The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-12-16
INDUSTRIES SHOW ACTIVITY.
But THERE Is UNUSUAL DEPREss-
SION IN STOCKS.

Inflated capitalization Has Probably
Done Much Harm-British Reverses
in south Africa Have Had Much
T5Rect-IrOn Production Is Expand
fng-MOvement of Wheat Is DIsap-
neutrality-suspicious. OF Cotton Have
Fallen on Greatly.
New York, Dec. 15.-R. G. Dun & Cos.
Weekly Review of Trade will say in to-
morrow's issue:
Unusual depression in stocks this week
has displayed the great divergence be-
tween the trading and the productive in
dustries of the country and its specula-
ton. Never has production been greater,
the number of hands employed larger, the
wages distributed higher or the purchas-
ing power based upon earnings greater,
than at this time, and never have condi-
tons of trade or returns of earnings and
traffic given certainty of greater business
for transporters.
Yet, as the earnings of the railway and
manufacturing companies mount upward
their stocks decline, as if 1t were disas-
trOus for road to double it's earnings
and ruinous for a mill to realize unpre-
cedented profits.
Inflated capitalization, has, or course,
done much harm, and speculative excite
ment has counted profits in many cases
long before they were earned. Money
markets here and abroad have been
strained by British reverses In South
Africa, and wherever they were overload
ed, have been pushed to quick and disas-
trous instead of gradual liquidation. The
result is that while industries and trans
porting companies realize great profits,
the speculative holders of their stocks
realize severe losses.
Iron Production Expanding.
Iron production still expands. The Iron
Age reports the output of pig 296, $50 tons
weekly Dec. !, against 2SS, $50 Nov. /, and
the decrease in stocks not held by the
great steel companies was 5000 tons. a
Pittsburg company bought 10000 tons Bes-
semer for S24 at Valley mills, which is be-
low recent prices, and gray forge is quot
ed a shade lower at $21 Bars. are again ir-
regular, 81 for common at Pittsburg and
81 for refined at the East, and plates not
| exceeding sixty inches are sold at 2SO by
| mills out of orders, while it is said that
2.S5 cents is shaded at times for No. q
bIdGA Snttl5, Out nearly all WORKS SUI
| have orders far ahead and In other spe-
cialties prices are unchanged.
The collapse Of London speculation drop
| ped the quotation of tin to "A cents here,
with recovery to 25zc, and copper is weak
at 16Ac, but lead is a shade stronger.
| The boot and shoe works are hasten
! ing deliveries to meet the enormous con-
| Stunning demand, and have shipped from
| Boston 1864 cases in two weeks of De-
cember, against 1852 ,663 last year, and still
| less in any other year, except 1897 when
49,, 1924 cases 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. The approach of the holidays
| makes all welcome a season of quiet
Leather continues very strong, with seam
| ty supplies of sole, but great demand for
upper.
Movement of Wheat Is Slow.
The movement of wheat is dsappoiut-
ing, but prices have declined only sc with
corn fraction higher Atlantic exports
of wheat, -four included, have been. in
two weeks of December, only 5,32S, 2S9 bush
els, against II, ,459 last year, and Pa
cifc exports 1,O51,9S2 bushels, against
/, 29S 514 last year. Shrinkage in Western
receipts, only S,975.725 bushels having come
forward in two weeks, against 17,74S Al
last year, is remarkable, though the
movement then was abnormal
Exports of breadstuffs in November de-
! creased SO, 500O 900, which with losses of 5000
600 in provisions and $13O0l000 in cotton
lowered the value of staple exports S1S-
357, 567, in spite of an increase Of 100000
in oil. But enormous shipments of man
ufactured products made the excess of ex-
ports over imports more than $40 900, 900 for
the month.
In spite of an advance of 81 cents in
prices cotton exports in November decreas-
ed $13, ,926 in value, amounting to only
710,351 bales, against 1,4S3, 126 last year
Prices do not change this week, even be-
levers in a short crop thinking 1t as well
to wait in view of the small demand The
goods market was strong, with some fur
Their advances in price.
Wool did not advance further, though
sales scarcely diminish, and have been
| % O75, 900 pounds in two weeks at the three
chief markets, so far exceeding all con-
Stunning demands that speculation must
| still account 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 for fall advances of 10 to Is per
cent. are reported.
| Failures for the week were 21S in the
| United States, against 261 last year. and
26 in Canada, against 81 last year.
UNITED STATES WHEAT CROP.