The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-01-14
Wall Street Capitalists Leaning
Their Honey To Europe.
ALSO GAMBLE In STOCKS
WHICH SHOWS THAT TIE COUN-
TRY IS PROSPEROUS.
Idle Capital Is Being Sent Abroad, Or
Used For Speculation In Stocks
and Bonds-Iron Industry Booms,
and Agricultural Exports Are
Heavy-Wall Street Review.

New York, Jan. 13.-R. G. Dun &
Co.'S weekly review of trade will say
tomorrow: Contrary to the French
saying, the expected has occurred.
Rapid advance in prices of iron and
sseel products have had their immedi-
i ate effect. perhaps not TO the lasting
benefit OF the industry. for there is the
same reason for doubt as to its per-
manency as in 1895, when shrinkage of
| buyers and reaction soon carried prices
lower than before. But there is now
larger demand for many other products
and without unwieldy combinations all
are doing we'll. Throughout, the coun-
try was never as strong financially as
even the governors of London banks
admit, one stating that as London has
financed America heretofore, now, for
the first time, New York is financing
Europe. No evidence of weakness is
seen in the other branches of industry
nor in those upon which the great ex-
cess of exports most depend.
Wheat and cotton still go out large
". Europe is buying because it has
needs and New York is lending to Eu-
rope, nobody knows how many mil
lions, because there is, for the present
no need TO call loans. The receipts OF
81, 100000 gold from Australia is an
nOuIlCGQ at L TanC.ScO.
Americans are in the humor to in
vest in their own country, and have q
great amount of money to put out with
cut recalling any of their loans to Eu
rope, Sc that the heaviest transactions
ever known in the stock exchange have
occurred during the week without the
evidence of reaction for which many
strong operators have been looking.
In products also the position Of the
country grows stronger. Last years
exports of wheat and corn were far be-
yond all precedent. but the past week
has seen exports Of 1926, csc bushels Of
wheat, flour included, against 3,216,470
last year from Atlantic ports, and in
two weeks, 1852, 109 against 60S6,7SS
last year, besides exports in two weeks
from Pacific ports of 1724,051 bushels,
against 2,340,009 last year. 1t is quite
impossible to account for such move
ments, except on the theory that at
current prices this country is selling the
world, and has great quantities yet to
move at similar prices.
There was an advance Of IL cents in
wheat during the weet1, but II cent in
corn, without any Indication that sup
plies are running short, and the west
ern receipts Of wheat have been, in
two weeks, S,649, 1893 bushels, against s.
5532 56 last year.
N6ElnSr Is there evidence. Oh W6HhIleeS
in the great industries. The output of
pig iron Jan. l was 243,51 tons, against
235, 52S Dec. l, showing a product Of
about 5000 tons weekly more than has
been estimated, with further de-
crease of 37,444 tons in stocks unsold
during December. But while the Aus
tralian order for 81 900 tons is still on
the market. with another European or
der for 5000 tons of plates, the mills
are so crowded that prices are moving
up rapidly. Bessegner3 pig iron is only
10 cents higher at PittShurg, and gray
forge Is cents, but plates advanced 10
cents by the combination. Minor metals
are also stronger, tin having risen in
sympathy with London to % cents and
copper TO 1852. and lead to cents,
heavy consuming demand helping in
each case. The new combination in tin
plates has advanced the price to So per
box at the works There have also
been large demands for structural work,
0,G00 tons in bridges and buildings at
Chicago.
Wool is stiffiy held at the west, al
though at Boston, Ohio Xxx is quoted
at 261a although much higher at Phil
adelphia The woolen industry has
been hampered beyond all expectations
by the prices demanded for wool. with
the extraordinary stocks yet unsold.
Failures for the week have been 31S
in the United States. against $40 last
year, and "A in Canada, against 40 last
year.