The Birmingham age-herald., 1903-12-26
MORE PLANTS IDLE
 THAN LAST YEAR
Manufactures Stepping for h.
 ventorleS and Repairs
STEEL PROSPECTS BRIGHT
Producers Look for Much Business Early Next Month-Conservati Is the Tone of the Cotton
 Goods Market.

New York, December 25.-R. G. Dun & Co.'S weekly review of trade tomorrow will say:
 Manufacturing plants are stopping for inventories and repairs. in many cases the extent of idleness being considerably greater than for the corresponding sea- son in recent preceding years. There has been a liberal volume of business in hol- iday goods, but reports are somewhat conflicting in comparison with 1902. An encouraging sign Is the improvement in collections.
 Railway traffic was not seriously inn peded by recent storms, owing to better methods of transportation. Operations thus far reported for December exceed last years by 6 per cent. Agreements are being made with little friction as to wage reductions, except in 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- Eess early next month.
 Engagements of gold were checked by a sharp recovery in foreign exchange, al though receipts have raised treasury gold holdings far above all previous records and money Is unusually easy for the sea- son.
 Bank Exchange Smaller.
 Owing to the decrease in speculation. bank exchanges for the week were 16.7 per cent smaller than a year ago, while at other leading cities there was a gain of 5 per cent. Leading interests in the iron and steel industry brought more stability to the situation by deciding against any further reductions in quota tons, and there are numerous indications that prospective purchasers do not intend to delay placing contracts beyond the season of inventories and repairs.
 Expressions of opinion are heard in many prominent markets that orders will begin to appear about the middle of Jan uary and a liberal volume of business will be placed for work to be done early in 1904
 Shoe shops are receiving few new or ders, and there is little effort at present to increase activity Eastern wholesalers are most 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 cotton goods market. Mills are steadily curtail- ing their output, and find 1t impossible to secure advances in the finished product commensurate with the rise in railway material.
 Cotton Buyers Tardy.
 Purchasers of cotton take only for ur- gent needs and refuse to pay the quota tions asked for distant deliveries. No de- mand for China is seen and the export 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 fluctua- tions of $25O a bale in a single session is no longer considered exceptional, while option trading of million bales daily is not unusual.
 Few cash sales are reported and the planters are not receiving $6S for their cotton yet the mills that have no raw material on hand will be forced to pay the prices or else stop work. Exports have continued on a liberal scare
 Grain moved within narrow limits, no special news appearing other than a new record for wheat production in Australia. Prices are firm.
 Failures this week numbered 2S4 in the United States against 209 last year, and 22 in Canada against q a year ago.