New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-02-26


porous and on the one-third OF American cotton
used here they pay the difference
This is about the only great industry which
has to face rising cost of material 1t is always
a hard time for people who want the truth when
prices begin to yield. Eminent firms and jour
nails continue to quote top prices long after they
have ceased to mean anything. Men who sell
and those who buy all conspire to hide the de-
cline far they can. But 1t is the fact that
about 81 to 81 so ton less is paid for pig iron
than was paid some weeks ago; that a large
proportion of the wool sold goes at two to four
cents secured pound less than was paid in
December: that hides and leather are declining,
and india rubber and also raw silk; that cop
per is lower than in January. though tin is
higher and lead unchanged. A sharp decline in
glass is expected to be followed by another. All
these changes reflect difficulties in marketing
the enormous quantities produced at prices
fixed by last years extraordinary excess OF de-
mand over supply
Cancellation Of orders is sufficient in many
cases to balance new orders taken for woollen
goods. but is possibly more often due to the
effort to turn out cheap goods than makers are
disposed to admit. Recent openings of the high
err priced heavy weight cloths show advances OF
about Is to 20 per cent, instead of the larger
goods but there is no doubt that an enormous
production has been sold on good terms. Some
manufacturers have accepted lower prices for
split boots and shoes than were recently asked,
but the tendency OF leather promises more gen.
eral reduction in footwear. If the Eastern shops
were alone in the business-but they not.
The rapid growth in Western cities gives warn
ing that markets cannot be retained by lndifRer-
ence to the habits of consumers. Considering
the amazing increase in the use of copper for
electric and other purposes it would not seem
strange IL loudly boosted consultations should
advance prices: but since the rise of six cents
which eliminated about May /, 1899, the price
has slowly settled downward with greatly in
creased production.
The combinations in iron and steel hold prices
Of rails. tinplates. structural shapes, wire and
wire nails at the highest points yet reached
The rail mills crowded with orders far
ahead. and some others have their possible out
put for the whole year covered. But in other
branches where new works. part OF the
older have not such business secured, yielding
in prices is not prevented by compacts. Evil
IDENTIFY the wisdom as well as the ability OF new
corporations is likely to be tested this year. for
1t is not to be expected that in all lines alike
last years phenomenal demand will be repeated
while producing capacity in almost every line
has been increased beyond last years maximum
The extension and rebuilding by railroad trans
porting and other great corporations still prom
Use an enormous demand. but individual needs
have such expansion.
Wheat reached 1865 cents on Monday and 77lE
on the 10TH but closed Saturday at 74ss having
lost more than half its rise since early in Janu-
airy. Exports gaining from both coasts in
three weeks they have been 1O.39T. 2T6 bushels
flour included against 1909 $40 last year. MAX
ing 121 100000 bushels for the crop year, against
1G1 100000 10 the same date last year. The
outgo Of corn continues marvellous In three
weeks 9.S3I,419 bushels. against S.297524 last
year. and for the crop year to date about
143OO0Oo0 bushels. against lOS,0OO,OO0 last
year. Moreover, there is generally a good de-
mand for feeding. and prices are often paid
higher than the corn would bring II shipped TO
the seaboard. The reaction in wheat seems due
rather 10 the liberal supplies brought out by the
rise than to any change Of opinion respecting
the future.
Stocks change so little that the average OF the
sixty most active railway issues. S11 So is ex-
actly what It the 18th. only cents a
share higher than on the 10Th. and only II cents
a share lower than on the Sd, practically the
whole advance of 50 % a share from the lowest
point. on December % being retained. The ex-
celent earnings. In February thus far 22.3 per
cent greater than last year and 1871 greater than
In lSiS. would justify something better than
stubborn holding OF prices. But the market
seems to think OF nothing but such wildcats as
Third Avenue. which brought 242 year ago.
10 on December % and 1885 on Saturday. In
Guiding II. six city stocks rose SO 90 a share
from December % to February 3. but have since
declined 81 81 a share. The Industrial stocks
also cause distrust; the average OF forty rose
SO 90 a share from December 22 to February 3
with sensational announcements, but has since
fallen 81 SO a share. including 81 Is last week
The thought that the expansion OF bank loans
over $40 100000 in three weeks, has been largely
for the purpose OF carrying such stocks is not
easily uprooted, for there is ample evidence that
New-York merchants are not so Increasing their
business at any stage which calls for fresh
credits, and that New-York banks have not so
greatly expanded their commercial loans. The
fresh loans may nevertheless be due TO large
financial operations rather than 70 speculation
Meanwhile imports at New-York continue heavy
in three weeks IS per cent more than last year
while the increase in exports from -New-York in
the same weeks has been % per cent data
which point TO another export excess in Feb
ruary of $40. 600 600 or more
-
In the Acts of the Apostles Paul describes
himself as having been brought up lat the feet