The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-01-28
Western Banks Advising Speculative
Holders to Sell.
PRICES ARE YIELDING
SALES IN EASTERN MARKETS
ARE STILL LIGHT.
Market For Goods Is Disappointing
Iron and Steel Industry Is Still
Booming and Prices Have Been
Advanced BY the Trusts-Activ-
ity In Wall Street.

New York, Jan. Pr. C. Dun &
Co.'S weekly review of trade viii say
tomorrow: The country is in a stronger
position than a week ago. Remarkable
strength in its industries is an impor
tant, but not the chief element. Pub
lie confidence in the business of the
country and in it's securities has been
tested TO an unusual extent by the sud
den fall in stocks and the subsequent
rise. Confidence in the value OF wheat,
corn and cotton has been shown by the
markets and at rising prices the Old
world buys because il has to buy. The
vast supply OF unemployed capital has
been shown impTeSsiVeiy, and the new
and startling independence Of foreign
money markets fixes attention. The
lumber movement is unusually large
for the season, with prices of low
grades sharply advancing. Railroad
earnings and tonnage have shown sur
prising gains. Treasury receipts are
gaining and a vote on the peace treaty
has been fixed for Feb. 6.
The weak points in the situation may
first be considered. Wool grows weaker
because forced by speculation year
ago TO prices which the market for
goods could not sustain, and has been
much embarrassed in trying TO sustain
ever since. Western bankers begin to
advise speculative holders to sell. The
sales Of wool are still small, manufac-
turers buying at Philadelphia, where
prices are yielding, rather than at Bos-
ton, where great efforts are made to
sustain them, but the goods movement
for heavyweights is still disappointing
and comparatively slow. Larger orders
for ightweights keep many works en-
ployed. Sales for the week have been
6,603l 100 pounds, and for four weeks, D.
500 200, against S0,421, 070 last year, and
1854, 800 for TWO years ago.
Pig iron has risen at Chicago be-
cause Of high freights from the south
and at Pittsburg, a shade for Bessener
and gray forge because Of growing de-
mand, but for the moment the rise or
per cent in pig is exceeded by the rise
of 2 per cent in products. The pressure
fer many products is such that the
works are able to make their own quo
tations and rails and bars at PittsburS
and wire nails have slightly advanced.
The demand is heavy in all lines, cover
ing $4,000 tons of rails in one contract
for a southwestern road, and many of
smaller quantity, 10000 tons bars and
many for a less quantity, covering 0,COO
steel cars for the Baltimore & Ohio,
with other ship and miscellaneous con-
tracts, numerous bridge contracts, with
one pending from Canada and others
from all parts of the world. 1000 tons
sheets at Pittsburg, with heavy bust
ness elsewhere and a general demand
never surpassed.
Nails are advanced by the cOmbina-
tiOns, pipe works are crowded, and ne
gotiations in Pittsburg for their con-
solidation, as also in bridge building.
Wheat has risen 8 cents with much
buying based on extraordinary exports
from Atlantic ports for the week, -four
included, 3,S13,301 bushels, against p
81, 333 last year; from Pacific ports.
321, 255, against 1.1S0.272 last week, and
from other ports, 462. 454
In four weeks the exports from both
coasts have been 19,675,0S7 bushels.
against 16.71S.925 last year. Reports of
injury to winter wheat always come at
this season, but count for little when
the farmers are selling heavily.
Failures for the week have been 224
in the United States, against go last
year, and SO in Canada, against 81 last
year.