New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-12-21
MONEY IND BUSINESS


The best news in the business world is that
the iron manufacture continues to improve.
Prices have been fairly sustained, though bar
iron is a shade lower, but no weakness appears
in pig iron, notwithstanding the increase in
number of furnaces in blast. 1t appears also
that the number of furnaces in blast December
was twcnty-One more than November /,
with an increase of $500 tons weekly
capacity. At the beginning of the year 236
furnaces were in blast, with n capacity of about
81. 4lG tons weekly; now there are 2ji fur
naces in blast with & capacity of si.9G6 tons
weekly. gain of 26 PER cent. 1t ia also very
encouraging fact that the stock unsold Is
smaller than it was at the beginning of the
year Moreover, there are indications that
during This month the output will be still
further increased. The improvement here Is
highly significant, even more than the increase
of Al 4 per cent in the number of hogs killed
this season. An estimate b7 BrddstrocfS makes
the cotton crop 1873 per cent larger than that
of last year. but here it should be added that
the movement during this crop year thus far
has been per cent lower than that of last
year. 1t is stated that the long contest over
patents for the basic process has been ended by
a decision of the Commissioner in favor of
Reese What effect this will have upon the
manufacture in this country cannot easily be-
estimated, but 1t is reported that parties at
Birmingham, Alabama, are already negotiating
for the right to manufacture by this process.
Another change of probable importance Is the
sale of Rauth's patent for making steel nail
plates To au Eastern syndicate. 1t Is claimed
that ~ 10 per ton will be saved III the manufact-
urc by this process.
1t must be rcckoncd another hopeful sign
that the prices Of wheat and corn tend down
ward The close was 25s cent, lower for wheat
than that of n week ago, and pig cents lower
for corn, with a slight decline in oats. Though
current prices are very low, it is better for the
country and for producers TO have the surplus
marketed than to have it locked up by
speculation as ii has been in enormous
quantity, and carried by the banks in "A danger
Gus effort to force up foreign prices. The
visible supply reported december II exceeds
JS,II9,7l7 bushels wheat, against less than
y 900, 900 bushels last year, and TO this vast
nuantity must be added the unknown quantity
of flour in the hands of dealers. With "A
decline in wheat there is reason to hope that
the movement will be more free, and this will
help transpotcrs, while the luwcr prices will
be a great advantage TO consumers. Pork also
declined slightly, and lard; but there was a
little advance in butter and cheese, while
sugar, both raw and crushed, was a little
lower, and also coffee. The oil market without
great excitement declined 2 cents, while
refined remained unchanged.
The indications as TO the railroad business
are still conflicting. The railroad earnings of
ffty-six roads in November show an increase
of 73 per cent But November Of last year
was bad month, and fifty of these roads now
earn 81 ,313,4l2 mere than in November of
last year, but $22G,0O0 less than in November,
1888. It is not entirely encouraging that the
shipments from Chicago have declined so much
since the advance in rates last week they were
only 5000 tons, or 3O.1 per cent less than
in the same week last year. 1t is complained
that much freight goes down the river, and
much eastW ard by the Chesapeake route. The
Eastern roads are not now cutting rates. but
have only just announced that freight shipped
prior to November % will no longer be
received at .he old rate, which implies consd-
cradle evasion of the rules. A comparison by
The Financial Chronicle of dividends paid by
thirty-six roads on thirty-nine stocks shows
an average of 5.13 per cent actually paid. 1t
may be added that the thirty nine stocks sold
at the close on Saturday at an average of
los. lG, which, for over per cent dividends,
does not seem an eXtravagant price. 1t is not
in the dividcnd-paying list, evidently, that
prices are Inflated beyond reason.
No great change occurred il the stock market
last week. There was decline early in the
week, bat aftcrward such a recovery that the
close was IL cents on 800 higher than that Of
the previous week. Some remarks not wholly
favorable about the Vanderbilt properties are
caused by tho disclosure IN his will that much
lager part of his fortune than had been
supposed was kept in bonds, and even during
the past year was not rcinyoscd in stocks of
his favoritc companies. But there was n reason
for this course, SD long the West Shore
remained munace and Il success of new pool
ing arrangements was problemalical.
The volume OF business last week was more
satisfactory than IN tho previous week. ard the
decline in comparative Increase seems to have
ceased. The exchanges at New York last week
were 451 per cent larger than "A year ago. the
increase in sales OF stocks having been It's