The Topeka state journal., 1899-12-16
ANOMALOUS SITUATION.
As Profits Increase Prices of Stocks
Decline In the Market.

New York, Dec. 16-R G. Dun &
Co s Weekly Review of Trade says:
Unusual depression in stocks this
week has displayed the great divergence
between the trading and the productive
industries of the country and its spec
ulatiOn. Never has production been
greater the number of hands employed
larger, the wages distributed higher, or
the purchasing power, based upon earn
ings, greater than at this time ana
never have conditions of trade or re-
turns of earnings and traffic given GER
tainty of greater business for transpor-
tors. Yet as the earnings of the rail-
way and manufacturing companies
mount upward their stocks decline as
if it were disastrous for a road to dou-
BILE its earnings and ruinOus for a mill
to realize unprecedented profits
Inflated capitalization has of course
done much harm and speculative ex-
citement 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
overloaded have been pushed to quick
and disastrous instead of gradual l1qul-
datiOn. The result is that While the IN
dustries and transporting companies
realize great profits, the speculative
holders of their stocks realize severe
losses.
Iron production still expands. The
Iron Age reports the output of pig 1885,
959 tons weekly December l, against
288, ,522 November 1, and the decrease IN
panies 5,O20 tons. A Pittsburg com
pany bought 10000 tons bessener for
S24 at Valley mill, which is below re-
cent prices and grey forge is quoted
a shade lower at $21. Bars are again
irregular, 81 for common at PIttSburg
and p for refined at the east and plates
not exceeding sixty inches are sofa at
2.30 by mills out OF orders, Wnlle II -
said that PA cents is shaded at times
for number 27 black sheets, but nearly
all works still have orders far ahead
.Tr,T 4fr.ar vNrrT1E n n
changed. The collapse of London spec
ulatiOn dropped the quotation OF TIN
to "a cents here, with recovery to TWEEN
ty-five and a quarter, and copper is
weak at 1634, but lead is a shade
stronger.
The boot and shoe works are hasten
ing deliveries to meet the enormous
consuming demand and have shlpped
from Boston 1856, ,421 cases in two weeks
of December, against 15266S last year
and still less in any other year, except
1897, when 191, ,S24 cases We're shlppeu-
The same dealers who urge early de-
Iiveries on past orders at lower prices
are slow to place more at the higher
prices now asked. while most of the
works holding orders for some time
ahead are not anxious to take more at
present.
The approaching holidays make all
welcome a season of quiet Leather
continues very strong, with scanty sup
plies of sole, but great demands for
upper. The movement of wheat IS DIS
appointing, but prices have declined
only 81 with corn a fraction higher.
Atlantic exports of wheat, flour includ-
ed. have been in two weeks of Decem-
ber only 1928, 604 bushels against l1,l29,-
459 last year and Pacific exports 150l,-
982 bushels, against 1925, ,514 last year.
Shrinkage in western receipts only
1875. .725 bushels having come forward
in two weeks, against 17,148,4l1 last
year, is remarkable, though the move
ment then was abnormal
n hTRa0ErUffS NOVeDQ
decreased SO, 500 600 which, with losses
of 5000 900 in provisions and 100000
in cotton. lowered the value OF staple
exports $15, ,337, ,567 in spite of an in
crease of 81, 600 600 in oil, but enormous
shipments Of products made the excess
of exports over imports more than S49,-
600 900 for the month. In spite of an
advance of 21 cents in prices cotton ex-
ports in November decreased $l3,O20,-
926 in value, amounting to only 4O,-
351 bales, against 1,4S3,156 last year.
Prices do not change this week, even
believers in a short crop thinking 1t as
we'll to wait in view of the small de-
mand. The dry goods market was
strong with some further advances in
price.
/ Wool did not advance further, though
sales scarcely diminished and have been
q. .O75 900 pounds in two weeks at the
three chief markets, SO far exceeding
all consuming demands that specula-
ton must still account for most of the
business, but there was less excitement
and more buying by small works Nc
| 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 218 in the
| United States against 261 last year and
| 26 in Canada, against 81 last year.
Accidentally Killed While Bunting
Fort Scott. Kan, Dec. 16-Dr. F. G.
| Rafuer, a prominent young physician OF
Fort Scott accidentally shot himself
| Friday while hunting a few miles from
| the city.