The star. (Reynoldsville, Pa.) 1892-1946, 1899-12-20
REVIEW OF TRADE.
Inflated Capitalization Has Caused a Decline
cf Stocks.
Crnln. flour md Feed.

II. G.. Dun & Co.'S Weekly Review
OF Trade reports as follows for last
week: Unusual depression in stocks this
week has displayed the great divergence
between the trading and the productive
industries of the country and its specu-
lation. Never has production been
greater, the number of hands employed
larger, the wages distributed higher
or the purchasing power, based upon
earnings, greater than at this time, and
never have conditions of trade or re-
turns of earnings and traffic given GER
tainly of greater business for transport
ers Yet as the earnings of the railway
and manufacturing companies mount
upward their stocks decline as If it were
disastrous for a road to double its earn
ings and ruinous for mill to realize
unprecedented profits.
Inflated capitalization has, of course,
done much harm, and speculative ex-
citement has counted profits in many
cases long before they were earned.
Money markets here and abroad have
been strained by British reverscs in
South Africa, and wherever they were
overloaded have been pushed to quick
| and disastrous instead OF gradual liqui-
dation. The result is that while indus
tries and transporting companies realize
great profits, the speculative holders OF
their stocks realize severe losses.
Iron production still expands. The
| Iron Age reports the output OF pig 2o6,
| $50 tons weekly December 1, against
288,s22 November I, and the decrease in
stocks not held by the great steel com
panies 5000 tons. A Pittsburg COM
pany bought 10000 tons Bcssemcr for
$24 at Valley mills, which is below re-
cent prices, and Grey Forge is quoted
a shade lower at $2I.
| The boot and shoe works are hasten
ing deliveries to meet the enormous de-
mand and have shipped from Boston
against I52,6oS last year, and still less in
any other year, except 1907, when IoI,-
S24 cash were shipped The same deal
ers who urge early deliveries on past or
ders at lower prices are slow to place
more at the higher prices now asked,
while most of the works, having orders
for some time ahead, are not anxious to
take more at present Leather contin-
ues very strong, with scanty supplies OF
sole, but great demand for upper.
The movement OF wheat is disappoint-
ing, but prices have declined only 3-S
cent, with corn a fraction higher At
lantc exports of wheat, -four included,
have been in the two weeks of Deccm-
Der only s,32S, 200 bushels. against II,
I2o,4so last year, and Pacific exports L.
sol ,oS2 bushels against I,2o8,5r4 last
year Shrinkage in Western receipts,
only So7s725 bushels having come for
ward in two weeks, against I7,74S,4II
last year, is remarkable, though the
movement then was normal
Exports Of breadstufss in November
decreased So, 500, 900, which, with losses
OF 5000, 900 in provisions and $4,000, ,ooc
in cotton, lowered the value OF staple
exports $I5,337,567, in spite of an in
crease OF $2,ooo,ooo in oil. But enor-
nous shipments OF manufactured pro-
ducts made the excess OF exports ovei
imports more than $4o,ooo,ooo for the
month.
In spite OF an advance OF al cents ir
prices, cotton exports in November de-
creased $I3,o2o,o26 in value, amounting
to only 7Io,35I bales. against I,483,I2
last year. Prices do not change thi.
week. The goods market was strong
with some further advances in price