New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-12-16
MONEY AND BUSINESS.


than was ever reported in any country for full
wear il the estimate of "Thc Iron Age should
prove correct The capacity of furnaces in blast
December l was l60,l51 tons, against l. 5,225
last month, and production at that rate would be
g. 795. Sj2 tons in year, which is more than Great
Britain ever produced. But production usually
fails Z little beloy capacity, so that the actual
output now may be rcckoned at the rate of about
s45O,OO0 tons yearly. which is probably more than
Great Britain has produced this year. The Of
fcially reported production of the two countries
for three half years, with estimate based upon
monthly returns for the last half of this year. are
United states Great Britain
1898 first bali 0200 92 30O2 s04
1855 secohu nan a aS by by o99 2S4
1859 second half estimate 4o5oo 900
When it is remembered that this has been
wear of small railroad building in the United
States apparently not 5000 miles, the enormous
increase in the other demand for iron may be ap-
preciated. In actual consumption this country has
clearly passed Great Britain, which had exported
in ten months ending with October over ,O0O coo
tons, while this country imported 1883 tons
for consumption in addition TO American pig, so
that its consumption for the year probably
cceds Great Brtans by 100000 tons or more. If
use OF iron is trustworthy barometer of progress,
what advance the Nation must have made, con-
Stunning 100000 tons of pig in 1876, less than
1000, 900 in $780, only 4,34S,844 in 1885, and
at least 200, 900 in 1889.
News from other industries is generally favor
able but the anthracite coal trade so long closely
connected with iron making, is one of the most
depressed. Accounts place the output this year
about 100000 tons behind that OF 1888, and
until Saturday the weather had been especially
unfavorable to this trade as il was last winter.
The suppression of detailed reports by the com
panics is confession that the later news is not
better, and the price is nevertheless held up by
combination. The conspicuous i'll success of
trusts and combinations this year might have had
another illustration If the decision of the Inter
state Commission in re Coke Brothers had not been
neXplicably kept back. In the wool business
signs OF improvement continue, sales at Boston
having been very large, and manufacturers show
ing more confidence But imports for ten months
ending with October were 10, 721 ,476 pounds
against 5000, 10 last year. The cotton manu-
facture does not seem to be quite up to last years
mark. the quantity taken by spinners since Sep
tembcr being o6,O 600 bales below last years, and
for twelve months ending December l it was
142. 900 bales smaller than last year.
The movement Of breadstuffs is still large, and
exports exceed last years, but wheat has slightly
risen during the week, while corn and oats
slightly declined. Cotton advanced a shade for
spot only, but exports for two weeks of December
fall 27OO bales below those of last year, though
receipts at ports fall short $4,000 bales. The
movement in October and November was so large
that some decline is natural. Exports Of cotton
alone in November were S47,555,O3 against
s3s, 920, ?1O last year, and there was also gain
Of about So 100000 in breadstufis but loss oil
$500. 900 in petroleum. Exports from New
York in December thus far have been 16.l per
cent below last years, while imports have been
very large, especially last week, showing for the
two weeks a gain of 80 per cent.
The trafsc of railroads continues to bear testl-
mony as to the magnitude OF interior trade For
the first week of December ffty-one roads re-
ported earnings 10 1-2 per cent larger than last
year and for the month of November l52 roads
reported by The Financial Chronicle earned
SO = 9sl sos, against S33, 906,762 in 1888 Reck-
oned by mileage this means sl77 Fer mile against
Sl2g last year, a gain of l.2 per cent The evil
dence of bank charngs is to the same purport
Last wecl, New-Yorl showed a gain of per cent;
Roston. Philadelphia and Chicago a gain of o.
ncr cent and all the other cities a gain of per
cent and vet business in December, $50, was
scarcely ever excelIed in any month. In the light
Of those evidences, il seems strange TO find COM
plaints coming last week from almost every part
81 tbc country that business was being depressed
IN, the mild and unreasonable weather. But the
snowstorm removed that trouble for many Places
Tho coal woollen and winter goods trades have
voitod with the more WEAKNESS, no doubt, be-
90 ,se last winter was trying to them. From all
Quarters holiday trade is reported earlier and
laroer than usual At Pittsburg all the mills are
omnloved full time and at Cleveland the move
amt If Lake ere shows an increase OF almost 20
o cont for the year over the last and largest year
-, record while sales are already Booked which are
said to cover the entire output OF the mines for
next year.
Tn Wow OF such business activity, continued
crossure for money is not surpris ne. The Treas
',rv contriyed last week to put out S6o9OOO more
,bar il received its purchases of bonds amounting
90 a. 006.s52 in cost, but sl.GS6,OOO OF these
hords were surrendered by depository banks Ihe
Xov'yorl, banks gained, as the Treasury lost, IN
Io,al- tcnders. but they contracted loans over
a 600 600 last week, in part 1t IS probable, On
ocount of bond operations The stock market
Us weak for "A time to Trust stocks, though
cncor made some recovery, and coal stocks were
10 weak, so that the average for all railroad
stocI,s closed 81 cents per share lower than n
,,ool, ago But the wonder is that. with money
,rontcd on good commercial security all over the
n.rv ot Der cent and upward, speculative
lbs are held as long and confidently as they
are.