New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-19


stocks about 81 share during the last week. In
spite OF magnificent reports of profits realized
last year by the unprecedented advance in steel.
which some simple minded persons have re-
garded as evidence OF the earning power OF
manufacturing companies. What they earned
cannot be known until they have passed through
a corresponding period of fall In prices.
No such fall has yet begun, for the average of
prices for finished products of iron though
slightly lower than It on November l. is
precisely what IL at the end OF last year.
while pig iron is held Ia per cent lower notwith-
standing the excess of output over consumption
in January. Several great furnaces. begun last
year. about to increase the output. one,
yielding six hundred tons daily, having started
last week. but even at present prices there were
some sales of pig last week for export. The de-
fciency of material in this industry has not
been confined to the United States. and, when
European scarcity of coal is considered, may last
longer than any have expected. A slight yielding
in Eastern plates the only change last week,
sheets being supported by the consolidation of
twenty-five concerns said to have 100 mills,
though four important concerns. said to have
hfty-fve mills, remained outside. People in the
business all realize that the fight between the
Frck and Carnegie parties may have far
reaching consequences. but the support Of MIR.
Frck by Mr. Phipps the former partner in
Carnegie. Phipps & Co., and the largest
stakeholder besides Mr.. Carnegie, and by 9TH
very close TO him. is supposed to Indicate
that a settlement may somehow be reached
The rise of cotton to S1s cents is met by re-
ceipts from plantations amounting to 437,1G9
bales in two weeks, against 1897 last year.
while exports were only 26707J bales, against
313O16 last year. Ellison reports European
mill stocks at I750OO bales of 500 pounds.
against $4,000 last year, which makes foreign
commercial and mill stocks February 1 in
clude about 2,405, 600 bales of American, against
1914 900 bales last year. while American COM
mercial stocks are now 1.741,OOO bales. against
1925 900 last year. Whether wisely not,
Europe is using up cheaper cotton and letting
Americans carry over 100000 bales more than
a year ago. Ellison estimates European con-
sumption OF American cotton at 6,345,0OO bales
for the entire year of which 3 CAT 542 have now
been exported. and he reckons that with reduc
ton OF 100000 bales the consumption would
still cut down foreign commercial and mill
stocks to S91 600 bales on October l. But no
considerations or facts either way have much in
fuence in a speculative market If it breaks
loose
In two weeks exports Of wheat and -four have
been 6736426 bushels. against S,235,271 last
year. which, with much more for the next
two weeks and the quantity officially returned
as exported in seven months ending with Feb
ruary. would make about 124, 900 bushels.
against 1855. 100000 last year. AS consumption
and seed for the year will require about
4O0OO0000 bushels out of the 041. 100000 off,
cially called the crop 1t might be supposed
that exports would have TO stop quickly, but
they probably will not. Accounts from Kansas
and some other States appear TO indicate that
larger quantities remain to come forward than
have been expected, and after quite rise last
all ho1I- 1IA a1o
the 10TH Holders Of wool have also been con-
siderably excited by the storm and the reported
demand for winter woollens, but numerous can
ceations also appear and prices have not ad-
vanced. Some who lately thought the rise could
have no end now admit belief that the highest
point has been passed.
The signs are decidedly better for the boot
and shoe manufacture, because sales OF 100000
sides hemlock sole reported at a reduction
of half cent, with the same in split. Since jan
uary II the decline has been to per cent in
such grades, and hides at Chicago are more than
the shoe factories are about out of orders and
jobbers have persistently refused to give more
than enough to barely cover their current neces-
sites, some concessions in prices asked by man
ufacturers may now result. The shipments from
the East have continued larger than in any other
year, notwithstanding the enormous growth of
the business at the West. and particularly at
such cities st. Louis but the new business
has been narrow. Nor has this feature been con-
fined to one industry There has been general
hesitation in order to see whether the upward
rush of prices in 1899 was to continue. IT does
not yet appear that in any other sense the con-
Stunning demand has diminished