New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-05-13

many cents from the present level farmers will
secure large profits. Cotton and sugar planta-
tions also promise we'll. and with ample funds
In the hands of producers there is assured
continuation of active trade
Staple products retain much of the activity In
speculation, although price changes have been
less extensive. After dropping below the top
point the Chicago corn market became less fe-
verish. Strength is still conspicuous. however,
and traders are not disposed to take an ag-
gressive position the short side Movement
from the farms continues light. and heavier re-
ceipts of hogs indicate that there is no excess
of fodder available. Wheat is HIGH despite
bright crop prospects, foreign purchases alb
sorbing offerings promptly Cotton dropped
TO the lowest price of the season, and reports
from the South point to enormous acreage.
Coffee is now about IL cents below the price
at this time last year, and the difference is
fully warranted by receipts at Brazil ports and
expectation of another enormous yield this
year Though producers at the new oil fields
have agreed to limit output prices declined
still further and 90 cents below the
high point last year.
1t is such common occurrence to
records these days that there is danger of over
looking points of vital Importance. Statistics OF
mig iron output and stocks must not be ignored,
for conditions in the leading manufacturing
industry are manifested by the movement of
material On May 1 all previous records OF
pig iron production were surpassed. the weekly
capacity of furnaces in blast being over three
hundred thousand TONS for the first time in
the countrys history. If this output. at the
rate of $4,000 tons yearly was accompanied
by accumulation Of stocks there would be rea-
son for alarm. but. on the contrary there has
been a steady decrease, amounting to 116O61
tons since the year opened; whereas in the same
four months of 1900. with slightly smaller
output furnace stocks rose 112,S 1871 tons 1t is
this wonderful demand that sustains prices and
gives little reason to anticipate such a collapse
as occurred year ago. Finished steel mills
are from two to three months behind orders
and while the market is more quiet the tone
continues firm. Over fifteen million tons of iron
ore have been placed but navigation the
lakes is still delayed. Connellsville coke ovens
exceed all records of production to meet the de-
mand from iron furnaces.
Manufacturers Of cotton goods ALLOW, many
spndles to stand idle. and manifest little dis
position TO secure raw material beyond immedi-
ate needs The fall in cotton has been most
disastrous to mills that have goods made from
material purchased earlier in the season at
p per cent higher prices than prevail. and
with the market in it's present uncertain con-
ditiOn there is desire to anticipate future
neeuS IN tIe WOOilen INDUSTRY the ract tnaC
prices of domestic wool are IS per cent lower
than year ago does not accelerate operations
because the heavy clip coming forward on a
market already Overstocked. promises still bet
ter terms. New England shoe shops have good
contracts on hand. and shipments from the
East exceed all recent records. Earlier In the
year there heavy decrease in movement
compared with 1900 but now the difference is
trhng and all other years are far behind.
Stock brokers have experienced a memorable
week. in which the widest excitement prevailed
and price fluctuations were the most remarkable
in the history of Wall Street. Northern Pa
ciflc was the storm centre. and it's gyrations
were too swift TO follow. even with eyes trained
by the erratic market OF the last few months.
The whole market affected by the I'M
precedented change in this one stock. and
after establishing new high record OF STOP ~
at the close on Monday the sixty most
active railways fell to $50 - at the bottom
point on Thursday. Many spectators decided
that the pace too fast. while the large mar
gins and high rates of interest drove all small
operators out OF the market. Sales of other
stocks to protect the short account in Northern
Pacific undoubtedly started the decline, but
the recent persistent advance throughout the
entire list had inflated prices 10 a point where
reaction was inevitable.