New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-12-26
MONEY AND BUSINESS.

and utter lack Of interest on the part of the
outside public calls for elaborate explana-
ton. Nor is It necessary to seek any further
for reasons than the natural distrust with which
investors regard market that can give such
an exhibition the recent sensational per-
Torrance in Wall Street There is natural
inclination to restrict speculative operations
just prior to an extended holiday but this alone
would not reduce sales OF securities to less than
fifth Of the recent average Fundamental
conditions were not altered during the last
week. either to financial influences indus
trial conditions or the statistics OF railway
earnings. All these elements are distinctly IA
vorabie. Traffic returns constantly show good
gains over the preceding year. and the COM
mercial outlook for 1905 Is sufficiently salts
factory to warrant high prices for stocks: but
with the menace of another violent attack on
market values hanging them. traders are
disposed to be conservative Even the volume
OF business In the bond department has fallen
on very heavily, and the market lacks the
stimulus of foreign trading, as arbitrage bus-
ness also dwindled materially.
Notwithstanding a considerable decline In
rates OF foreign exchange, gold exports have
oeen resumed on liberal scale. shipments going
to Paris and South America ENGAGEMENTS
since this movement began in October aggre-
gate S52.OOOOOO of which Cuba has received
ABOUT one-third. The shipments to Buenos
1'yres are IN the nature of financing settlements
lot LONDON. and this triangular operation does
not show normal profit Consequently II
must be effected by special concessions mads
by European bankers who need our assistance
meanwhile gross gold In government vaults has
faiien considerably below S70oo0O.O00. Money
continues abundant and easy at about az per
cent for call loans and 81 per cent for time ac-
There Is sim very little commercial paper for
sale, although the demand is good at to III per
cent Domestic transfers OF funds are still made
10 ths Pacific Coast and TO the South with
suincient movement to this centre from the In.
terror TO leave small net balance heavy
loss In gold holdings and a large Increase In
loans by the Bank Of England reduced the pro-
portion OF reserve to liability TO 4136 per cent
which is large decrease compared with the
oS9o per cent held in September
There is little to be said about domestic trade
at this time, holiday atmosphere pervading
most OF the markets. Sales of Christmas sup
plies were very large. many interior cities re-
porting larger business than usual, which was
undoubtedly due to the exceptionally prosper
Gus season In the agricultural communities
| Stock taking and Inventories are in progress
and plans are being made for a vigorous cam
paign next year. but actual business will be re-
stricted until after the holidays The labor sit
| uation is steadily improving, Fall River mills
reporting much larger force at work during
the last week than at any time since the
strike began. No other industrial dispute is of
sufhcient magnitude to cause serious inconven-
fence. and the rapidity with which idle mills are
resuming reduces the army OF unemployed TO
an encouragingly small number for this time of
year. Weekly comparisons OF bank exchanges
and other measures OF commercial activity are
not instructive unless allowance is made for the
holiday last year. Even after deducting one
sixth from this years total however there stili
appears moderate increase compared with the
corresponding week OF 1908
Several sharp recoveries in the cotton market
were caused by the excessive short account but
the net result for the week was a further de-
cline, and spot middIing uplands not only
touched the lowest price of the season. but
showed loss OF almost $50 a bale from the high
record made during the speculative orgy early in
the year Port receipts have not decreased
TO the extent promised by those who tried to
persuade the planters TO hold the rest OF their
crop, although 1t is announced by many South
ern organizations that mono of their members
VIII sell for less than 10 cents. A sharp adj
vance occurred in grain in the Northwestern
markets. despite the fact that the demand for
flour has been far from satisfactory Foreign
, above recent abnormaly lew figures, although
still falling far short of healthy movement.
Many unusual events marked the course Of this
unnatural period. wheat being imported from
Canada, while corn Is shipped to Rumania. and
there Is no prospect of judging the situation by
normal standards during the remainder OF the
| season. The winter wheat outlook has improved
through fair snow protection which, with large
exports from Argentina, prevented best prices
from being maintained.
The only development in the manufacturers.
world is the decidedly stronger position or the
iron and steel industry. This is not entirely duo
to natural causes. but is partly dependent upon
interruption to fuel supply because of low water
in the coke region. Orders are coming forward
more literally. and these two factors combined
to make prices of many steel products about 50
a ton higher. New lires of woollens have been
opened without much advance in price. but the
tone of the market is strong and the position
of the raw material warrants the belief that the
market for goods is tending upward There Is
notable activity In shoddy and other substitutes
Primary markets for cotton goods are stjlI ir
regular with a disposition on the part of bofb
buyers and sellers to postpone operations. For
warnings of footwear from Boston for the week
were much smaller than those OF q year ago
but the factories have considerable unfinished
business on the books and expect that buyers
VIII readily pay the small advances they demand
when it becomes necessary to order goods for
next season. Quiet conditions in the leather
market are a natural result of conservative pur-
chases by shoe manufacturers.
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Artists with big brushes and pals of fluid are
to retouch and clean some Of the masterpieces
IN cur subway art gallery. Il Is to be honaa