. Conservatism toward new enterprises and accommodating borrowers is imperative until credit has become firmly reestablished and indications favor an early return to the normal status, but legitimate needs will have timely protection, including necessary renewals upon a proper showing. Mercantile collections at various interior points are slower, owing to scarcity of currency, but most credits cause less apprehension than was feared and recovery from the temporary disarrangement is looked for soon. Advices indicate that country merchandising maintains seasonable proportions, and colder weather has brought an increased movement of heavy-weight apparel and household necessaries. Farm work and improvements involve liberal outlays. City trade in the leading retail lines’ disclose no decline, and the absorption of clothing and footwear equals expectations. Dealings ia the wholesale district compare well with a year ago. Manufacturing reflects no important change, most of the heavy industries having ample work bo assure steady employment of forces for months to come, particularly in Iron and steel. The market for lumber shows weaker prices and smaller shipments. Shoe factories prepare larger outputs than at this time in 1906. Fan rites reported in the Chicago district number 37, against 27 last week and 19 a year ago. Those with liabilities in excess of $5,000 number 10, against 1 in 1906. —Dun’s Review of Tradei

NEW YORK. Good progress has been made in accommodating the country to the * changed financial conditions, this, too, with strikingly little friction, considering, the scarcity of currency and the widespread substitution of credit instruments for actual cash. At the Same time wholesale and jobbing tracie has quieted down ver g perceptibly, and the disposition in industrial lines has bqen to curtail production wherever possible, the aim being to avoid unnecessary or possibly burdensome accumulations of stocks. There is a rather more optimistic tona prevailing this week than last, the outgrowth of the better feeling at the East, the large arrivals of -gold from Europe, and the idea that basic conditions, both as regards the purchasing power of the people and the absence of large stocks, are better than in some preceding years of atress. There are, it is true, increasing evidences that the level of commodity prices has been forced unreasonably high, and that the process of readjustment will compel numerous revisions.—Bradstreet’*. Commercial Report.