The Montgomery advertiser., 1903-12-26
DUN'S TRADE REVIEW
HOLIDAY CONDITIONS PERvADE
 THE MARKETS.
Liberal Volume of Business-Manu- facturing Plants Stopping for Inventories and Repairs.
 Improvements and
 Collections.

New York, Dec. zs.--R. c. Dun G Cos weekly review of trade tomorrow will say: Holiday conditions pervads the markets and most of the exchanges are closed until Monday. Manufacturing plants are stopping for inventories and repairs in many cases the extent of idle ness being considerably greater than for the corresponding season in recent pre- ceding years. There has been a liberal volume of business in holiday goods. but reports are somewhat conflicting in conn parison with 19oe. An encouraging sign is the improvement in collections.
 Railway traffic was not seriously ina- peded by recent storms owing to better methods, of operation and earnings thus far reported for December exceed last years by per cent. Agreements gre being made with little friction as to wage reductions. except fin 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 busi- ness early next month M
 Engagements of gold were checked by . sharp recovery in foreign exchange. although receipts have raised treasury gold holdings far above all previous records and money is unusually easy
 
 Owing to the decrease in speculation, bank exchanges for the week were i67 per cent smaller than a year ago while at other leading cities there was . gain of 0.5 per cent. Leading interests in the iron and steel industry brought more stability to the situation by deciding against any further neductions in quota tions, and there are numerous indications that prospective purchasers do not intend to delay placing contracts beyond the sea- son of inventories and repairs.
 Expressions of opinion are heard in many prominent markets that orders will begin to appear about the middle of January and a liberal volume of business will be placed for work to be done early in 1904.
 Shoe shops are receiving few new orders. and there Is little effort at present to increase activity. Eastern wholesalers are moro cautious regarding additional contracts for spring lines, but western Jobbers are seeking supplies literally. Conservatism is still the leading charac- teristic in every department of the cot ton goods market. Mills arc steadily cur taillng output and find 1t impossible to secure advances in finished product com mensurate with the rise in raw material. Purchasers of cotton take only for urgent ueeuS anu IeiuSe 10 pay tue QuDtattOus asked for distant deliveries. No demand for China is seen and the expert division is doing nothing. prices being well beyond the views of foreign customers. Cotton has again risen above all records for a quarter of a century and fluctuations Of $2.50 bale in single session Is no lcnger considered exceptional. while option trad ing of a million bales daily is not un astai. Few cash sales arc reported ant the planters are not receiving SeS Tos their cotton yet the mills that have nb raw material on hand will be forced to pay the prices or else stop work.
 Grain moved within narrow limits, no special news appearing other than new record for wheat production in Australia. Prices are firm.
 Failures this week numbered 2Sl In the United States against 209 last year and 2 in Canada against 21 a year ago.