The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-06-17
n. C. Dun q CO.'S REVIEW.
Demand for Iron and steel Greater
Than Any other Product.

Demand for Iron and steer 6reater
Than Any other Product.
New York. June l6.-R. g. Dun Co +
Weekly Review OF Trade tomorrow will
say: One of the frequent parsdoxes 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 1t does
not seem to be real nor in iron lasting,
snd meanwhile other elements OF pros
perity continue potent 1t is great thing
in most markets that exports OF gold have
caused no apprehension, because recos-
nized as mere borrowings by foreign
bankers. the May return OF foreign COM
merce showing exports $4,000, 600 larger
than in imports, IN spite Of decrease OF
50 per cent in the export price of wheat
and a large Increase in imports.
In eleven months the excess OF mer'
chandise exported has been Si95, 900, 900
dollars, and the bankers estimate that
$3.50 600 600 worth of securities have re-
turned 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
productions ever known in this or any
other country. 256056 tons weekly in June
against $50 059 May /. Foreign stocks were
reduced 1852 tons in May, indicating
consumption of 1850. S66 tons against
100 600 per month last year the greatest
ever known. Consuming demand does not
seem to diminish and appears greater be-
cause It falls upon works crowded for
months ahead with contracts at lower
| prices, but some of It is speculative and
would cease With prospects of lower prices.
With more furnaces going into blast with
| in the last month the production will over
take the demand after a time and the
! largest buyers OF finished products for i'm
| plements and car works and railways are
taking nothing to cover next years needs
Pig iron had been irregularly strong at
the East and at Chicago and unchanged
at Pittsburg, while finished products aver
age lSc higher. plates, bars and rails
sharing in the advance, with demand for.
structural forms and sheets beyond the
capacity OF works Even in nails a per
cent advance on back payment is stopped.
Wool first gained a little further adj
vance on clear worsted and indigo blues
with generally strong demand and works
well engaged ahead But dealers face the
stubborn fact that the consumers accus-
toned to cheap grades make every ad-
vance difficult aud mills appear to be buy
| ing very little In markets which are count
| Ing largely on a rise in wool, Sales, most
| ly between traders. have been In two
weeks. 16,247700 pounds, including 49,
| 5S7 300 pounds domestic
| 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 certainty of large stocks on
hand and the decrease in acreage reported
by the Financial Chronicle, binders faith
| In the government report estimate OF a
larger reduction OF acreage Of about per
cent. W+h probable additions 10 stock
from the last crop. wheat would have near
ly 2OO. 900. 600 bushels for export. The
price has risen &c, but much prudence is
shown, for Western receipts OF l0,202.iss
bushels In two weeks, against 2,6S4,52i
last year dlscredlt short crop reports, and
foreign exports OF 45s221S bushels, -four
Included. against $50 6s4 last year, do not
indicate great needs abroad
Corn exports are better sustained than
wheat 5.s21 $50 bushels In two weeks,
against 1924 last year, and the price
/ has been steady Failures for the week
have been 1856 10 the United States, against
2SS last year and IS in Canada, against
20 last year