The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-06-17
THIS ADVANCES VALUES
SUCH SCARCITY PROLONGED
WOULD IMPAIR PROSPERITY.
CONSUMERS FIGHT ANY ADVANCE IN WOOL
The Cotton Situation is Unchanged, but Little
Faith Being Shown in Reports Of De-
creased Acreage. Wheat Re.
ports Mean Any hing.

New York, June 16.-R. G. Dun and
Company's weekly Review of Trade will
say tomorrow:
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 os
feared, but the scarcity, il prolonged
and real, would much impair prosperity.
In wheat it does not seem to he real.
nor in iron lasting, and meanwhile other
elements of prosperity continue potent.
1t is great thing in money markets
that exports of gold have caused no
apprehension, because recognized as
mere borrowings by foreign bankers.
the May return commerce showing ex-
ports $23.0OO,00O larger than imports.
in spite Of decrease of soc in the ex-
Fort prices of wheat, and a large in
crease in imports. In eleven months
the excess of merchandise exports
has been $495. 100000 and the
bankers estimate that 260.OOO,0OO
worth of securities have been returned
from Europe with so few in recent
months that the amount remaining to
be dislodged is probably small.
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 1st, against go. O95
May LIST. For stocks were reduced TO-
092 tons in May. indicating consump-
ton of 1,19O,S66 tons, against 100000
tons per month last year. the greatest
ever known Consuming demand does
.n,sa
er because it falls upon works crowded
for months ahead with contracts at low
er prices. but some of it is speculative
and would cease with prospects of
lower prices. Wire more furnaces going
into blast. ten last month, production
will overtake the demand after time,
and the largest buyers of finished pro-
ducts for implements and car works
and railroads are taking nothing to
cover next years needs. Pig has been
irregularly strong at the east and at
Chicago, and unchanged at Pittsburg,
while finished products average 2h per
cent higher, plates bars. pipe and rails
sharing the advance, with demand for
structural forms and sheets beyond the
capacity of works. Even in nails two
FER cent discount on quick payments is
Stopped.
Woolens gained little further adj
vance in clay worsted and indigo blues,
with generally strong demand and works
we'll ahead engaged. But dealers say
the stubborn fact is that consumers ac-
custOmed to cheap goods make every
advance 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 16.247.70 pounds.
including 1857 300 domestic. but until
speculation hahs will indicate nothing
as to consumption. nor is anything
known Of the stocks actually held by
mills. Cotton goods have been fully
sustained without advance i'm price by
good demand. The cotton market has
not changed, doubts about the coming
yield being held in check by certainly
of large stocks in hand. and the de-
crease in acreage reported by the Finan-
cial Chronicle hinders faith in the Gov
ernment estimate of larger reduction
in acreage of about eight per cent.
Wheat reports by Government seem
to mean just what anybody wants them
to mean, but the produce exchange in
depreciation of the June report. $685.
100000 bushels, means no greater de-
crease 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 20O,O0O.O0O bushels. and foreign
prospects, though by no means wholly
cheering, scarcely warrant expectation
Of a demand as large. The price has
risen three cents, but much prudence
is shown, for Western receipts of TO-
2O2. 1S9 bushels in two weeks. against
2.6S4. 521 bushels last year discredits
short crop reports and foreign exports
4.5S2.31 bushels. -four included, against
S,655.GS4 bushels last year, do not indi-
cate great needs abroad. Corn exports
are better sustained than wheat, 1872
$50 bushels i'm two weeks. against T.
1921 bushels last year. and the price
has been steady.
Failures for the week have been 1856
in the United States, against 233 last
year, and IL in Canada. against 90 last
year.