The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-12-16
Dnn's RevieaU of Trade.

NEW YORK. Dec i5-R. C. Dun & Co.'S
weekly review OF trade will say tomorrow:
Unusual depression In stocks this week has
displayed the great divergence between the
trading and the productive industries OF the
country and its speculation. Never has pro-
duction been greater. the number of han1s
employed larger. the wages distributed higher.
nor the purchasing power based earnings
greater than at this time and never have con-
ditions of trade or returns OF earnings and
traffic given more certainty of greater ,rsI-
ness for transporters Yet the earnings
of the railways and manufacturing companies
mount upward their stocks decline as II II
were disastrous for a road 70 double its earn
ings and ruinous for mill 10 realize unpre-
cedented prospects. Inflated capitalization has.
OF course. done much harm and speculative
excitement has counted profits In many cases
here ana abroad have been strained by British
reVerses In South Africa, and wherever they
We're overloaded have been pushed TO quick
and disastrous instead Of gradual liquidation.
The result is that the industries and trans
porting companies realize great profits. the
speculative holders Of their stocks realize Sc
we're losses.
Iron production still expands. The Iron Age
reports the output Of pig 2ss, $50 tons weekly
The decrease in stocks not held by the great
steel companies is 500 tons. A Pittsburg com
at Valley mill. which is below recent prices
and Gray forge is quoted shade lower at
S-l. bsrS are again Irregular &c Tor com
mon at Pittsburg and &c FOR refined at the
East and plates not exceeding sixty inches
are sold at 2.fc by mills out OF orders. while
II is said &c is shaded at times for No. q
black sheets, but nearly all works still have
orders far ahead and In other specialties prices
The collapse OF London speculation dropped
the quotation OF tin TO 2tc here. with recovery
to 25l4c. and copper is weak at 1s%c but
lead is a shade stronger.
The boot and shoe works are fastening de-
liveries 10 meet the enormous consuming de-
cases in two weeks Of December, against .52 =
Cos last year and still less I'm any other year
except 1897. when isl. S24 cases shipped.
The same dealers who urge early delivery on
past orders at lower prices are slow TO place
more at the higher prices asked. while
most OF the works holding orders for some
time ahead are not anxious TO take more 81
present.
The approaching holidays make all welcome
a season OF quiet. Leather continues very
strong. with scanty supplies OF sole but great
The movement Of wheat is Disappointing but
prices have declined only &c, with corn a
fraction higher. Atlantic exports OF wheat
-four included. have in two weeks OF Deem
Der been only 5.32s 6O4 bushels. against l1.12s.-
45s bushels last year, and Pacific exports were
1901. $50 bushels. against l2gS. 5i bushels last
year. Shrnkage in Western receipts only s.
s75. 725 bushels. having come forward in two
weeks. against Il. 7iS AL bushels last year Is
remarkable though the movement then was
abnormal
81. 500 600. which. with the losses Of $500, 600 IN
provisions and Sl3 00O, 900 in cotton lowered the
value Of staple exports SIS. .5s7 in spite OF
an increase Of s2.000.O00 in oil. But enormous
shipments OF products made the excess OF eX-
ports over imports more than 100000 for the
month.
Wool did not advance further. though sales
scarcely diminish and have been %. 075. 900
pounds in two weeks at the three chief mar
kets so far exceeding all consuming 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 good appear, though in some
heavy weights for fall advances Of 10 to is
per cent are reported
Failures for the week were 2ls in the United
States. against PSI last year. and 20 in Canada.
against 81 last year.