New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-30

Wall Street sees little occasion for Day Oh
Thanksgiving. nor has business been SO active
as to necessitate a second holiday in one month
STILL things might have been much worse NO
panic occurred and the reaction was suincieneiy
gradual to give opportunity for boisterins up
the weak spots. that, despite an almost UNI
precedented fall in the aggregate market value
of securities few firms were forced to suspend
In view of the initiation of prices and wholesale
marketing of overcapitalized properties, read
iustment and liquidation have come in the form
of a steady shower rather than a tempestuous
downpour When 1t is realized that the penalty
Of speculative intoxication might have oeeh d
violent deirium there is. after all. occasion lot
gratitude.
A temporary furry in call money produced
the highest rates of the season, but there wa
no special significance in the movement WIN
reserves of the associated banks drawn down
close to the danger line, and interior cities SUN
calling for currency. 1t was not surprising tnat
some frmness developed. particularly as ther7
was Increased inquiry In connection with the
security market Rates of domestic exchahse
indicate that this tendency is diminishing ana
as a. further offset th.'re has been cohsiuei
able amount of gold received from
This movement is very Irregular, ana hioS'
gagements are of small amounts. bankers iiii"
ing It difficult to secure the yello" Hie'a' I
London. Sterling exchange ueCiAIiSu
again. firm money and liberal offerings OF COM
mercial bills having a natural effect liners Is
much difference Of opinion as to how far ex-
cbanpe has been accumulated on account of
the Panama payment during the recent period
of low prices While the rates were most at
tractive Il is also true that prompt settlement
of this matter can hardly be anticipated AS
gold arrives from abroad 1t Is turned into the
Treasury in exchange for certificates. and gross
holdings of gold coin and bullion steadily rise
above all preceding records
Business conditions have improved to some
extent The most helpful influence was cold
weather, which had been delayed beyond the
usual date, causing stagnation in seasonable
lines of merchandise. With the falling Their
mometer there occurred increased purchases of
heavy wearing apparel. and the market for fuel
also felt the Improvement. \ fairly brisk holiday
trade occurred at most points. although the
high prices of food products were not attractive
to many wage earners recently idle through
strikes or for other causes. How far the &C
tolerated retail distribution will be followed oy
better wholesale and jobbing trade is the Sig
nifcant factor that will be watched with care
by those who would see into the future. Con-
servatism has increased very rapidly during
the last few months, and liberal anticipation
of subsequent requirements can only come Win
return OF commence. EXlTeiIle pC0oAii'S $500
q dull winter followed by Presidential year
While business will undoubtedly be compare
lively quiet during the next few months there
is no reason for anxiety about the next election
except among those who have a sentimental rev.
erence for precedent
Markets for the great staples have shown even
more than the customary holiday duihess
Speculative interest in the cereals has Jagged
vet prices hold fairly firm. In Kansas there Is
complaint that wheat is ruined because 1t can
not be moved, although receipts at primary
markets are now exceeding the same weeks last
wear. With lake navigation about to close there
Is a natural incentive to accelerate shipments,
and the coincident pressure to move coal and
lumber has impeded traffic. Estimates Of the
total cotton crop are appearing with seasonable
freouencv but the market shows a disposition to
defer activity until the government figures ap-
pear Considering the quotations prevailing. ootn
exports and takings by domestic spinners are en-
oouragingly heavy. Port receipts indicate that
planters are well pleased with present prices
and there is no disposition to hold back any
part of the yield. Ginning returns testify to the
fact that new cotton is going to market much
faster than usual, notwithstanding the lateness
Of the crop. Meats rule fairly steady, although
recejpts of livestock are large. Coffee gained
small fraction. not so much because of lighter
Rrazil receipts as the belief that the short &C
count had grown unwieldy.
Manufacturing conditions are only fairly salts
factory In so far as the labor situation is con-
cerned there is distinct Improvement. Industrial
progress is not retarded by strikes the few still
on having no more than local significance.
Lower wages are accepted with poor grace. but
It is appreciated that strikes would be untinely.
More cotton spindles have resumed, although
contracts are only of the hand to mouth variety.
There is little prospect of getting this industry
back to normal basis during the current crop
year Woollen and worsted mills are doubly
hampered by a firm wool market and poor
demand for goods. although there is hope Of
better things now that low temperature has
become general. Footwear factories have much
business in sight, and ship freely on old con-
tracts while leather stiffens in response to bet
ter inquiry and frmer hide market. Many
paper mills are idle for short time, Jewelry
manufacturers report quiet conditions. which are
attributed to unusually early buying for the
holiday trade while carriage builders work
overtime and find skilled labor scarce. Some re-
covery in iron and steel Is noted.