The record-union., 1899-06-10
There Was a RISE in Prices During
the Past Seven Days
Which Has Not Been EquaIIed in Years
For a Given Period.
Iron Products Show an Advance of
Nearly Nine Per Cent While
There Has Been q Marked In
crease in Prices of Cotton and
Wooden Goods.

NEW YORK, June Or. G. Dun &
Co. S Weekly Review will say:
The past week has brought d rise in
prices not equalled in any other week
for many years. Iron products have
advanced $50 per cent. in one week
and pig iron As per cent, following
advances of 8 per cent. in pig and 1
per cent. in products during May. Cot
ton has advanced 1 per cent, and cot
ton goods % per cent, during the week,
boots and shoes 1 per cent. A little
reactions of per cent. appears in
leather and per cent. in hides, but
the characteristic of the time is that
expectations of higher prices induce
buying far in advance of requirements
for consumption. It is needless to say
that this is symptom of danger, and
the most conservative manufacturers,
especially in iron and steel, have striv-
en- to avoid it, but actual inability to
deliver products demanded, leaves
them little power. while speculation in
wool and other lines is running away
from consumption.
1t is a saving feature that quotations
are largely fictitious. Almost all the
goods now being delivered or produced
in some industries are on prices fixed
by orders accepted several months ago,
and nearly all the iron works beir
thus tied up far ahead. The prices
quoted indicated not at all what they
are getting, but what they see tit to
ask as way of refusing orders which
they cannot accept, or else the bids OF
impatient buyers who can find nobody
ready to deliver large quantities.
While there is a better demand for
wooden goods, so that prices of some
have advanced, it is not yet possible
to distinguish heavy speculative oper-
ations in wool at Boston from efforts
of mills to buy. The prices current in
all wool growing sections are so high
as to prevent sales in Eastern mark
cts to consumers, and the readers who
believe that mills will presently be
forced to pay higher prices are taking
the same risk they did in the winter of
1897, not realizing the size of the stock
held.
After some advance, wheat suddenly
declined cents, closing lower for the
week Against all accounts of injury
is the solid fact that Western receipts
were 5.040,000 bushels for the week.
Exports have declined. being only l.
S45,373 bushels, flour included, from
Atlantic ports against 4,20l 30 BUSH
els last year and 623. 400 bushels from
Pacific ports against 253, 213 bushels.
but even as to future foreign demand
this is not strong evidence. The esti-
mates of reduction in yield are weak
ened on the marked judgment by GER
tainty that spring wheat acreage is I'M
known and may exceed expectations,
and that the prospect is excellent.
For the current week failures have
been 159 in the United States against
203 last year and ten in Canada against
seventeen last year.
NEW YORK, June 9.-Bradstreet's
tomorrow will say: Exceptional firm
ness in prices at the highest level as
regards general staple values yet
reached, a seasonably small rate of
business mortality, undimirished in
dustrial activity, perhaps most mani
fest in all branches of trade in which
iron, steel and other metals enter and
large bank clearings. rejecting to some
extent the improved tone of stocks,
but likewise large payments on previous
profitable business among the feat
not necessarily new, but still note
worthy, reflected in trade advices. En-
larged shipments of breadstuffs, re-
suit of buying, induced by crop damage
reports at home and abroad, it is true,
have not been sufficient to Offset liq-
uidation on the late moderate rise, but
this is partially explained by continued
good advices from the spring wheat
crop, confirmed by liberal receipts at
points. Iron and steel display
all of their old and some new strength
in the urgent demand for the balance
of the year. The outlook in the trade
as regards next seasons labor scale IS
unsettled. Active demand for refined
sugar has apparently induced some re-
taxation in the war among refiners and
raw sugars share in the advance of the
week. Wool is firm ard even higher
in some grades at leading markets,
with a fair business doing.
Business failures for the week number
17S. as against 125 last week. but COM
pared with 221. in this week a year ago.
257 in 1897, pa three years ago and
232 in 1895.