The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-18

The trade reports for tho week are unusually
interesting. They show that. in spite Of the
near approach to the holidays and OF the
usual falling of in activity at this sea-
SON., the Clearing House exchanges of tho
country for tho week are 2la . cent.
larger than during tho corresponding period of
1892, which was a year of unusual prosperity.
The production of iron, woollen goods and of
boots and shoes is tho largest ever re-
corded and exports Of merchandise sur
pass all previous records. Business failures
are the smallest In Ave years. The extraordinary
foreign trade movement for November is given
in detail'further on in this column. and shows
that wore 1t not for the case In tho money mar
ket here, and the determination of European
bankers not to part with any of their gold
no matter what sacrifices they may have
to make by disposing of their holdings of Ameri.
can railway securities. gold would be trans
ferred from Europe to this country in largo
amounts. Fortunately specie 10 not es-
pecially needed here at present, and in
consequence this country enjoys tho dis
~tinction in the financial world Of lending
many millions of dollars to Europe. 1t is no
secret that foreign bankers do not enjoy this
situation; but they cannot help themselves.
They furnish evidence of their dissatis-
faction and also of their determination
to defer shipments of specie to this
country by their continuous efforts to
induce salos OF American securities. Owing
to tho steady and large increase in tho wealth
Of this country and the keen appre-
citation here Of the improvement that 10
taking place in every industry, the sales
Of securities by foreign holders have had
very little effect upon the market during the
last twelve months. As recently noted in this
column. the domestic buying Of investment SCI
curities has extended to the London Stock Ex-
change. In other words, investment houses
have not waited for European holders to offer
their securities here. but have bid for them In
tho various European markets.
As tho condition Of tho iron industry 10 goner-
ally regarded rs q barometer of general bust
mesa, 1t Ii important to note that the output of
pig iron last month was tho largest
ever reported. being 226.00o tons. against
217. 800 tons in November two years
ago. tho largest amount previously re-
ported. The amount on hand was decreased
during November nearly 10000 tons. This
unusual production has resulted in q de-
cline OF only 10 cents per ton in Besscmer
and 20 cents per ton In gray forge at
Pittsburg. but has not unfavorably affected
prices for finished products. the demand for
which, according to all accounts, 10 increasing,
particularly for structural iron. The market
for cotton and cotton goods is unsatiS-
factory, but these are the only impor-
tant producing and manufacturing industries
to which that remark applies. In the face of the
favorable circumstances noted above. and others
that are obvious to every observer OF the general
business situation. the stock market experienced
to-day q further reaction In prices. Mono
of the net declines was important, and they wero
brought about only by realizing sales by specu-
lative holders and by persistent and vigorous eff
forts to depress prices by professional operators
who have endeavored to mako q turn on tho
short side of the market. Manhattan Railway
and Metropolitan Railway were sold down early
In the day in anticipation. apparently. Of what
might DO construed as a decision unfavorable to
those companies by the Appellate Division Of
the Supreme Court in the underground rapid
transit matter. After the decision had boon
made public both stocks rallied and closed frac-
tionally higher than yesterday. Other active
stocks that enjoyed that distinction were Jersey
Central and Union Pacific.
The professional element has apparently boon
working against the market for several days, on
the theory that tho money market might become
| Incidental to tho active operations between the
Union Pacific Reorganization Committee and
tho Government to q degree that might
| cause liquidation by lightly msrgined hold
ers of stocks. Tho indications are that the
money market has now felt the greatest
strain that will be put upon 1t on account of tho
sale of the Union Pacific Railroad and the re-
.demption of the bonds secured by the lien upon
the road. The bulk OF the money due the Gov
ernment under tho foreclosure sale has now
been paid in, and a week from to-day the Treas
ury will begin TO make disbursements on ac-
count of tho redemption of the subsidy bonds.
In the last hour the market rallied. chiefly on
covering OF shorts.
Final sales compare with those OF yesterday
as follows:
Dec. 10. Dec. H. Dec. 10. Dec. IT.
4 l3L l3b NatLeAd... 34A 33S
A.T&sFep 3os 30 Norf& WI 47h 47a
Am 8 Ref 1874 l36sl N " eom. ..l2ls 100
Am Tsb.... s6S Pea con. Rlb Rlb