The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-12-16

CAPITALIZATION
RESPONSIBLE.
For Much o. the Financial FURRY On
Both Sides of tho
THE PRODUCTION EXPANDING
In the Iron Trade With aeG,e19
Tons weekly, Dec 4, Against
1es,baa In NoysmheE

NEW york. Dhe lB,-R. q. Dun .
Co.'s weakly review Of trade WIN .aaN
In to-morrow'B issue,
Unusual depression IN atocin this
week has displayed the great divers
gence between the trading and the:prp-
ductive industries Of the country ana
It's speculation. Never hal production
been creator, number OF hands employ
ed larger, the wages distributed highsr
or the purchasing power, based upoa
earnings, greater than Gt this tina,
ana never have conditions Of trade o.
returns Of earnings and tFattie given
certainty Of greater business for trans
portera. Yet a. the earninE8 oe the
railway ana manufacturing companies
mount upward their stocks direct e f
It we're disastrous for q read % doHhla
Its earnings and ruinoua for . mill TO
realize unprecedented profits.
Inhatod capitalization has, Of course
done much harm, and speculative e1-
citement hns counted profits In many
cases long before they were eapned.
Money markets here and abroad have
been strained by British reverseS in
South Africa, and wherever they were
overloaded have been pushed 70 quick
and disastrous instead Of gradual liQ-
uidatIon. The result Is that while In.
duatries and Transporting companies
realize great profits. the speculative
holders Of their stocks realize severe
losses.
Iron production Is still expanded. The
Iron Age reports the output Of pig iron
at 2ss,s5s tons weekly December !,
aRalnst 1Ss,529 November /, and the de-
crease in stocks not held by the great
steel companies 5.O22 tons. a Pitts
burgh company bought 10000 tons Bes-
semer for s2l at Valley mills, which 10
below recsnt prices, and grey forge is
quoted shade lower, at S2l. Bars are
again Irregular, al for common at
Pittsburgh, and "a for refined at the
east and plates not exceeding 90 inchulr
are sold az $50 by mills out Of orderB,
while 1t Is said that 1856 cents is shaded
at times for No. q black sheets, but
nearly ali works stu have orders far
ahead, and In other specl0lties prices
are unchanged. The collapse Of Ions
don speculation dropped the quotation
OF tin to "a cents here. with recovery
to 2sN cents. ana copper Is weak at
l6& cents, but lead 10 shade stronger.
The boot and shoe works are hasten
ing deliveries to met the enormous de-
mand. and have shipped from Boston
1856, ,4s1 cases In two weeks Of December,
against 152.Gss last year. and stu leSs
in any other year. except 1891, when
1s1, 1924 cases were shipped. The saIne
dealers who urge early deliveries on
past orders at lower prices are slow
to place more at the higher prices now
asked, while most OF the works. hav-
ing orders for some time ahead. sro not
anxious to take more at present. The
approach OF the holidays makes all Wel-
come a season OF quiet. Leather oou-
tinues very strong, with scanty sup-
plies OF sole, but great demand for up
per.
The movement Of wheat Is dlsap-
pointing, but prices have declined only
H cent, with corn fraction higher.
Atlantic exports Of wheat. hour INCLUDE
ed. have been in two weeks Of December
only 5,32S,e6s bushels, against u.12s,t6a
last year. and Pacific exports, 1,5Oi,ss2
bushels. against 1.2ss,514 last year. The
shrinkage In western supplies, only
s,s75.725 bushels having come forward
in two weeks, against 17.7ls,411 last
year. is remarkable, though the move
ment thea was abnormal.
Exports OF breadstufEs la November
decreased SE.5OOoOO, which with lossea
Of 100000 in provisions and $1s.OOoOeO
In cotton lowered the value Of staple
exports &15.2S7,567. in spite OF an in-
crease OF $4,000 900 in oil. But enormous
shipments OF manufacturers products
made the excess Of imports over exports
more than As.OOO,OOO for the month.
In spite OF an advance OF 81 cents In
prices cotton exports in November de-
creased Sls,020,OOO in value, amounting
to only 7i0,S5l bales, against 1.4O3,lRs
last year. Prices do not change this
week. even believers in short crop
thinking II as well to wait in view OF
the small demand. The goods market
was strong. with some further advance
In price. Wool did not advance farther
though sales scarcely diminish. and
have been 22.O75.OOO pounds in two
weeks at the three chief marketA so fur
exceeding all consuming demands that
speculation must still account for most
Of the business, but there was less ex>
cltement hud 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 cont, ere reported.
Failures for the week were 2iS in the
United states, against ssl last year,
and 2s in Canada, against 81 last year.
Weather Forecast for To-day.