The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-02-11
Fall In Stocks a Good Cause For
Rejoicing.
STOCK MARKET IS SAFER
MERCANTILE AGENCY REPORTS
EVERYTHING ON THE BOOM.
But the Wool Sales Are Small and
No One Can Tell What Wool Is
Worth-Prices of Iron and Steel
Advanced-Wall Street Slump
Daily Transactions Decreased.

New York. Feb. 1O-R. G. Dun &
Co.'S weekly review of trade. will say
tomorrow:
The solid basis for good business has
not been shaken by speculative reac
ton. Stocks have been slightly lower,
and the market is all the safer, because
much unsoundness and unreason have
been shaken out. Speculation in wheat,
which for time depressed prices, has
also taken a turn, and, with heavy ex
ports the market tends upward again.
The cotton movement is not essentially
speculative, but based on reported in
juries, and holds it's advance. Mean
while, dispatches from all parts OF the
country show extraordinary activity in
the chief branches of trade, and a bust
ness much larger than year ago in
nearly all. The heavy excess of ex-
ports over imports continues, New
York exports having been in five weeks
16 per cent larger than last year, while
imports were by 9 per cent larger. In
wheat, Americans are getting profits,
even though prices are lower than they
were some months ago. After some
yielding, the price rose to 1885 cents,
and the May option rose one-quarter Of
a cent during the week. Atlantic ex-
ports were 3,926692 bushels, -four in
cluded, against 2,174,921 last year, and
total exports, including the Pacific, A.,
647, 405 bushels, against 2,960,515 last
year.
Western receipts have been 3,O56,45
bushels, against 1851, 40 for the week
last year, while corn exports for the
week were also 3,102,6 09 bushels,
against 3.365,976 last year. AT higher
or lower prices, foreigners are con-
stantly taking more wheat or corn
from us than in any previous year.
The cotton market is in slightly
stronger position, because foreign buy
ing continued beyond precedent, while
home indications now point to small
err crop than was expected. The stocks
on hand are heavy, both commercial
and mill, but foreign buying supports
the rise in price thus far.
What wool is worth, in view of the
great stocks yet unconsumed, few are
able to judge, and that fact binders
adjustment of prices for goods. Sales
have been small, only 6,475,000 pounds,
at the three chief markets for the week,
against 100000 last year, and 9,175,900
in the same week of 1897; but this year
and in 1897 the buying has by no means
represented consumption only. While
quarter and half-blOod wool and de-
laine have been in demand and firm,
the quotations indicate weakness in
Ohio and other fleeces.
The iron industry is so exploited by
consultations and attempts of that
nature that it is wonderful prices have
not reflected distrust. Instead, there
have been general advances in pig, Ie-
cause the demand has been large for
Bessemer at Pittsburg to $11.40 and
grey forge TO $10.75, and in finished
products, because nearly all are in de-
mand beyond the capacity of works
for some time to come. The advance
of 10 cents per key in wire nails by the
association was not caused by any
special pressure for Applies, but rail-
have advanced s., Der ton, and bars,
81, because of urgent demand esoeci
ally at Philadelphia and Chicago for
several thousand cars and plate mills
same time the many negotiations for
consolidation of interests arrest trade
in some quarters and disturb it in
Others, causing unusual irregularity In
prices. The pipe consolidation appears
to be stopped for the moment by OPP
position of one company, but the
activity is greater than ever before.
About 10000 rails have been sold at
New York. half for Nova Scotia road.
In hops there is no advance. and the
Standard Oil company contracted for
3, 600 tons at very low figures. The de-
mand for black sheets is beyond the
ca oacity of mills.
Failures for the week have been 217
in the United States against 295 last
year, and 35 in Canada, against 43 last
year