New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-12-21
MONEY AND BUSINESS.


ly narrow margins. and the market has exhib-
tied no definite tendency. The previous weeks
increased activity was not maintained and
dealings fell far below the corresponding week
last year. In view of the dulness, prices held
remarkably firm. Little attention was paid to
the events of the week. which were not cal
culated to produce strength by any means. The
course of the cotton market and foreign ex-
change recovery were especially adverse to Sc
curity values, but there response. Like
several similar borrowings by other roads. the
Atchison bond issue emphasized the immediate
need of funds for betterment. and. were the
money market favorable there would be much
of this increase in debt, Issues of the United
States Steel Corporation were not affected as
much by the general reduction in wages as
might have been the case had the matter not
been under consideration for some time and gen
orally expected. In so far as tonnage is con-
cerned. the railways have been doing brisk
business earnings steadily showing gains over
preceding years Recent movement of grain,
lumber livestock and fuel has been very heavy.
in addition to the seasonable transportation of
holiday merchandise.
Instead of the customary hardening of rates
as the end of the year approaches, the money
market has ruled somewhat easier. Call loans
averaged little above . per cent, and only
fraction more was asked for six months &C
cOmmodation. better demand for commercial
paper and more attractive rates have not in
duced any increased borrowing in commercial
channels. Financial conditions are still largely
dependent upon the international situation.
When all records of cotton exports were being
surpassed exchange fell to an abnormally low
point and engagements of gold were made 10
the extent of about $22.OOOOOO. When the de-
mand for exchange increased upon the arrival
of gold v-;th he
quirements and more or less investment buying.
rates of exchange rapidly. Although the
price of bar gold at London has been reduced
there is little prospect OF any further extensive
engagements of the yellow metal AS the gold
arrives it is deposited at the Sub-Treasury IN
exchange for certificates. and when the official
report is issued January ! II will be found
that the total money in circulation has
passed all previous years. Meanwhile the gross
gold in government vaults reaches a new high
record nearly every day.
AS to the general trade situation, it is still
difficult to ascertain the definite tendency. In
some staple lines, il is reported that holiday
trade Is interruptng regular dealings yet
the volume of Christmas buying is exception
ally heavy, and many lines have required early
replenishment Complaints heard of unsea-
sonably quiet conditions in several lines that
are usually stimulated by the holidays. and
there equally extreme views on the other
hand regarding the brisk demand for heavy
wearing apparel The weather has been more
uniformly cold than has been the custom in re-
cent years. and scarcity of snow the Atlantic
Coast is Offset by abundance at other points.
There is gratifying freedom from serious labor
disputes, despite the reductions of wages. the
only struggles in progress or contemplated being
extremely local in their significance. Aside
from the speculative influence bank exchanges
are making good comparisons with previous
years. but failure returns are far from encour-
aging. The closing quarter OF 1903 will make
very poor showing in this respect. On the
other hand, reports of foreign commerce are all
that could be desired. largely because of cotton
exports.
After all the severe losses suffered by the
short interest in cotton this season it might be
supposed that caution would have restrained
further commitments. but when New-Oreans
started prices upward Thursday via the
Liverpool market. it appeared that there ex-
listed another considerable class of operators
who were forced cover contracts at expensive
prices. With limited supplies in sight and a
large proportion of the crop already sent abroad.
past experiences should teach speculative trad
that the clique still controls the situation no
matter how unnaturaly high they have forced
prices. The percentage of legitimate business
to manipulation is shown by sales of twenty five
bales OF actual cotton to spinners Thursday
while option transactions were in the vicinity
of million bales. Lower estimates of worlds
requirements and liberal port receipts together
with idle spindles. indicate that prices are too
high but there will be readjustment as long
as a short interest can be found to support the
market Coffee has lost some of its recent rise
and meats feel the pressure of heavy receipts
while even grain has not maintained it's best
position The cereal situation is complicated
by conflicting cables regarding crops abroad
Shoe shops still the most fully occupied
of the manufacturing Establishments. Ship
ments from Boston have now risen to about FIVE
million cases. far surprising any previous year.
and orders continue to come in freely from the
the future. Despite the free marketing of
cattle, domestic hides have again advanced, and
foreign dry hides are in strong position The
tone of the leather market is firm Makers of
cotton goods are still harassed by the gyrations
of the material The fractional rise in cot
tons is not commensurate with the speculative
advance in raw cotton and further restriction
of output is practically assured Buyers pro-
crastinate. and the long expected demand for
small quantities. The industry is completely de-
moralized. No increase is recorded in demand
for woollens. but wool is firiuer and sought more
freely by the mills. The best news is heard re-
garding the iron and steel industry which has
apparently reached bottom prices, II is openly
announced that special atte.Ition VIII DO gi,en to