The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-06-11
Confidence Inspired BY Events at
Santiago.
ABUNDANCE OF MONEY
BIG BALANCE FROM EUROPE Is
STILL UNSETTLED.
Iron and Steel Production Has De-
creased, But There Is No Falling
Off In Consumption-Woolen
Manufacturers Are Buying No
Wool, and the Sales Are Light

New York, June 10.-R. G. Dun &
Co.'S weekly review of trade will say
tomorrow: The certainty that the
Spanish Atlantic fleet is imprisoned and
powerless to do harm has helped to
make the tone of markets more conf
dent. Every step of progress during
the week which has looked toward an
early termination of the struggle has
beer reflected in the market and in
lower rates for money. All industries
have felt the uplifting influence. In
finances the growing anxiety TO lend
on even long time exchange at low
rates in place of shipments of gold to
this country, begins to accumulate a
standing credit in favor of the United
States. A stronger situation it would
be difficult to describe. Men have been
buying and selling stocks with some
blindness, though the course of events
has all the time warranted a higher
market Other countries have yet to
pay in some way an enormous balance
to the United States on merchandise
transactions. and it viii save specu-
la-ors much trouble and loss to keep
the fact in mind.
Men talk as if wheat had gone down
out of sight, but the collapse of the
May speculation has only made it more
evident that the outside world requires
nearly, if not quite all the wheat this
country can spare. Last weeks Allan
tic e. PORTS, flour included, were 4,206, 293
bushels, against 1,634, SOP bushels last
year, and Pacific exports were 253, 213,
against 125.212 last year, and it is close
to the end of the season. Over 210,000,-
000 bushels of wheat has already been
exported, and almost 200, 600 900 bush
els of cord, Aba, 800 bushels during the
past week, against 1,787, 035 last year,
and the market is justified in feeling
that those who have gone so far beyond
all precedent in defying current reports
are entitled to pay for it.
Iron and steel production has de-
have stopped for repairs. Yet the
weekly output June 1, 225,337 tons,
against 234 l63 tons May 1, with the
uLSold stocks, which decreased S,142
tons during the month, indicate a con-
sumption weekly of 239,S76 tons, against
22S, 25S tons in April, so that the ablest
iron journals are in error in saying that
the apparent consumption does not
keep pace with the production of L.
UOO,OVO LUIS IIOl4lllAy GdOlCiA Illcl hClS
are much more embarrassed than be-
fore, while the western are crowded be-
yond all precedent. But prices are not
changing in either section.
The wooden manufacturers are buying
no wool and the sales at the three chief
markets during the past week were
only 2.549, 500 pounds, against 4.S7S7 $50
pounds in 1892. But the demand for
goods proves somewhat better in many
directions than was expected. and the
government requirements have COM
PEELED some manufacturers to buy
somewhat largely grades of wool which |
they had not expected to require. The /
auction sale of carpets, resulting in
prices said to average so per cent be- |
low the last quotations, does not en-
courage buying, and in carpet woods the |
market is decidedly tame.
Failures for the week have been 2O3 |
in the United States, against 262 last