The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-01-07
Enormous Stocks OF Last Years
Clip On Hand.
PRICES STILL TOO HIGH
MANUFACTURERS CANNOT BUY
AT PRESENT RATES.
Market Is Gradually Yielding-Iron
Trade Is Booming and Prices of
Finished Products Have Advanced
Mills Refuse Orders From
Abroad-Review of Speculation.

New York. Jan. 6.-R. G. Dun e Co.'S
weekly review of trade will say: The
year begins with the kind of business
demand that counts. For months there
has been a rising demand for materials
but now the crowding demand for fin
ished products begins to advance in the
iron and steel industry about l per
cent, without quotable changes in pig,
! except at the east. Beams have ad-
Vanced 81 per ton, angles, 81, bars. 81,
I and plates strong, with an Australian
order for $4,000 tons refused at Chi
cago because the works are already
overcroWded. Many thousand cars are
covered by orders at Pittsburg. 10000
| tons bars are taken for agricultural
works at Chicago, 105,0O0 tons rails are
taken by the Pennsylvania company.
The Midland Railroad company of Eng
J land has ordered 2uO locomotives from
the Baldwin works, and many other
home and foreign orders are reported.
The demand has never been greater at
the beginning Of the year than it is
now.
While quotations Of wool by Coates
Bros. of Philadelphia average 1893
cents, against POI a year ago. the mar
ket is gradually yielding, because peo-
pie appreciate the magnitude of stocks
OH hand, which the Boston Commercial
Bulletin reports at 291, 100000 pounds.
an increase in its account of 114,000. 600
pounds for the year. Obviously this
means p great movement from the
farms to millerS' stocks and eastern
markets, but prices are not yet low
enough to- encourage the large buying
or consumption by the manufacturers.
The only heavyweight goods yet open
ed are at reduced prices, as has been
expected, and it is still uncertain how
far the trade for the coming season
may Grove satisfactory.
Cotton goods are in fair demand. with
cotton at 5.S7 cents, and while nobody
can guarantee that the price will not
go lower, it is believed by competent
observers that the market for goods Is
SO far relieved of accumulated surplus
that prices are not likely to decline
materially, even if cotton falls.
The wheat movement has 10 sustain
it the largest foreign demand move
ment ever known for wheat and corn
together, and the Atlantic exports Of
SPA, APO bushels flour included, against
2,S40, 31S last year, with the Pacific ex-
ports of 614,S 1888, against S72, 446 last year.
would give some reason to anticipate
higher prices, were not the western re-
ceipts 4,001, $50 bushels, against ESQ.,
072 Cor the same week last year.
The country is on an upgrade, and
the men who expect it to take down.
ward road have yet some time to wait.
There are no indications Of a reaction
which always follows a large and rapid
business recovery, and existing cOndi-
tions in the industrials and in fOreiEn
trade by no means forbid the hope that
the increase may continue. as it did
after the revival in 1879. for several
years.
Exports, compared with imports, con-
tinued to indicate an enormous balance
in cash due this country, and sold i'm
ports begin again.
Failures for the week have been 243
in the United States. against 800 last |
year, and q in Canada, against 80 last /
year.