New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-19
MONEY! AND 81 SINESS.

Last weeks stock market was In many re-
snects phenomenal. In mere number ana par
value Of shares sold II was one on the t'cd'
weeks in the hist Dry of the stock EX'hdite'
and while the rise Of the so-called lhdus'''a'
within a few years past has grealN S"'"''
transactions by adding favoritos or speculation
not before known It is likely that the gafho"ns
spirt has only been diverted from other STOCKS
formerly handled in the same way. with over
, ooo ooo sbaros sold there were 5J6310 shares
of sixty-two Trust stocks of which over one
million were of six stocks and 2.I'"o" shares
Of rs railroad stocks OF which l.l?o,"fb were
of six issues. The par value of sales Tor the
uook vos Sl36fsl SO. not quite double the
sales Of the previous active week. In December
,bus far the sales have been SlO1.SO3 shares,
and the par value S191 100000. with two weeks
marc December will Violently run far ahead
Of 10 coo 900 shares sold with par value of over
81 900 on 600 but in eleven years there have
been only nine months in which sales have been
50 Iarge-March and November, this year Au-
Gust and September. 1897; January and Feb
mary 1893. and February, 1892, September
1901 and MAY $500 The heaviest sales In the
eleven wears were I'm September. 1921. l3.liZ. l"o
shares. par value Sl.26l.WOUoO. and it is evil
IDENTIFY possible that this record may be sur
passed I'm December
What II all means? Some think culmina-
ton Of rise which has gone much further
than they expected. and which has cost them
much money OF late in trying to break others
reason that prices are not yet TOO hlgh Ior 'ne
great volume of business In progress ana the
immense amount Of money seeking prontap''
use The industrial stocks gained nothing. pu'
declined in average price to $40 40 snare
against S7l Al week. and SOD two weeks
hefore which NAV indicate that as to these the
speculative tide has turned. But the average
OF the same sixty railroad stocks closed at
S6J IS against stu 90 one week. and S"' II TWO
weeks ago. which does not indicate that the
nublic ABSORPTION has yet ceased TO the end
the speculative selling caused occasional hours
Of depression. which were significantly followed
by further advances, when the general DuY-
ing WIS felt AS to values. stocks are still
about the price they held in February, lS95 or
October. 1892, and in the spring and summer of
1892 had ruled generally higher. though the
eastbound tonnage from Chicago was then
~ Go6 tons in two weeks of December. and is
ro,v Do4 Oh tons about - per cent larger.
There are many other things to consider
Cold was going out Of the country TO pay debts
I'm 1892 and 1893. and that in large amounts
Last week :341j9O0 arrived at San Fran
cisco from Australia. and every month this
wear hAs shown net imports. the aggregate FAR
exceeding that Of any other year But the god
that comes covers only fraction OF the foreign
debt TO this country. 10 which November COM
merce alone added over SII.nDWD. less in
terest and other charges for the month But
the interest due on American securities hed
abroad is now small. while there is due TO TINS
country interest on heavy loans to Europe The
country is barely beginning to realize that It's
place in the world Is no longer that of debtor
and II Russian bonds do not appear To Ameri-
cans preferable to the securities they are taking
back from the Old World. the effort 10 borrow
here marks a new In financial history.
There is no halt in the creation of foreign
debt In two weeks Of December II eJ,JI1
bushels wheat have been exported, including
-four against 1880. ,5S last year. besides :. 49,,
3O2 bushels corn against 6326sA last year
and wheat advanced 1ia cents In price. with
corn only shade lower for cash and higher for
futures. Exports Of cotton In December thus
far have been G.2Si bales against 60i, LAG
last yea. and the price has remained steady at
! SCI cents only sixteenth below last years
quotation. so that the value exported must have
been greater than year ago. The exports OF
| all products from New-York In two weeks have