The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-06-17
DUN'S WEEKLY
REVIEW OF TRADE
Exports of Gold Have Caused No
Apprehension.
PIG IRON HAS BEEN STRONG
Cotton Goods Have Been Fully Sus-
tanned Without Advance in Price
byGood Demand-Corn Has
Advantage of Wheat
PIG IRON HAS BEEN STRONG

New York, June 16.-R. G. Dun & Cos.
weekly review of trade will say:
1t is one of the frequent paradoxes of
business that the one thing which makes
prices rise is the only thing that clouds
the future. They rise in iron and wheat
because scarcity is feared, but the scarcity
if prolonged and real would much impair
prosperity. In wheat it does not seem to
be real nor in iron, meanwhile other ele-
ments of prosperity continue potent. 1t is
q great thing in most markets that exports
of gold have caused no apprehension, be-
cause recognized as mere borrowings by
foreign bankers, the May return of foreign
commerce showing exports 5000 900 larger
than imports, in spite of a decrease of 50
cents-present price of wheat and a large
increase in imports.
In eleven months the exchanges of mer-
chandise will be 495,O00,0O0 and the bankers
report 560,OOO,0O0 worth of securities have
been returned from Europe for the recent
months. The scarcity of iron is real, in
spite of the greatest productions ever
known in this any other country, 250G2
tons weekly June l against 25O,059 May l.
For stocks were reduced 1902 tons in May,
ting a consumption of 1880, S66 tons
against 100000 tons per month last year,
the greatest ever known. Consuming de-
nidnd does not seem to diminish and ap-
pears greater because it falls upon works
crowded for months on contracts at lower
prices, but some of ii is speculative and
would cease with prospects of lower prices.
With more furnaces going into blast pro-
duct1on Will overtake the demand after a
time and the largest buyers of finished
fNt
railroads are taking nothing to cover next
years needs. Pig iron has been strong at
the east and at Pittsburg, while finished
products average 2R per cent. higher, bars
sharing in the advance with the demand
for structural forms and sheets beyond the
capacity of works. Even in nails 2 per
cent. discount on quick payments is
stopped. Woolens gained a little further
advance in clear worsted and indigo blues,
with generally strong demand and work
engaged ahead. The markets are counting
largely on a rise in wool.
Sales mostly between traders, however,
in two weeks, 16,2477 700 pounds, including
l9,5S7,3O domestic, but until speculation
halts will indicate nothing as to consump-
ton, nor is anything known of the stock
actually held by mills.
Cotton goods have been fully sustained
without advance in price by good demand
The cotton market has not changed, doubts
ABOUT une coming yield being held in check
by certainty of large stocks on hand and
the decrease in acreage reported by the
Financial Chronicle binders faith in the
government estimate of a larger reduction
in acreage of about s per cent. Wheat re-
ports by government seem to mean just
what anybody wants them to mean, but the
produce exchange Interpretation of the
June report Is that the 6S 900. 900 bushels
means no greater decrease in yield than
may be beneficial both to growers and to
consumers. With probable additions to
stock from the last crop it would provide
for exports of nearly 20O0O000O bushels and
foreign prospects, though by no means
cheering, scarcely warrant the expectations
of a demand as large. The price has
risen three cents, but much prudence is
shown for western receipts of 10, 202, 1s9
bushels in two weeks against 1854, 521 last
year discredt short crop reports and
foreign exports, 1913 bushels, of flour in
cuded, against S655,6A last year, don't in
dicate great needs abroad.
Corn exports are better sustained than
wheat, 5,S21 959 bushels In two weeks against
7.797,241 last year, and the price has been
steady. Failures for the week have been
1856 in the United States against 23S last
year and eighteen In Canada against twen-
ty last year.