The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-12-16
Industries Expand While Spe.
cuIatorS Go Down Grade.
FEW W0RKMEN ARE lDLI
NEVER HAS PRODUCTION BEEN
GREATER THAN NOW.
THE MONEY MARKETS STRAINED BY WAF
Inflated Capitalization Has Dune Much Harm,
and Speculative Excitement Has in Many
Cases Counted Profits Long Be-
fore Thov Wore Farnad.
fore They Were Earned.

fore They We're Earned
New York, Dec 15.-R. g. DUN and
Company's Weekly Review of Trade will
say in tomorrow's issue:
Unusual depression in stocks this week
has displayed the great divergence be-
tween the trading and the productive in
dustIies of the country and its specula-
tion. Never has production been greater.
the number of hands employed larger,
the wages distributed higher, or The pur-
chasing power based upon earnings,
greater, than at this time, and never
have conditions of trade or returns of
earnings and traffic given certainty OF
greater business for transporters. Yet,
as the earnings of the railway and man
ufactuIing companies mount upward their
stocks decline as if it were disastrous
for a road to double its earnings, and
ruinous for a mill to realize Tnprecedent-
ed profits.
Initiated capitalization has, of course
done much HARM and speculative excite
ment 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 We're overload
ed have been pushed to quick and lisas
trous instead of gradual liquidation. The
result is that while industries and trans
porting 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 236,-
800 tons weekly December LIST, against
2SS,522 November LIST, and the decrease
in stocks not held by the great steel com
panies was 300, tons. A Pittsblng
company bought 10000 tons Bessener for
sd at Valley Mills which is below re-
cent prices. and grey forge is quoted a
shade lower at S21. Bars are again r.
regular, IL for common at Pfttsburg
and % for refined at the East, and
plates not exceeding sixty inches are sold
at $50 by mills out of orders, while it
is said that 2.S5 cents is shaded at times
for No. ~ black sheets, but nearly ali
works still have orders far ahead, and
in other tSpecialties prices are unchanged.
The collapse of London speculation drop
ped the quotation of tin to n cents here.
with recovery to 2JL4, and copper is weak
at 1UsA cents, but lead lis a shade stronger.
THE boot and shoe works are hasten
ing deliveries to meet the enormous con-
suming demand, and have shipped from
Boston 1S6,421 cases in two weeks OF
December against 152 e63 last year. and
still less in any other year, except 1857,
when 1854 cases were shipped. The
same 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, having
orders for some time ahead. are not anx-
ious to take more at present. The APP
proach Of the holidays makes all welcome
a season of quiet. Leather continues
very strong with scanty supplies of sole,
hut great demand for upper.
THE movement of wheat is disap-
pointing, but prices have declined only
&c. with corn a fraction higher. Allan
tic exports of wheat, -four included. have
BEEN in two weeks of December, only 3
32S. 2G9 bushels, against 11.129,459 last
year, and Pacific exports, 1,501,9 $50 nllsh-
els, against 1,29S.514 last year. Shrink
age in Western receipts only 1915, I25
bushels having come forward in two
weeks, against 17,74S,411 last year. Is
remarkable, though the movement then
was abnormal
Exports Of bresdstuffs In November
decreased S3,500,000 which with losses
Of 100000 in provisions and $13.000,U00l
in cotton lowered the value of staple |
exports $18337,567, i'm spite of an i'm |
crease Of S2,000,000 in oil. But enor-
nous shipments of manufactured pro-
ducts made the excess of exports over
imports more than $49,000000 for the
month.
..In spite of an advance of 81 cents
in prices cotton exports in November de-
creased S13.020,926 in value, amounting
to only 710,351 bales, against 1882 16l
last year. Prices do not change this
week, even believers in a short crop
thinking it as we'll to wait in view OF lie
small demand. The dry goods market was
strong with some further advances in
price Wool did not advance further,
though sales scarcely diminish and have
25.0I7 900 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 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 reported.
Failures for the week were 21S in
the United States, against POI last year
and rs in Canada against 81 last year.