New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-14
is a boast of which any city might well be
MONEY AND BUSINESS.

there is still definite evidence that the buying
is OF wholesome investment character In fact.
the drives in specialties indicate the workings
of professional operators to degree that is UNI
mistakable. Some recovery from the bottom
point was to be expected, ard there is reason to
believe that when the monetary situation be-
comes more settled the market will make further
gains. but during the next few weeks manipula-
ton will probably produce such irregular fuetu-
atoms as may offer the most profit The rail-
ways are still reporting moderate gains in earn
ings as compared with the same part OF any
preceding year, and thus far there is no such In
dustrial reaction to warrant the position TO
which many securities have been forced, but
operations Oh borrowed money are not 10 be en-
couraged until money is offered more freely and
at lower terms. Traction issues have again re-
ceived more than their fair share Of attention
Brooklyn Rapid Transit rising notably, although
no news of supporting nature was In circula-
ton regarding that property. and. in fact, the
week has been notable for the absence Of any
information calculated to enlghten the invest
ing or specializing public.
Practically the last hope Of currency leglsla-
ton at this session Of Congress was removed
when Secretary Shaw tacitly admitted the fulfil
ity Of recommendations the subject. While
Il ere are features that might be remedied. con-
sentative bankers gratified to find that there
Is no danger OF unwise action. Net few fnan-
ciers have expressed alarm regarding the posi-
bility that speculation would be unduy encour-
aged by any measure that would bring artificial
ease to the money market. Money goes to the in
terror to move the crops but soon returns to this
centre. If borrowed here the loan is repaid. but
II not the interior banker returns the funds just
the same during the season when they cannot
be used prohtably at home The last season has
witnessed an unusually large movement, which
is still in progress, and the South has drawn
heavily on account of the strained situation in
cotton The Offset has come promptly, cotton
exports providing exchange, which is turning
the tide Of European gold IN this direction The
nation, as whole is gaining largely, while local
banks are able to hold reserves about station
airy. Money loans at q seasonably high rate.
with the probability that it will become tighter
through holiday demands
The best trade news of the week was the nre-
Imlnary report of foreign commerce for Novem-
Der. showing the highest value of cotton exports
In any month on record and a moderate gain
over the same month last year in other farm
products This emphasizes the strong inter-
national position Of this nation and offsets to
some extent the less cheerful news from some
domestic industries Retail trade remains quiet
In those lines not affected by Christmas BUSH
ness but in holiday goods and fancy wares of
all kinds there is the customary vigorous move
ment Stores are crowded. and shipping facii-
ties call for extension Packing departments
work overtime. and extra help is employed but
there will not be the recklessly generous dfstri-
button OF gratuities among Wall Street employees
That aroused so much comment in recent pre-
cedlng years and attracted many young men
from mercantile pursuits. Conferences relating
10 wage scales are still in progress, although
most OF the proposed reductions have been ar
ranged. Little friction has occurred and the
year draws to a close with no important strikes
In progress or threatened. Commercial failures
are numerous and heavy in amount of uabili-
tles' and the small increase in clearings must be
attributed to speculation rather than a larger
volume of legitimate business than a year ago.
Increased receipts and exports Of grain are
gratifying evidences Of the seasons agricultural
results, prices holding fairly firm in the face Of
larger stocks and aggressive speculative Hqui-
dation Conflicting reports from abroad COM
bined with light stocks at the opening Of the
season. hold wheat about 10 cents busheI
above the price year ago, while corn has de-
clined a similar amount Option trading az the
West reached liberal proportions, one interest
being credited with the accumulation of very
long line of wheat. Speculation has also been
heavy in coffee. support conlang from several
prominent interests outside the immediate mar
heavy reduction in yield. but visible and invis-
ible supplies are heavy, and No. Rio has al
ready advanced 80 per cent above the price n
year ago. This would seem to discount con-
siderable loss in condition Brazil plantations.
Excitement in the cotton markets has subsidized
to some extent, although dealings still large.
with striking disproportion between option
transactions and actual sales of cotton. The be-
lief is growing that the official estimate was I'M
usually below the actual crop.
Manufacturing news Of the week is chiefly
confined to gloomy reports from cotton SPIN
ners and hopeful dispatches from iron and steel
centres. Southern spinners want a national
agreement to curtail output. but New-England
operators are not likely to be convinced. 1t is
more probable that each treasurer will make
such arrangements suit his individual mill
the supply Of raw material already under con-
tract, the orders on hand and cost OF production
all combining to determine when machinery can
best become idle. Northern mills will endeavor
TO provide work for their operatives during the
winter wherever it can be done, even if profits
are turned into losses. when there is any pros
pect of ultimate recovery. Buyers of goods
must advance bids before long. although reduced
consumption is no longer a matter of conjecture.
The current year VIII show large loss In cot
ton goods taken from first hands. As to iron
and steel, the situation IS mainly better.
through a returning confidence New business
is still light and furnace stocks of pig iron rose
to a high point at the same time that output
was cut down to the smallest of recent years
yet the disproportion between production and
consumption is undoubtedly decreasing
1t begins to look as If Mr.. Bourke Cockran's