Warren sheaf., 1896-12-24
HOLIDAY TRADE.
Tho Volume Is Large, But Mostly Con-
fined to Cheap Goods.

lined to Cheap Goods.
New York, Dec. 19.-R. G. Dun & Co.,
in their weekly review of trade, say:
Cuban reports, unusual closeness of
money in Germany, and the decision that
there will be no action. on the tariff at this
session, have not really changed The situ-
alton, but have been talked about as It
they might change it. The holiday trade
is generally large. though at some points
more confined to cheap goods than usual.
and the influence of an increase in the
working force is felt in other ways. But
until the new year the only material
changes expected are such as prepare for
a large business next year. In the iron
and steel industry these appear of the ut
most Importance.
''Since events for some months to come
will turn largely on the state of foreign
trade. it is cheering that produce exports
in November were $1O9, ,001,9S in value.
amounting for three months to $780,, ,749, SIT,
more than double the value Of imports,
which were $15l, ,361. .351. The enormous ex-
cess, which has brought hither in three
months net imports of gold amounting to
,143, besides establishing credits of
many millions in London, which virtually
pay in advance for future imports, has not
prevented, it is believed. special shipment
of goods to Germany next week, for which
the German bank pays premium to meet
demands January l. supposed to be on Rus
ment by borrowing more millions here. so
that the amount Of such sterling advances
is now reckoned at 100000 More of such
borrowing may cause advance in the rate
of interest, realizing on exchange drafts.
of which many become due before or Short
" after January !. and a sharper demand
on London than may be convenient. But
with 81 worth of produce going out for
every 81 worth of goods brought in, nothing
of an ordinary nature can cause gold ex-
ports of consequence. In two weeks of De-
cember exports from New York have beea
per cent. larger and imports here IL per
cent. smaller than last year.
The control Of the Mountain Iron Mes
saba mine has been leased for so years or
purchased by the Carnegie interest from
Mr.. J. D. Rockefeller. the ore to be shipped
by his new steamship line on the lakes
and by the new railway which the Carnegie
company is building to Lake Erie. This,
with the erection OF 16 new open hearth
furnaces. making 36. insures enormous in
crease of product at extreme low cost and
ucts or in ore. The rail association has
been in session, and our Philadelphia dis
patch states that rails are sold at SIS,
against $28, so long maintained. Bessemer
pig and gray forge are shade lower at
Pittsburgh. Virginia and Alabama iron
are offered Is cents lower at the east, ana
with so much uncertainty regarding great
changes in progress, very little is done in
finished products and generally at conces-
sions.
Wheat rose about cents Monday but
declined still further and closed one-half
cent lower for the week
Stocks have been weak Almost a panic
occurred on Friday when the Cameron
joint resolution was adopted by the seIl-
ate committee. Spectators Immediately
felt the war with Spain beginning, and St
Paul. Burlington and Rock Island broke
f1~n NJ yxhi1 10 ha Vxyhn Ia list
point
Failures for the week have been 3S7 in
the United States. against BIT last year,
and II in Canada, against 80 last year.