New-York tribune., 1906-12-24

tions of foreign exchange low as were re-
corded I'm the last week. the decline being
due to large offerings of commercial bills
against exports of cotton. grain and merchan-
disc but still TO the selling OF finance bills
in order to take advantage of the attractive
rates ruling In the local money market.
Trade in holiday goods has made remarka-
BILE record this season. continuing enormous
right UP to the end. despite the fact that If
began much earlier than usual. Manufacturers
and dealers were prepared for large sales. how
ever. as II was certain that the years pros
perity would be felt In the Christmas business
and dealers in general merchandise are also
gratified with results. Commercial payments
have not shown the same uniform progress. but
1t is probable that the confidence with which
next years business Is regarded will make 1t
possible to obtain whatever extensions are
necessary until the financial pressure is relieved
One long step In the right direction was taken
when the reckless real estate and building boom
quieted down last month. The condition I'm this
respect is shown by a canvass of building per-
mits issued at the leading cities in Novem-
ber. In which the value Of all proposed struct-
ures was over 20 per cent less than similar
figures for the corresponding month last year
The cotton market has developed stability at
about lO15 cents for middling uplands at this
city. most operators apparently believing that
may be maintained. the activity of mills indi-
eating that the cost of raw material is not ex-
cessive. and efforts to force prices lower by the
short account obtained little encoura agement not
wtthstanding the general expectation OF a very
large crop 1t is the season when there Is little
news in the grain markets. and this fact and the
approach Of the holidays have made option trad
ing light. Receipts do not come forward as
might be expected in view OF the very large
crops grown this year: but this casts no dis
credit upon estimates OF production. being at
tributed 70 shortage snow blockades. The
closing of lake navigation has left large stocks
of wheat at Buffalo. and at some Northwestern
points the elevators are overfowing. but sup
plies at the Atlantic seaboard are not always
sufficient TO meet the demands Of exporters.
Production by the leading manufacturing In
dustries is being maintained at high point in
spite of some interruption for stock taking and
repairs, contracts covering deliveries so far into
the future that specifications often filed
with great difficulty There has come a slight
lull in the orders for cotton goods but the tone
is still firm and the mills have sold their output
so far in advance that business is not sought.
Present high prices and generally satisfactory
conditions are the remarkable because
there is practically no export trade. mills usually
working goods for China being fully
pied with domestic business. Irregularity still
attends the opening Of new lines OF wOollen
goods, yet the mills continue actively engaged
and there is confidence that the markets will be
found when the goods are ready. Raw wool
has become more active and is firmly main
tained in price. There are evidences of artificial
support in the hide market. although leather
is firm and freely consumed by shoe factories
that have large orders on hand and find no
difficulty in securing full quotations. The rise
IN prices Of pig iron has been checked at a safe
point. before the speculative feature threatened
a setback. and stability rules throughout the
industry. with tonnage of forward business
so vast that daily market Incidents are without
significance.