The San Francisco call., 1903-12-26
HOLIDAYS CAUSE
GENERAL QUIET
Business Conditions Are at
a Low Ebb at Present and
Stock-Taking Is the Order
COTTON IS STILL HIGH
There Are Fewer Labor Dis
putes on Hand and the
Outlook for Steel Is Bright

NEW YORK, Dec. Pr. G.. Dun &
morrow will say:
Holiday conditions peryaded the
markets and most of the exchanges
are closed until Monday. Manufactur-
ing plants are stopping for inventories
and repairs in many cases, the extent
of idleness being considerably greater
than for the corresponding season IN
recent preceding years There has been
g liberal volume OF business in goods,
but reports are somewhat conflicting
in comparison with 1902. An encour-
aging sign is the Improvement in col
lectionS
Railway traffic was not seriously i'm
peded by recent storms, owing to :he
better methods OF operation, and earn
ings thus far reported for December
exceed las. years by per cent.
Agreements ARE being made with but
little friction as to wage reductions,
except in the case OF coal mining, and
several idle plants have fixed the date
for resuming work.
Few labor disputes are in progress
and steel producers look for much new
business early next month
Engagements Of gold were checked
by sharp recovery in foreign ex-
change, although receipts have raised
the treasury gold holdings far above
all previous records, and money is un-
usually easy for the season.
Owing to the decrease in speculation,
bank exchanges for the week were 16.7
per cent smaller than year ago at
New York, while in other leading cities
there was a gain of leading interests
in the iron and steel industry, which
brought more stability to the situation
by deciding against any further reduc-
tions in quotations, and there are nu-
merous indications that prospective
purchasers do not intend to delay
placing contracts beyond the season of
inventories and repairs.
Expressions of opinions are heard in
many prominent lines that orders VIII
begin to appear about the middle of
January, and liberal volume of these
will be placed for work to be Gone
early in 1904
Shoe shops are receiving few new
orders and there is little effort at pres
ent to increase activity. Eastern
wholesalers are more cautious regard
ing additional contracts for spring
lneS, OuL western JODUSlS dlO SCChlHo
supplies literally.
Conservatism is still the leading
characteristic in every department OF
the cotton goods market Mills are
steadily curtailing output, and find 1t
impossible to secure advances in I'm
ished product commensurate with the
rise in raw material. Purchasers of
cotton take only for urgent needs end
refuse to pay the quotations asked for
distant deliveries. No demand for
China is seen and the export division
is doing nothing, prices being well be-
yond the views of foreign customers.
Cotton has again risen above all rec
ords for a quarter Of century, and
fluctuations of 81 80 a bale in single
session is no longer considered ex-
ceptional, while option trading of
million bales daily is not unusual. Few
cash sales are reported and the plant
ers are not receiving s6S for their cot
ton. yet the mills that have no raw ma
teriaI on hand will be forced to pay the
prices or else stop work. Exports have
continued on a liberal scale.
Grain moved within narrow lines, no
special news appearing other than
new record for wheat production in
Australia. Prices are firm.
Failures this week numbered 2S4 in
the United States, against 209 last year,
and % in Canada, compared with u
year ago.