New-York tribune., 1899-12-11
HONEY md RISINESS.

,, moro % last weeks loss In stocks than 1t
deserves It Is not known that there IN any
other company anywhere that Is exposed TO the
Judgment given in the pipe case. and the possi-
bility that some may be would hardly nave
frozen up bank loans II there had not been
cold blast from some other sources. The rear
OF a bad bank statement. as IT turned out was
exaggerated Fear that London would get
afraid about African affairs was norroWms
trouble Imports did show an increase Oh
81 coo 600 and exports a decrease Of S3,500OO0
for the latest week. but even four consecutive
weeks of such changes, were that possible.
would barely neutralze half the enormous ex-
port excess Of $50 III 455 last December. There
was no worry nor excuse for worry about rail-
road stocks though some people had to sell
these who had overloaded themselves with other
things Earnings were highly satisfactory; for
November, 10 per cent over last year and IA
per cent over 1892. The root Of the difficulty
was in accounts about Industrials, and these
were not wholly imaginary.
The withdrawal Of a leading director from the
Sugar Trust" indicates a rupture which may
mean expensive new competition The declara-
ton that the American Window Glass Company
VIII cut its prices a third In order to XIII OH
competition reminds people again that monopo-
lies are expensive animals TO feed. The retire
ment Of Mr. Frick from practical control OF the
Carnegie company was followed by the disclos-
ure that he had bought fine site for the largest
steel works in the world. and meant TO put up
a plant costing S2j 900. The closing of tin
plate works indicated that business was not as
brisk as It was before the great rise in prices
and In this branch also new competition is get
ting ready. Performances in Tobacco, Leather
Rubber and Biscuit were not reassuring. In
1ad ~
corporations had invited a competition the
effects Of which could not yet be guessed. SO
the forty Industrial stocks fell 81 G1 a share
for the week. against So 26 for railroads, and
less than 50 a share exclusive of street roads.
Since April 3 the ten old preferred Industrials
have fallen an average Of S12 60. and for the
week 50 2S a share ten old common have fallen
S11 6f and for the week 81 40 share; ten new
preferred so Sc and for the week 81 ~ a share;
and ten new common have fallen SD IL share,
and for the week SO % Railroad stocks average
just 81 20 a share lower than April 3.
The difference Is not in the volume OF In
dustrla business. In every line without excep-
tion such business is far greater than it was or
promised to he In April. Then 1t was thought
wonderful that iron production had risen to
245 146 tons weekly. but now it Is somewhere
about 100000. Prices Of pig had then ad-
| vanced about 40 per cent and products nearly
as much, but prices Of pig have risen llol
! per cent and prices Of products rose l092 to
! Novemrer . but have since fallen back to 1923
| per cent The yielding Is only In new contracts
J made by small proportion Of the works which
have nearly or quite filed their orders. Tin has
fallen off 10 cents since July. but is still 26o
! cents higher than April > and lead is higher
than at that time, though copper is one cent
! lower with enormous production.
Some conception Of the progress in textile In
] dustries comes with the announcement that the
American Wooen Company advances wages
Of 26OOO hands 10 per cent. Probably this sets
the pace for others as the advance or lo per
cent in the Borden cotton mills is now being fol-
lowed by employers of 10000 hands or more.
The rise in woollens suggests competition, for,
even though Just marked up in order to prepare
for the next season. prices OF woollen goods
have risen only 1872 per cent from their lowest,
but one hundred quotations Of wool by Coates
Brothers. Of Philadelphia. have risen 3I1 per
cent from the lowest. and average about 2i1O
| cents Cotton goods have advanced ~ per
cent and are constantly rising, though raw cot
ton at the highest had advanced only 23Of per
cent and is now only 24.01 per cent higher. The
, demand for goods in both branches is strong,
+ and i'm cotton appears little affected by specu
laton in the material.
The Government has made another statement
about last years yield, closely approaching the
| record Of THE Financial Chronicle published
months ago but estimating acreage about l''o-'-
| 600 higher Whether the fresh Investigations or
the Agricultural Department will prove more
trustworthy than those Of last year can only he
coniectured. In December thus far fo1f'f
bales have come into sight against 63692I last
year while takngs OF spinners have increased
only 10000 bales. and exports have been only
130 Jg3 bales against 4i9,016 last year Europe
is holding back its buying. whether the SOUTH
ern planters are holding back their crop or not.
Sales Of wool have much decreased. manufact-
urers declining TO follow the advance in prices,
and they appear to have taken ample STOCKS
for the present Wheat exports for the week,
/ 735 900 bushels or - per cent less than last
wear. make the aggregate for the crop year
thus far 50 $50 600 bushels. against 1OI,J0O,OoO
last year. but are curiously balanced as re-
snects value by corn exports. 102 100000 bush
eIs for the year thus far against IO1Ooooo last
vear although the last week showed a decrease.
Wheat advanced two cents and corn one and a
ouarter cents for the week, Western receipts
OF both being decidedly below last years
In some respects each month of this remark
abla wear seems to surpass all predecessors.
November lifted prices to the highest point this
year and began the most extensive advance In
wages and in volume OF payments through
clearing houses outside Of New-York November,
with only twenty four working days, II the day
of Mr. Hobart's funeral be included. was the
largest month ever known except October. with
twenty six working days. the daily average out
side OF New-York being less than $1ls,000,000
for October and Sl22,1O0OO0 for November.
: When there is such activity in exchanges no one
! ,iofp hat 10 Of NOV
. with n circulation officially reported S25 81
per capita and increased over S22.OO0,00O dur
ing the month While there is stll some talk of
gold exports before long the downward tendency
- of stocks strongly operates to make loans abroad
Ieas attracilNe 10 Amerlcnns. who know The