New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-28

of gold from Japan, no further engagements ol
the precious metal are reported, although rates
of foreign exchange have suddenly turned down
ward, and the movement of gold may be re-
newed Sterling has fluctuated very erraticaly
during the last few weeks Usually the prep
arations for January payments cause some
pressure in the money market, but rates are
lower than a week ago. time money on STOCK
market collateral being secured at AZ per cent
end some prime commercial paper was placed at
5h per cent In addition to limited demand
for funds in commercial channels. the light
specula ton in securities has depressed call
loans
Business conditions are seasonably dull. Pur-
chases for the holidays are finished. eliminat-
ing that element of activity which has been
the chief feature for several weeks. mod
crate demand for heavy wearing apparel and
other goods required TO meet the lower tenn
perature has provided the best feature among
retailers. but the tendency is to postpone opera
lions wherever possible. Thereswas little OPP
position to making a double holiday at the
various exchanges. while many private enter
prizes remained closed on Saturday. Even more
pronounced IS the idleness at manufacturing
plants, in many industries the work being en-
tirely abandoned until the first Monday of Jan
uary. 1t is not gratifying comparison that IS
found when conditions a year ago are consid-
cred. At that time there was such pressure
of business that many plants cut down the
holiday to the shortest possible limit. and night
work frequently done. Necessary repairs
were postponed and inventories were taken
under great stress OF work. The present situa-
tion is much OF holiday nature. Some
labor disputes have started, as was unavoidable
In view of the numerous reductions in wages.
On the whole, however lower scales are being
put into effect without much voluntary idle
ness the pant of employees
Higher prices being paid for the great
staples Wheat advanced quietly. with no special
pressure. and only fair exports. the smaller
Western receipts and limited stocks together
with low quality OF offerings, providing the ele-
ment of strength. Corn moved IN sympathy
with the leading cereal. and meats were steady
without event of Importance. Livestock re-
ceipts liberal. but a ready market is found
at present prices. The speculation in coffee con-
tinues. prominent interests outside the regular
market taking an active part in the trading.
Large stocks and Brazil port receipts fully
equal to last years fail to check the upward
movement Another drive against the short
count forced cotton above all records since 1879.
In so far as statistics concerned, or condi-
lions the mills IL is difficult to find reason
for prevailing quotations, but the New-Orleans
clique Is in undisputed control of the situation.
Domestic mills not seeking material.
and it is doubtful whether European spinners
are purchasing at present prices. Judging from
the liberal exports, foreign mills are in much
better position. having apparently provided for
requirements by early buying of options Some
defaults on these contracts at the South have
complicated the situation, forcing traders to
fill foreign orders in the open market. One GER
tain result OF this years unprecedented specua-
ton will be to largely increase the next acreage.
OF all the manufacturing branches conditions
are naturally most deplorabe at the cotton mills.
few sufficiently farsghted or fortunate
to secure raw material, but most spinners have
only limited amounts either on hand or under
contract Another general advance of a small
fraction in prices Of goods does not bring the
market nearly up to parity with the raw ma
terial. and such sales made only cover
the immediate needs of distributors. There is
no disposition to prepare for future wants the
mills being fearful of the price they may have
to pay for material, while purchasers of goods
look for a sharp reaction. Each day sees fewer
active spindles. Other textile fabrics are in q
better position, although the markets are quiet
and raw material holders decline TO make con-
cessions. Shi1ments of footwear have main
tanned the highest figures Of any year on record
and a considerable volume OF business will be
carried into 1904