New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-12
itself before the enlightened Judgment of man.
HONEY AND BUSINESS.


cepting speculation and the manufacture of new
corporations. in which the actual output is not
greater thus far this year than last The de-
mand for corporations moreover is him
dered. like the demand for new ships and rails.
only by the ability OF the manufacturing con-
Germs The promoters have any number well adj
vanced on paper, which need only another season
of popular appetite for unknown securities to
make them GO In the absence of that appetite
the company production of the year thus far
has been inconveniently restricted for specula-
tors, and small compared with that of last year
Heavy realizing sales followed the rise of indus
trial stocks noticed last week. and the average
of prices for the more active has declined Al
cents share The Street stocks pursued the
uneven tenor of their way during the last week
rising on the whole, with plenty of rumors to
help Tobacco stock rose about as much as
Sugar fell sales of each running close to ZoO.ooO
shares while the steel concerns fell below lOoOVO
shares EACH with little change In prices
Railroad stocks are learning to walk again
without depending entirely on the temper OF
speculation in trusts" Earnings are heiplns'
the increase over last year reported by The
Financial Chronicle on 30 800 miles being 1914
per cent. But its figures include Canadian ana
Mexican reads; the gain on United States roads
Is Al per cent over last year and 1926 per cent
higher than year ago and barely per cent
higher than in 1892 such returns Justify much
confidence, and the reports OF an unusual num-
Der of prominent roads have recently shown sur
prIsing gains Nor do these appear to be due to
the advance in rates. for the eastbound tonnage
from Chicago in five weeks has amounted TO
6S4 357 against COZ. 1891 last year, gain OF IZ.o
per cent. and 618376 in the same weeks Of 1872
a gain of IL per cent. Yet the selling to realize
profits neutralized the rise in some important
roads and caused the average of prices to de-
clire for the week IS cents share.
The weekly output Of pig iron was 29S'ol4
tons on February 1. according to The Iron
Age" against 294. 1856 tons on January /. and the
unsoId stocks increased during the month ZO'5Jo
TONS a report which means that all the in
crease in output and somewhat more has gone
into surplus It is probable that the consuming
works which can stop for day two as the
furnaces cannot were really consuming more
when fully at work than the report indicates
but that is fact at all times, and unless eX-
ports and imports differed materially from those
Of December. the actual consumption in manu-
facture during January was about 563 tons daily
less than the opening production and 100 tons
daily less than the output on February l. The
official report of consumption last year was
slightly defective, as the exports and imports in
appears that with a production of 1850, 1O3
tons the quantity actually consumed was 49,
11S, $40 tons, the net exports for the year 1885,.
SIS tons, and 15S, 146 tons besides having been
taken from stocks hand when the year
began.
Speculation in cotton met check on Friday,
after rushing the price up to SGD cents from
S31 cents the week before and only 80 cents
just before the year began. 1t Is hard to find
anything in the record of January business to
justify any such rise. 1t happens that in the
same week the receipts from plantations have
passed the seven million mark this year and
the nine million mark last year, and a like coin
cidence occurred in the first week of January.
when receipts this year reached 6,000031 bales.
and last year SO01 916 AS there We're 7,O61, S13
bales last Friday night. against 5000 427 bales
last year, the quantity which has come into sight
has been 1861, 1872 bales. against 1,007 oil bales
in the same weeks of last year. The exports
last year were about equal to receipts in the
same weeks, 1,O66.246 bales. but this year have
been only 29S bales. The takings of North
ern spinners, in spite OF the upward rush in
prices which often frightens many into buying,
were but 3O1, 597 bales against 297 S53 bales in
the same weeks last year. Meanwhile stocks of
American cotton here and abroad in thousands
of bales compare thus with stocks at CORE
spending dates In previous years and with prices
OF middng uplands at New York: