Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-06-17
STATE OF TRADE.
A BUSINESS PARADOX NOW IN
EVIDENCE.
ONLY THING THAT CLOUDS FUTURE.
Strange to Say, II II What Makes
perity Continue Potent-Exports
$23, 900, 900 Larger Than Imports.

NEW YORK. June 1s.-Messrs. r. G.
Dun & Co.'s Weekly Review of Trade to-
morrow will say:
1t is one of the frequent paradoxes of
business that the one thing which now
makes prices rise is the only thing that
clouds the future. They rise In iron and
wheat because scarcity Is feared, but the
scarcity. II prolonged and real, would
much impair prosperity In wheat, it does
not seem to be real. nor in iron lasting,
and mean while other elements of pros
perity continue potent. 1t is a great thing
in the money market that exports of gold
have caused no apprehension, because re-
cognized as mere borrowings by foreign
bankers. the May return of foreign COM
merce showing exports 100000 larger
than imports, in spite of a decrease of SO
cents in the export price of wheat, and
large increase In imports In eleven
months the excess of merchandise exports
has been $4,000, 900, and the bankers es-
innate that 100000 worth OF securities
has been returned from Europe, with so
few in recent months that the amount re-
naming to be dislodged is probably small.
THE IRON MARKET.
The scarcity OF iron is real. in spite OF
the greatest production ever known In
this or any other country-256. 062 tons
weekly. June LIST, against 250095 May LIST.
For stocks were reduced 70.072 tons in
May, indicating a consumption of 1,190, S66
tons, against 100000 tons per month last
year. the greatest ever known. The con-
Stunning demand does not seem to dimin-
fch
upon works crowded for months ahead
with contracts at lower prices. but some
Of 1t is speculative. and would cease with
prospects OF lower prices. With more
furnaces going into blast-ten last month
production will overtake demand after a
time. the largest buyers OF finished pro-
ducts for implements and car-works, and
the railroads. taking nothing to cover
next years needs. Pig has been irregu-
larly strong at the East and at Chicago,
and unchanged at Pittsburg, while finish
ed products average 2 IL per cent. higher,
plates, bars, pipe, and rails sharing the
advance. with the demand for structural
forms and sheets beyond the capacity of
the works. Even in nails, a 2 per cent.
discount on quick payments as stopped.
TEXTILE GOODS.
WoollenS gained a little further adj
vance in clay worsteds and indigo blues,
with generally strong demand, and works
we'll engaged ahead. but dealers say the
stubborn fact is that consumers accus-
toned TO cheap goods make every adj
vance difficult. and mills appear to be
buying very little in markets, which are
counting largely on a rise in wool. Sales,
mostly between traders. have been, In
two weeks, 1e,247,7oo pounds, including 49,
on In Ittt Al
halts. will Indicate nothing as to con-
sumption nor is anything known Of the
stocks 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 the coming yield being held in check
by the certainty Of large stocks In hand,
and the decrease in acreage reported by
the Financial Chronicle binders faith in
the government estimate of a larger re-
duction in acreage of about s per cent
WHEAT CROP.
Wheat reports by the government seem
to be just what anybody wants them TO
be-. but the Produce Exchange Interpreters
ton of the June report-5S O0O,OCO bushels
means no greater decrease in yield than
may be beneficial, both to growers and
consumers. With probable additions to
stock from the last crop It would provide
for exports of nearly 200, 900 bushels, and
foreign prospects, though by no means
wholly cheering, scarcely warrant expec-
tation of demand as large The price
has risen cents, but much prudence is
shown. for western receipts OF 1O.202 1S9
bushels in two weeks, against 2,eS4,521 last
year. discredit short-crop reports, and
foreign exports of 45S2,3l3 bushels, flour
included against S655. 6Sl last year, do not
indicate great needs abroad.
Corn exports are better sustained than
those of wheat-5. Sl2959 bushels In two
weeks, against 777,21 last year, and the
price has been steady.
Failures for the week have been 1876 In
the United States. against 239 last year.
and IS in Canada, against 20 last year.