New-York tribune., 1901-10-14
stead OF breaking down the Boer resistance It may
lead only 10 repr1sals IN kind.
INDUSTRIAL DEPRESSION IN GERMANY.
DEsPoNDENCY ON THE BOERsE OVER DIS
COURAGING ANNOUNCEMENTS.

COURAGING ANNOUNCEMENTS.
Berlin. Oct 1S.-"After the brief revival which
marked the week previous" begins the Frank
furter Zeitung's' Boerse report, there followed
last week complete depression and dependency
worse than had been thought possible. The opti-
1nistic hopes which many had begun to cherish
again proved deceptive. Neither in industry nor
anywhere else the slightest trace OF pernna-
nent Improvement perceptible. On the contrary
such strikingy bad news came that there is aoso-
lutely for wonder that universal de-
spondency is increasing
The bad referred TO was the reduction or
dividends the passing of the same by many
first class companies in the iron trade Such IN
stances are multiplying Moreover, the annual re-
ports Of the iron companies express gloomy views
as to situation. declaring that the crisis has
not vet been reached The strongest proof of de-
clining consumption is supplied by each day $
events. The home market places but few orders,
and the companies therefore compelled to work
on foreign orders at Improbable prices The
Rothe & Erde Iron Works passed the dividend.
as compared with declaration Of II per cent last
year. The Huldschinsky Iron Works declared a
dividend of per cent, against II last year, ana
the Bochum & Gusstahl Iron Works declared 1S l-3
per cent. against 16 2-3 per cent last year The
latter reports orders on hand for 7OO0 tons as
compared with orders for $4,000 tons at the same
time in 1900. Iron shares fell heavily upon these
announcements, and there was considerable snort
Coal shares were weak on the arrival of Ameri-
@ coa G0 @rices depressed shares 1t is believed that
coal at Stettin. partly for Berlin. will prove the
forerunner of good business A large Berlin dealer
went to New-York a few days ago. intending TO
order from 100 100000 tons of anthracite coal
Transatlantic securities generally neglected,
with the exception of Canadians and Northern
Paciics The tendency for the first half of the
week downward. upon heavy realizatlons. es-
pecially in Canadians. But strong reaction in
both classes OF shares occurred on Friday: and
this was maintained Yesterday, Canadians closing
al 109 81 and Northern PacifcS at 9S
Domestic loans weak upon rumors or new
imperial loans and private sale of thlrty-hve
millions OF 3 per cents already sanctioned. 1t Is
seIn-officiay admitted that large German loans
may be expected next spring. The Russian rail-
way loan issued on Thursday a great success.
and is already quoted well above the issue price.
Other Russian securities were sold In exchange
for il.
The meeting Of the creditors OF the Mecklen-
burg-Strelitz Mortgage Bank resulted in decision
which is equivalent to gradual liquidation by the
holders of the obligations
The production Of sugar during September
was 63 l5S tons compared with SSlS3 in Septenl-
ber 1900 and that of refined sugar was 1857 tons.
as compared with 30 800 tons in September OF last
year. The Central Blatt fuer die Zucker-lnd
trie'' estimates Europe's production as follows:
Germany. 2125 10000 tons; Austria. 125 900 600 tons;
France. 1I90 C0Oo0 tons; Russia. 1C0O.eoO00 tons;
Belgium. $50. .OO0000 tons: Holland. 2000oo00 tons,
and countries 450 10000 tons; total $4,000 90
tons. against 6069.Oo0OCO tons last year. The
improvement in the sugar market continues.
Dusseldorf will issue a loan of 2000O0 marks.