Omaha daily bee., 1899-12-16
WEEKLY REVIEW OF TRADE
Stocks Are Depressed, While Wages and
Production Are Highest.
INFLATED CAPITALIZATION DOES HARM
Money Markets strained by pritish
Reverses-Iron Production Ex-
pands-noot nnd Shoe
Trade booming.

NEW YORK, Dec. 15.-R. G. Dun & co.'s
Weekly Review of Trade will say in to-
morrow's issue
Unusual depression In stocks this week
mas displaced the great divergence be-
tween the trading and the productive in
uustrles of the country and its spcCua-
ton. Never has production been greater,
the number Of hands employed larger, the
wages higher or the purchasing power,
based on the earnings, greater than at this
time, and never have conditions of trade
or returns of earnings and traffic given
certainty of greater business for trans
porters. Yet, as the earnings of the rail-
way and manufacturing companies mount
upward their stocks decline as IL 1t were
disastrous for. road to double its earnings
and ruinous for a mill to realize unprece-
dented profits
Inflated capitalization has of course, done
much harm and speculative excitement has
counted profits in many cases long before
they were earned. Money markets here and
abroad have been strained by British re-
verses in south Africa, and wherever they
were overloaded have been pushed to
quick and disastrous instead of gradual
liquidation. The result is that while the
industries and transporting companies
realize great profits the speculative hold
ers of their stocks realize severe losses.
Iron production still expands. The Iron
Age reports the output of pig 296, 1853 tons
weekly December l, against 2SS522 Novem-
per !, and the decrease in stocks now held
by the great steel companies 5000 tons. At
Bessemer for $24 at Valley mills, which is
below. recent prices, and gray forge is
quoted shade lower, at ss1 Bars are
again irregular, 81 cents for common at
Pittsburg and 90 cents for refined at the
east and plates not exceeding sixty inches
are sold at 2.SO cents by mills out OF orders,
while 1t 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 specialties prices are unchanged.
The collapse of London speculation dropped
the quotation of tin to "a cents here with
recovery to 25A cents, and copper is weak
at l6a4 cents, but lead is a shade stronger.
The boot and shoe works are Fastening
deliveries to meet the enormous consump-
tive d., demand and have shipped from Bos-
ton 1S6,421 cases in two weeks of Decem-
Der, against 152,66S last year and still less
in any other year, except 1897, when 191, S24
cases were shipped. The same dealers who
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 con-
tinues very strong, with scanty supplies of
sole, but great demands for upper.
The movement of wheat is disappointing,
but prices have declined only 3sc, with corn
fraction higher; Atlantic exports of
wheat, flour included, have been in two
weeks of December only 5,S2S, ,269 bushels,
against 11,129,459 last year, and Pacific eX-
ports 1852 bushels against 29S,5l4 last
year. Shrinkage in western receipts, only
S,975, 725 bushels having come forward in two
weeks, against 174S,411 last year, is re-
ildThdDle, tHOuSH lHe movement lIleH was
abnormal.
Exports of breadstuffs in November de-
creased $3,50O,00O. while losses of 100000 In
provisions and $1S,oOo,ooO in cotton a lowered
the value of staple exports SIS, 1897 ,567, in
spite of an increase of s2.OOO,0O0 in October,
But four months shipments of manufac-
lures made the excess of exports over i'm
ports more than s49,000,0Oo for the month.
In spite of an advance of 81 cents in
prices cotton exports in November de-
creased sl8o2o,s2s in value, amounting me 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
dry goods, market was. strong; with some
further advances in prices. Wool did not
advance farther, though sales scarcely
diminished and have been 22075,ooo pounds
in two weeks at the three chief markets,
so far exceeding all consuming demands
that speculation must still account for most
of the business, but there was less excite
ment and more buying by small works No
though in some heavyweights for fall ad-
vances of from 10 to Is per cent are re-
ported. o,o a.,
Failures for the. week were 2l8 in the ne
United States, against 260 last year. and 26
in Canada. against 81 last year.