Poor Holiday Trade

New York, Dec 4 - K tí Uun's Weekly Review of Trade lays: But for the large exports of gold and uncertainty about the flnancial legislation the Indica tions would be moro encouraging Sume lncrease is seen in orders given to manu (ncturing works. though until the year ends the force actually at work paturally diminishes ïhe holiday trade has bron rather poor at most points, partly owlng to mild weather Tliere is distinctly more confidenoe shown about the future (iemand for industrial producto, though prices are not better. Domestic exporte increase a little, though exportable tapies are not botter lD price In November the excess of merohandise exports over iinports was $.i;T,573,891, besldes 12,931,031 silver, and December returns indícate as large an excess Money Accumulatiug in New Vork. For this reasou the expotfs of Í5 333,071 In gold since last Friday and the withdrawals of about three times as much gold from the treasury are the more noticed. Money continúes to accumulate here and there is no enlargement in the legitímate demand for commercial loans, though some olïeriugs of paper, apparently to prepare for yearly settlements, have excited remarks Prices of agricultural producís do not improve Wheat Is unchanged for the week. although western receipts have fallen to 2,804,925 bushels, against 3,51)4,810 for the same week last year, and it does not count for much that the Atlantic exports were 936,845, against 744,547 last year. The visible Bupply still grows and is now 88,173,000 bushels, Corn feil i cents for the week, though western receipts were only 1,52a,686 bushels, against 2,LS'2,204 lust year, and Atlantic exports more tlian a third smaller. Decline In Frice of Cottou. Government estimates do not seem to affect actuil transactions. Cotton has declinfid a sixteenth to ü.üy cents, and ceipts from plantations ooutloed larger for December than in 1691, when the erop was over 9, OÜO.OOU bales. The theory that producers will not makt' the current prices does not yet fit the facts. Larger orders for manufactured product have appearod, and yet, except in boots and shoes, the genoral tendency of prices is downward. Steel billets sell at $15 at Pittsburg, and Bessemer pig at $9.50 at valley milis, and in other products the tone is, on the whole, weaker, except that structural beams hold the recent small jdvance. Yet quite large transoutions are reporteti in pig iron and billets, and iiuprovod demand for barred nails, while nothing is doiug in rails, and business in sheets and plates is light. Competltlón between the works, which is not enough to keep them employed, pushes prices in many Unes below the ordinary cost of pro duction. (opper and Lead. Copper is strengthened by customers' demand, and the output in November 12,644 tons domestic and Ö.9U4 foreign, was the smallest sinoe February. Lead has gold largely at 3.1 oents and tin has been depressed % cent by speculation. In shoes manufaoturers are obtaining a good many orders at lA and 5 cents advance over last year's prices, which are still large. Dif ferences in cost of material are claimed but jobbers hold off, as want of entire agreement among produ:ers raised doub whether the advance will be maintained The failuras for the last week have been 349 in the United States, against 344 last year, and thirty-six in Canada, agains thirty-seven last year.