Akron daily Democrat. [volume] (Akron, Ohio) 1892-1902, 1899-06-17
A BIG IRON SHORTAGE.
Effect on Business, said Dun's
Trade Review.

NEW YORK. June 11.-R. G. Dun &
Co.'S weekly review of trade issued to-
day said i'll part:
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 is feared, but
the scarcity, if prolonged and real,
would much impair prosperity. In
wheat, it does not seem to be real, nor
III iron lasting, and meanwhile, other
elements OF prosperity continue potent.
1t is u great thing in money markets
that exports OF gold have caused no ap-
prehension because recognized as mere
borrowings by foreign bankers, the May
return of foreign commerce showing ex-
ports SO, 900, 600 larger than imports, IN
spite of decrease OF 90 cents in the ex-
port price of wheat and large increase
in imports In II months the excess of
merchandise exports has been 1895, ,O0O,-
00O,ard the bankers estimate that $780,
OOO,000 worth of securities have been re-
tured from Europe, with so few IN re.
cent months that the amount remaining
to be dislodgee is probably small.
The scarcity OF iron Is real, i'll spite
Of the greatest production ever known
i'll this OF any ather country, 2o6, ,062
tons weekly June l, against 250, ,095 tons
May l.. For stocks were reduced 10000
tons III May. indicating IA consumption
of / ,130. $50 tons, against 100000 tons
per month last year, the greatest ever
known. Consuming demand does not
seem to diminish, and appears greater
because it falls upon works crowded for
months ahead with contracts ut lower
prices, but some of it is speculative and
would cease with prospects of lower
prices. With more furnaces going into
blast, ten last month, production will
overtake the dCmand after time, and
the largest buyers of finished products
for implements and car works and rail
roads are taking nothing to cover next
years needs. Pig has been irregularly
strong at the east, and at Chicago, and
unchanged at Plttsburg, while finished
products average 2la per cent higher.
plates, bars, pipe and rails sharing the
advance, with demand for structural
forms AID sheets beyond the capacity
of works, Even i'll nails per cent
discount on quick payments is stopped.
Woolens gained ii little further ad
vance i'll clay worsted and indigo blues.
with generally strong demand and
works well engaged ahead. But dealers
face the stubborn fact that consumers
accustomed to cheap goods make every
advance difficult, and mills appear to be
buying very little i'll markets which are
counting largely on a rise in wool.
Sales, mostly between traders, have been
in two weeks 1921, 100 pounds, includ-
ing 3,5Si 800 pounds domestic, but un-
til speculation halts will indicate moth
ing as to consumption, nor is anything
known of the stocks actually held by
mills.
Wheat ha:, risen cents, but much
prudence is shown, for western receipts
of l0,202,609 bushels in two weeks,
against 2.06i.52l bushels last year dis
credit shore crop reports, and foreign
exports, 4, 5S2, ,3lS bushels, -four included.
against 5000, ,6S4 bushels last year, do
moi indicate great needs abroad Corn
exports are better sustained than wheat,
6,S12,959 bushels in two weeks, against
1887, 24l last year, and the price has
been steady.
Failures for the week have. been 1856
iu the United States, against 23S last
year, and lS in Canada, against 20 last
year.