The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-06-18
CONDITION OF TRADE
Dun's Review Of Financial And In
dustrial Operations.
SUCCESS OF THE LOAN
WILL HAVE GOOD EFFECT ON
FOREIGN OPINION.
Enormous Trade Balance and Gold
Imports Are Significant Factors of
the Situation-Prospects of a Big
Wheat Crop-Wool Sales Are Light
Pig Iron Dull.

New York, June 17.-R. G. Dun & Co. S
Weekly Review of Trade will say tomor-
row:
The passing of the war tax bill, the Of
ferings of bonds and the collapse of Letter
and cash wheat ;iave made the week
somewhat exciting. In spite of some lea
lures which cannot be justified. the tax
bill was approved, as probably the pest
that could be obtained from congress TINS
year, ana gave assurance OF needed rev
enue for the emergency. Its bonds provl-
sion has already called forth offers for
more than three times the amount deslr-
ed, and IL Will PROBABLY prove the most
successful loan ever invited by the United
States. A great victory in the field could
hardly be more important, and especially
in its influence on foreign opinion. Not
less significant was the excess OF exports
over imports in May by S56,9S0, 3o9 making
mercantile balance in favor OF the
United States of $5l1, 1884, 37 in IL months
gold were S102. 026,9S9 though in no pre-
vious fiscal year. have the net imports of
gold exceeded $97. 1855, 127, in 1882.
Not less important is the official snow
ing that this nation has supplied to oth-
ers 10,05S, 20S bushels of wheat, and 2Oi 00O.-
600 bushels of corn in 11i5 months without
checking receipts from farmers, and sees
wheat fall 20 cents in week because a
crop is promised greater than the last by
100.O00.000 bushels This decline would
have come SCORER had not Letter looked
for larger gains, but the benefit to this
country by the average advance OF nearly
25 cents for the crop year on wheat eX-
ported has been about S4S,OOO,OO0, and to
producers much greater. In corn on the
other hand, the cash price has declined
only l cent. and the demand continues
extraordinary, western receipts amount
ing to 1892 bushels, against 1913. 134
last year, and exports amounting to $685.
600 bushels, against lS21, 44S last year
There is a. stronger market for wool
abroad, which, with western excitement,
makes quotations of 100 qualities by
Coates Bros. of cent higher than June
l. but there is scarcely any buying by
manufacturers, who are in doubt about
the coming season and have few new or
ders, except in army lines. The break IN
the price of 16-ounce clay worsted to $l2o
has somewhat discourse ed what promised
to be healthy market.
Sales of wool are made extremely mar
row by the wide differences between eX-
cited western holders and manufacturers,
face.
Pig iron is extremely dull, though Bes-
semer holds last weeks advance, and
other grades are not quotably lower. No
decline in consumption appears, and while
bars are weak, with short time the rule in
eastern mills, they advanced 219c at Pitts
son contracts still coming from wagon,
car and other manufacturers. Heavy
sheets are better at the east, but thin are
not better anywhere. Structural works
are full for the summer, and have had
two remarkably good weeks at Chicago
with building and bridge orders. Plate
mills are we'll employed and at Chicago
the demand for pipe is better. especially
from the Pacific coast. Shipments from
there of rails in May included Some to
Sweden, Belgium, South Africa, Siberia
and three other countries. while orders
from Calcutta have just been taken. The
anthracite coal output in May exceeded
the allotment by 1873 per cent.
Failures for the week have been 223 in
the United States. against 2S4 last year,
and 20 in Canada. against 36 last year.