The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-05-13

New York, May Pr. G. Dun &
Co.'s weekly review of trade will say:
To speak truly of business this week,
one must free the mind of stocks, for
a severe decline in manufac-
turing stocks has created an impress
sion that it has some relation to pro-
ductive industry but it has none. There
was no change in the money market
worth mentioning, and the volume of
! business shown by payments through
the principal clearing houses was 1l.5
per cent larger than in 1872, the year
of greatest prosperity hitherto, which
is more than double the gain anybody
| considered possible year ago.
| Never before reaching a quarter OF
a million tons per week. the iron man
ufacture reports May 1 an output Of
25O,O95 tons weekly, which. with 54,455
! decrease in warrant and furnace stocks,
| indicates a consumption of 1892 tons
daily. against $3.50 in March. S4.S14 in
February, and 36,S34 in January. The
average for four months is 3S,027 tons
! daily, against 32.209 last year. An in
crease of 10 per cent in the year would
| be less interesting if consumption
year ago were not far beyond anything
previously realized. Yet proposed COM
binationS hindered largely orders in
I
business is as heavy as ever in small
lots, with bid contracts about to come
at Chicago for the drainage canal and
the plate business too big for all the
works to handle invites no consolida-
! ton. the Chicago and Philadelphia
works being behind in deliveries, and
Pittsburg works troubled by demands
for 1000 tons vessel plates and 1000
more close ahead for the government
docks at Algiers. Only pig iron adj
vanced. Bessemer soc and gray forge
25c at Pittsburg, and local pig SOC at
Chicago.
In minor metals tin declined at Lon
don TO 25-23c, and copper is weak at
19c for spot and 1S2 for futures. Hides
at Chicago rose about 10 per cent, with
actual receipts Of cattle in four months
100000 head less than last year, and
over 100000 smaller than in 1S93-94, not
withstanding the gain in population.
Nobody who has studied statistics can
tell why purchases of 1,000, 900 pounds
of Australian wool for export this week.
following others in previous weeks,
should advance prices of wool, nor were
purchases of 100000 pounds territory
wool by Spectator readily explain
able. But it is just the time for grow
ers to ask all they can hope to get, and
just when the largest manufacturers
were ready to buy only the smaller arc
generally advanced with higher de-
mands from the interior holders, but
it remains question whether sales of
10.599,000 pounds for the week, against
5,265550 in 1892, and only a little more
in 1897, will prove profitable
The market for wooden goods is wait
ing for evidences of demand which do
not vet appear, and the delay in get
ting the new combinations into working
order causes some hesitation.
If government estimates We're conSiu-
cred reliable, one based on entirely uC-
known acreage of wheat and cotton
would be everywhere resented. Thus
with official returns pointing to d great
decrease in winter wheat production,
the price dropped 1c, and cotton de-
clined for options though retaining the
advance of sixteenth for spot, which
was established before the government
report appeared. Nobody can base a
sensible estimate on a statement of
cOnGition which takes no account of the
acreage of winter wheat killed and
abandoned. The best than can be said
is that worse returns are expected in
both markets, so that the government
report had practically no influence.
Failures for the week have been los
in the United States, against 246 last
year, and 20 ia Canada, against "A last
year.