New-York tribune., 1900-11-26


and those OF 1898 by 1872 per cent. That ac-
ceIerated activity in Wall Street is not mainly
responsible for the difference is demonstrated
by gains Of Al per cent over last year ana oo'
per cent over 1898 at Chicago 9.1 and $40 al
Philadelphia As and 501 at Boston 161 ana
50 at Baltimore. 1871 and 135 at Pittsburg 1oo
and 574 at Cincinnati. 16.1 and 648 at Cleve-
land 1913 and 80 at st. Louis. 23T and 1856 at
Kansas CITY, and SIS and 1871 at New Orleans.
These percentages of increase over the same
week last year and two years ago, as published
by "Dun's Review" tell the story most elo-
quenty.
Railway earnings also worthy of study,
owing to peculiar conditions in some sections.
A year ago the movement was heavier than In
any previous November. despite some shortage
in the cotton crop. This year there Is again
complaint of loss in the principal yield of the
Southern States, while spring wheat sections
have also suffered severely. and the granger
roads report a loss of 1876 per cent. Neverthe-
less the aggregate for the country Is slightly
larger than last November. and more than 10
per cent in excess of the figures of two years
ago. Moreover. the movement OF merchandise
is so heavy as to embarrass the railroads, and
at many points there is serious interruption to
traffic while inability to secure freight cars
has made necessary the cancellation of some
contracts where immediate delivery was speci-
business could be done we're facilities available
in proportion to the business offered by ship
pers.
Stock SPECTATORS investors and brokers
should be thankful that at last moderate re-
action has appeared Stimulants are exhila-
rating, but constant diet of intOXicants brings
a complete collapse Two months ago the mar
ket started on an upward movement that did not
receive single setback until Friday last Dur
ing the advance the sixty most active railway
securities gained average of $1O23 a share.
making the top point S1S So. 1t is necessary 10
go back eighteen years to find these stocks so
high. The top point of the last seventeen years
September 3 1899 when the average was
50 80 lower than last Tuesday. The gain
still greater in the ten most active indus
trials. which rose SIC "a in about two months,
and the five most active gas and traction
shares gained S26 %. During the closing,
days of last week railways lost an aver
age of 60 cents share. ndustrials 81 ~
and other stocks 81 AZ. A number of small
failures have occurred among operators who
tried to resist the advance. The outlook has not
altered during the last few days and prosperous
conditions make good dividend paying shares
desirable permanent investment. while many
common stocks will undoubtedly receive a share
of the profits in successful companies. which
Moderate advances in quotations of pig iron
appear warranted by the vigorous demand and
there is reason TO expect a further reduction
in furnace stocks this month. although many
idle concerns have resumed operation. and pro-
duction Will undoubtedly increase. Manufact-
urers of railway cars have large orders and IN
all lines of finished material there is activity.
While domestic prices frmer. 1t is known
that some export contracts have been made at
lower terms to meet reductions abroad Not
withstanding our competition. the German pro-
duction Of pig iron in October reached a record
breaking total of 72O tons. The closing of
the Rogers Locomotive Works was not an ad-
verse sign. it due to peculiar conditions
attached to the proposed sale. Boot and shoe
makers have at last secured small advances in
prices of few grades, but the bulk of new
business is still done at old prices, notwith-
standing further gains in nearly all kinds of
hides. Wool sales have decreased because of
light purchases by manufacturers who are doing
little account of the mild weather. Cotton
goods in only fair demand, and prices are
not fixed for far distant deliveries owing to the
erratic material.
Nothing has appeared as to the cotton
supply or demand, and Mr.. Neilrs estimate was
anticipated Yet the last week has brought
advance to 1014 cents. Since September 1
2O2,O12 bales cotton has come into sight
than year ago, while Northern spnners have
taken 2lI,3SI bales less and Southern Consump-
tion has also decreased Exports to great Brit
ain continue larger than year ago. but other
shipments decrease. After a few trihing fuctua-
tions wheat closed unchanged. but manipulation
in the Chicago market caused an advance here
of II cents in corn. The price is now five cents
higher than it was year ago. and exports eX-
hibit a corresponding loss. An interesting feat
of the produce markets the reduction in
refined sugar by independent concerns. which
the trust failed to meet. Raw grades are steady,
but in rather free supply, which partly explains
the decline although a more probable explana-
ton is the competition between the same con-
Germs in roasted coffee. Consumers are getting
the benefit of these reductions. After stubbornly
resisting the influence of increasing supplies
for many weeks. Rio coffee has at last fallen to
a more reasonable figure.