The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1899-12-19
DUN'S TRADE REVIEW.

New York. December 15.-R. G. Dun
& Co.'S weekly Review OF Trade will
say in tomorrow's issue:
Unusual depression In stocks this
week has displayed the great diver
gence between the trading and the pro-
ductive industries OF the country and
its speculation. Never has production
been greater, the number OF hands en-
ployed larger, the wages distributed
higher, or the purchasing power based
upon earnings, than at this time, n
never nave conditions OF trade or re-
turns of earnings n trafh given GER
tainty OF greater business for rams
porters. Yet as the earnings OF the
railway and manufacturing companies
mount upward their stocks decline as
IL IL were disastrous for a road to
double its earnings. n ruinous for a
mill to realize unprecedented profits.
Inflated capitalization has. OF course,
done much harm, and speculative ex-
element has counted profits in many
cases long before they were earned.
Money market here and abroad have
been strained by British reverses
South Africa, and wherever they wen
overloaded have been pushed to quic
and disastrous instead OF gradua
liquidation. The result is that whil
industries and transporting companie
realize great profits, the speculative
holders of their stocks realize losses.
Iron production still expands. Thd
Iron Age reports the output OF pig al
296, 959 tons weekly December 1st,l
against 2SS,5 $40 tons November LIST. and
the decrease in stocks not held by the
great steel companies was 5000 tons.
A Pittsburg company bought 40, 900
tons Bessemer for $24 at Valley mills,
which is below recent prices. and Grey
forge is quoted a shade lower to $2l.
Bars are again irregular, 81 for COM
mon at Pittsburg and 90 for refined at
the east, and plates not exceeding six
ty inches are sold at 2.30 by mills out
of orders, while II is said that 2.S5 cents
is shaded at times for No. q black
sheets. but nearly all works still have
orders far ahead and in other special
ties prices are unchanged. The collapse
Of London speculation dropped the quo
tation Of tin to "a cents here. with re-
covery to 25k, and copper lis weak at
1874 cents, but lead is a shade strong.
The boot n shoe works are hasten
ing deliveries to meet the enormous
consuming demand, and have shipped
from Boston 1S6, 321 cases in two weeks
of December, against 152, 663 last year,
and still less in any other year, except
1897, when 191, S24 cases were shipped.
II SdLlG uediGTS VINO urge carly de-
liveries on past orders 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 AXE more at
present. The approach OF the holidays
make all welcome a season OF quiet.
Leather continues very strong with
scanty supplies of sole, but great de-
mand for upper.
The movement Of wheat IL disap-
pointing, but prices have declined only
sc, with corn a fraction higher. At
lantic exports Of wheat, flour included.
nave been, I'm two week Of December,
only 5,32S, 269 bushels. against IL, 12s, I5g
last yea and Pacific exports 1851, ss2
bushels. against 1,29s.514 last year.
Shrinkage in western receipts. only
s,S75. 725 bushels having come forward
in two weeks, against II 1894 last
year, is remarkable, though the move
pent then was abnormal. q
Exports of breadstuffs in November
decreased $4,000, 600, which with losses
of $780, 900 in provisions and s13. 00o. 900
in cotton lowered the value OF staple
exports SIS, 337, 567. I'm spite OF an in
crease of 81, 600, 600 in oil: but enormous
shipments OF manufactured products
made the excess OF exports over i'm
ports more than 34s. 600. 900 for the
month.
In spite of an advance OF 81 cents
in prices, cotton exports in November
decreased $4,000. 92e I'm value. amount
ing to only 710.35l bales. against l,4s3.-
126 bales last year. Prices do not
change this week, even believers I'm a
short crop thinking IL as well TO wait
in view Of the small demand. The dry
goods market a strong, with some
further advances in price. Wool nc
nnf advance further 0grA 2arz.
scarcely diminished and have been
2, 600 pounds In two weeks at tbs
three chief markets, SO far exceeding
all consuming demands that specuia-
ton 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 re-
ported.
Failures for the week were 2ls In the
United States, against 26l last year,