The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-12-16
SPECULATION Is SHAkY
But Legitimate Trade Is Not
Contaminated.
PROFITS OF PRODUCERS
Go Up While Security-HoIderS
Suffer Loss.


New York, Dec 15.-R G. Dun & Co.'S
weekly review of trade will say tomor-
row: 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 great
er, the number of hands employed larger,
the wages distributed higher, or the pur-
chasing power, based upon earnings,
greater than at this time and never have
conditions of trade or returns of earn
ings and traffic given certainty OF greater
business for transporters. Yet, as the
earnings of the railway and manufactur-
ing companies mount upward, their stocks
decline as if it were disastrous for a
road TO double its earnings and ruinous
for a mill to realize unprecedented profits.
Inflated capitalization has Of course done
much harm, and speculative excitement
has counted profits in many cases long
before they were earned. Money mar
kets here and abroad have been strained
by British reverses in South Africa, and
wherever they were overloaded have
been pushed to quick and disastrous. in
stead of gradual, liquidation. The result
is that while the industries and transport
ing companies realize great profits, the
speculative holders of their stocks real
ize severe losses.
Iron production still expands. The Iron
Age reports the output of pig 296,959 tons
weekly December / against 2SS,522 No
vember l. and the decrease in stocks not
held by the great steel companies $3.50
tons A Pittsburg company bought 49,
600 tons Of Bessemer for S24 at Valley
Mill, which Is below recent prices, and
Grey Forge is quoted a shade lower at
s21 Bars are again irregular, 81 for
common at Pittsburg and % for refined
at the east and plates not exceeding sixty
inches are sold at $3.50 by mills out of
orders, while II is said that "a cents is
Shaded at times for number q black
sheets, but nearly all works still have
orders far ahead and in other specialties
prices are unchanged. The collapse Of
ton Of tin to "A cents here, with re-
covery to ISIS, and copper is weak at
16. 70, but lead is a shade stronger.
The boot and shoe works are hasten
ing deliveries to meet the enormous con-
suming demand and have shipped from
Boston IS6,421 cases in two weeks of De-
cember, against 15266S last year, and still
less in any other year, except 1897, when
1924 cases were shipped. The same
dealers who urge early deliveries on past
orders at lower prices are slow to place
more at the higher prices now asked;
while most OF the works holding orders
fol. some time ahead are not anxious to
take more at present. The approaching
holidays make all welcome q season of
quiet. Leather continues very strong,
with scanty supplies OF sole, but great
demands for upper.
The movement Of wheat Is disappoint-
ing, but prices have declined only &c,
with corn fraction higher. Atlantic ex-
ports Of wheat, flour included, have been
in two weeks of December only 5,92S,6O4
bushels, against 11,129 459 last year, and
Pacific exports 1,5O1,9S2 bushels, against
!, 29S. 514 last year. Shrinkags IN western
receipts. pnly S,975,725 bushels having
come forward in two weeks, against H.
74S All last year, is remarkable though
the movement was abnormal. exports OF
breadstuffs IN November decreased
Sc. 500, 900, which, with losses OF 100000 in
provisions and s1SOOO,O0U IN cotton, low
cred the value OF staple exports SIS, ,567
in spite Of an increase of 100000 in oil.
But enormous shipments OF products
made the excess of exports over imports
more than $40, 900 900 for the month.
In spite of an advance of 81 cents
in prices cotton exports in November de-
creased s13.O2o,926 in value, amounting to
only 710,35l bales, against 1,4S3,156 last
year. Prices do not change this week,
even believers in a short crop thinking
il as well in view of the small demand.
The dry goods market was strong, with
some further advances in price. Wool
did not advance further, though sales
scarcely diminish and have been Z2075,OOO
pounds In two weeks at the three chief
markets. so far exceeding all consuming
demands that speculation must still &C
count for most of the business, but there
was less excitement and more buying by
small works. No change in quotations of
goods appears, though in some heavy
weights advances of 10 to 10 per cent are
reported.
Failures for the week were 21S in the
United States. against 261 last year, and
% in Canada, against 81 last year.
BRADSTREET'S.
New York. Dec. 15-Bradstreet's to-
morrow viii say: General trade in whole
sale and manufacturing lines is ouieting
down but it is worth noting that it is
undisturbed by the money situation, the
influence of which has been confined 10
speculative circles. Holiday trade on
the other hand. has been given a decided
impetus and comparisons with the same
period Of preceding years are uniformly
favorable. little doubt remaining that
although retail trade in seasonable lines
has been affected in some localities by
unfavorable weather holiday soecialties
have enjoyed exceptional activity As