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About The morning Astorian. (Astoria, Or.) 1899-1930 | View Entire Issue (Sept. 29, 1907)
SUNDAY. smEUSES 19, Iftof. 0 per cent Discount 20 per cent Discount mN&wWrk Special For this Week Only Oh Kaviland China Shown in Our Window Fall s Wnter mr-ma THE MORNING ASTOBISW, HSTOItlAa OREGON. Made A. V. ALLEN. PHONES MAIN 711, MAIN 8871 Sole Agents for Baker's Barrington Hall Steel Cut Coffee L Honey Still Scarce in Spite of Assistance. EECOYERING FROM REACTION Station Rot Suggestive of Pro nounced and Sudden Rise Market i FawaMt One For Quick Trading in Stock NEW YORK. Sept. 23. The week has seen no change of moment in Stock Ex ekange circles. 'As wag to be expected, the market from day to day this week proved a fairly favorable one for traders actuations covering a fairly wide field a a result of the natural influence of 4mj to day happenings. But fundament al conditions remain unchanged, partic- Iarfr as regards themoney situation. Secretary Cortelyou, it is true, has by lis timely use of public funds removed the fear of extreme stringency j ne Has not, however, been able, and probably will not be, to more than temper the train caused by the permanent locking mp of capital resulting from the tre Ksdoous business and industrial ener gy that has marked the last few years rf , Vureasoning optimism and unregu lated expansion. Money is unquestion able scarce, with the prospect of con tinuing so at least over the turn of the year. The situation is well illustrated ly the difficulty that practically all large mercantile establishments are ex periencing in discounting their paper, Tery close to 7 per cent being the min imum requirement from the largest and trongest houses, with corresponding fig ures, amounting in instances to prac tical prohibition, for houses under ordi ary conditions considered strong, but mot strong enough to receive accommo dation when money can readily be plac d on a safer basis at equivalent rates. This is a feature fraught with danger. The comercial paper strain is one of gradual development. Money has for so long a time been active in New York the financial center, that the necessities f many of our large mercantile houses weie about sixty to ninety days ago financed by out-of-town, and especially by Western institutions. It was quite natural those institutions should only discount maturities that would allow . the immediate re-employment of their . funds when the crop financing period armed, and as that period is now at land, the mercantile borrowers are being compelled to tal:e up their (taper and are experiencing unusual difficulties in replacing it. They ai"e compelled to ap ply to Xew Yark institutions for that purpose, and lenders here have had much more than they could handle without feikinrr un the additional burden. We are experiencing a national an inter ' national scarcity of liquid capital and most be content to enter a period of mit and recuperation after the long fetfal of exhausting, unbridled fimn. at, industrial and mercantile enthusi asm and hysteria through which we have tossed. Wall Street, the nerve center FINANCIA ' f the country, was the first to realize the neces-ity of contraction its func tions gave the nece.-sary foresight and it is but natural that there should be a corresponding readjustment of indus trial and mercantile energy a read justment that from a broad standpoint u't once natural and wcessary and an that will prove beneficial. The annual rtwwnt 0: the Comp troller of the Ciiii'cru.'y oil the condi tion of all national bunks of the country under the call of September i L an ex e.litionn!ly important iie. Compari sons are available with the figures of Jfcry 20 this year and September 4 last year. ' In the case nf the former the Jrifti, aii't !i-"omif -; - bow the large, ex-1 jansion ' 17, million 'loll.ns, while the BRANCH UNIONTOWN PHONE MAIN 713 corresponding figures for last year show the rather startling expansion of more than 379 millions. As a partial offset there has lien an increase of 08 millions in specie and 9 millions in legal tenders, while deposits have increased 119 mill ions. An appreciable part of this ex pansion undoubtedly represents - the transfer of loans to this country from abroad; but it nevertheless also reflects a strain upon the financial situation which foreign money centers are not in a position to relieve in the foiin of ab s tract loans. On the other hand, we may unquestionably rely upon the bene ficial 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. It is quite evident that there is ample room to adjust prices to a favoraple ex port basis if it should prove the present range is too high; cotton, for instance, is about 2Je per pound higher than a year ago, while wheat is -jc per bushel in round figures, corn 15c and oats 25c Imports are cotinuing at a record break ing rate, the dutiable eateries for the month of August, for instance at Xew York being vaulcd at $33,634,000, as against :W,'.."3,000 the preceding August, and the duties collected on direct im ports for the month were $14,311,00, comparing with $13,681,000. These du ties are now available under the Ald inch amendment for deposits in the na 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 ular Congressional appropriations. The Copper Company is to curtail production 50 per cent as a first step, and whatever amount may be needed to adjust the production to the market requirements, is a move in the right direction; it may be regarder as a forerunner of sim ilar movements in other quarters. The Smelting 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 190 ane 25 per cent below those of the corresponding tibure 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 Toad bed supplies until the joint committee of railroad men and manufacturers who are giving the matter scientific study shall have made their report. It is possible that orders for- steel rails that naturally have een 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 N'ew York City 4 per cent bonds, which were offered last week, have been sold at about 4 per cent premium over the average price of isue and the older bonds of the municipality have been wmarly appre ciated in vaule. The advance in North ern Pacific is construed as an indication that favorable developments of some charaeter are pending with that slock, despite specific denials of equally pe cilic iorecaKts alleging to give the de tails of the coming action. Mr. Morgan ha. given official rlcni.il that lie has been accumulating Northern Pacific or that any basis exists 'or any report, widely circulated that he had purchase! IK). 000 share representing a forced -ale by k prominent menilier of the -Stand-ai'.l Oil party. The government's in vestibati'in which has been in progress in l his city into the Standard Oil Com pany, although showing sensational fi naneiiig. did not become an influential feniui" in the irwirket situation in that, it merely placed in definite form infor mation that had previously been the subject of general and confident be lief, Its main connection with the mar ket U contained in its practical demon stration that the administration has not ft & W iven up its campaign against wrong doers, be they individuals or large cor proations. The President is in the fight to stay and the successful completion of his plans mean added protection and value for the holders of securities. He has been, misrepresented, but tiiinking people are every day beginning to see th wisdom of his policy and the bene ficial results to ensue. It is not the President's policy that is the source of weakness jn the Wall Street situntion. The l'eal trouble is the fact that Wall Street and the country at large have r.'one ahead too fast and are now suffer ing from the inevitable reaction. The President's avowed policy of puniH ment for corporation official responsible for evil deed is one that will prove efficacious and has the additional merit of avoiding punishment of innocent stockholders lor what they arc in no wise responsible. The situntion is not suggestive of a pronounced and sustained rise; caution should be exercised in purchasing and profits should fie promptly taken when they accrue. The market promises to continue a favonbl" one for quick trad-'Wi lt comes put up in a collapsible tube with a nozzlo ,easy to apply to the sore-ne-s and inflammation, for any form of Piles, it sooths and heals, relieves the pain, itching and burning. Man Znn Pile Remedy. Price 50 els. Guarantee. Sold by Frank Hart's Drug store. THE TRENTON. First-Class Liquors and Cigars 602 Commercial Street. Comer Commercial and 14th. 1LFRED BENJAMIN & CO., WHOSE TAILOR SHOPS ARE BUT A BLOCK FROM BROADWAY, A MINUTE'S WALK FROM FIFTH AVE , NUE, DESIGNED THE FASHIONABLE SUITS AND OVERCOATS THIS SEA SON. FOR MORE THAN A THIRD OF A CENTURY ALFRED BENJAMIN & CO. HAVE BEEN THE LEADING TAILORS OF NEW YORK CITY. WHATEVER GARMENTS THEY IS SUE ARE ACCEPTED AS THE COR RECT STYLE BY THE BEST DRESS ED MEN IN NEW YORK. IF YOUR CtOTHES BEAR THE BENJAMIN LABEL YOU WILL KNOW THAT THEY ARE CUT IN THE STYLE THAT IS FASHIONABLE IN NEW YORK. THE BENJAMIN LABEL IS A FUR THER GUARANTEE THAT THE CLOTHES ARE MADE IN A MANNER THAT ASSURES THE RETENTION tr Morning Aatortan, 10 cants par month, delivered by carrier. CASTOR I A For Infants and Children. The Kind You Have Always Bought Bears the Signature of FRANK J. D0NNERBERG ! WATCHMAKER AND JEWELER Will remove on or about Oct. 1st to 574 Commercial St, Between 1 2th and 13th -Sts. ( Astoria, Oregon. Z OF THE STYLE FEATURES THROUGHOUT THEIR LENGTH OF SERVICE. BUT THERE IS NO ADDED COST FOR THE ADDED STYLE THAT DIS TINGUISHES BENJAMIN CLOTHING FROM ALL OTHER READY-TO-WEAR CLOTHING. WHEN THE QUALITY OF FABRICS AND WORKMANSHIP IS CONSID ERED THE PRICES FOR MEN'S SUITS. OVERCOATS. RAINCOATS AND FANCY WAISTCOATS DESIGN ED BY ALFRED BENJAMIN k CO. WILL BE FOUND EXTREMELY REA SONABLE. A VISIT TO THE MERCHANT IN YOUR CITY WHO SELLS THE PRO DUCTS OF ALFRED BENJAMIN & CO. WILL ENABLE YOU TO FAMIL IARIZE YOURSELF WITH THE COR RECT FASHIONS FOR THE PRESENT SEASON FOR BUSINES AMD DRESS WEAR. October Magazines Now All in Latest Fall Special Numbers E. A. HIGOINS CO., MUSIC HOOKS 8TATIONEIIY See the Window SCOW BAY IRON & BRASS II) ASTORIA, OltKUON ) IRON (AND BRASS FOUNDERS' LAND AND MARINE ENCINEEf V j-io-CbUi Hbw M III MsrhlneryJ prompt Rtteutu.ti glvon to al. repair wora j 18th and Fr.nklin Ave. Te, jJ X A r A 1 ft rreierrea oxock uannea woods WKtltuPt Thi Bitt-ari moil Ennmical-Prtftmd Stock-at ytur Grocer's .1 Aim uwib, whoi.i. atocm, roHn,awD,OEBOoii,c.i.a. c if 1 Mww Warn mm Mm ir.n ffii I ti I. A y V " " 7f .illll' - - ;. .ii hi mm o nit f wi ? I lti l: . .. . , Tit -r MILLS STOR r. 1 . BIS mm .' uregon s MoodfcfcaaUaMlil,a5"y River Strawberries are used for I "J"y' A Ii' a , ' fc.. . A tni h