New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-01-07

Der week less IuuH ~ Woo ycoI obo' - s~~--'
market everybody recognizes that lower prices are
natural. But the stock Of unsold copper in the
hands Of the syndicate has more than doubled dur
ing the year. increasing $4,000 tons or more, ana
| 2. 600 tons in the one month of December. while
the price is three-quarters Of a cent higher than
year ago. Raw sugar was 525 cents year ago,
and is now 4.s1 cents. but refined has advanced
crushed being then 775 and now cents per
pound.
In the stock market the production OF new
securities goes rapidly, and yet there are peo-
pie who wonder that prices do not advance Inc
bonds listed during the past year amounted 10
sell. 90 900. against s343, 900 in the pre-
vous year, and stocks to. s24s, O00 900, against
s27o, o00 900. Deducting all requirements of old
securities, the new securities listed during the
year were s347 900, O0O against s32s,ooo,00o for
the previous year. But it is noteworthy that
reckoning the stock worth nothing whatsoever, and
the bonds only 80 cents on the dollar, the new
bonds alone would have built 1900 miles Of
railroad and yet only 1000 were actually built
last year. The wonder is not that securities are
slow to advance, with such an enormous crop
thrown on the market, but that they have not
been much weaker The latest returns of earn
ngs are quito favorable, sixty-four roads report
ing an increase of 253 per cent for the third week
of December; but the single report Of the Chicago
Burlington and Quincy, showing decrease Of
1915, 900 in net earnings for the month of Novem-
Der, has naturally quite as much influence.
The cotton market was one of the few which
advanced at all last week. and that only o small
fraction. Yet the current estimates are that the
crop is smaller, by 100000 bales than the pre-
ceding one and while raw cotton is 9.81, against
1850 cents year ago. print cloths ore 80 cents
per 90 yards higher, and standard shcetings
quarter OF cent higher. and the exports last
month were s35,462 bales. against 65l,275 for
the same month in 1887. The receipts are large,
l400 900 bales larger in December than In the same
month of 1887 and last week both receipts and
exports were well maintained. Perhaps the market
Is feeling the effect Of the false statistics, which
helped spectators about year ago to create an
absurd belief that the supply WAS Short and so to
make fictitious prices for O while. The demand
for goods is well maintained, and the industry ap-
pears to be In exceptionally good condition. At
FAN River eighteen companies increased their divi-
dends last year, while only four decreased them.
Including other manufacturing companies Of New
England, mainly textile, sixty-seven in all aver
aged s13 per cent dividends last year, against715
for the year preceding.
The Treasury has made no change Of conse-
quence in the account Of currency outstanding
during the past week. and the confidence in the
money market has led TO free offers of funds
Tho imports for the past week were remarkably
large, but doubtless exceptional. There is moth
ing that threatens a disturbance OF the market,
and at nearly ali interior points the supply of
money Is ample for legitimate business. less
favorable feature Is that collections are retarded
In many sections by the weather or by slow
distribution OF products, and the number Of
failures in the first week OF the year was the
largest in any week on record The aggregate
last year. I0O79 or nearly l in one hundred.
was about 1000 moro than in 1887, but the
average Of liabilities 10 each firm falling was
only sl1,5e5. against 81 1892 foe the previous
year IL seems TO be evident that the great
increase in number OF failures in recent years
is closely connected with the enormous expansion
In number of firms doing business, which has
risen from $4,000 In 1877 TO 1,o46,00o in 1883.
an increase OF So per cent in II years. about
double the increase in population.