The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1899-06-20

We" fork. June Ib--R- q. Dunn *
Co.'S weekly Review OF Trade viii say
tomorrow:
1t is n OF the frequent paradoxies
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, IL prolonged
and real, would much impair p~rosperi-
". In wheat IL does not seem TO be
real. nor in iron lasting, and mean
while other elements OF prosperity con-
tinue potent. II is a great thing in
money markets that exports OF gold
have caused no apprehension, because
recognized as mere borrowings by for
eign bankers, the May return OF for
eign commerce showing exports $685.
000, 900 larger than imports, in spite
Of a decrease of 80 cents in the export
price of wheat, and a large increase In
imports In eleven months the excess
of merchandise exports has been $685.
0O0, 600, and the bankers estimate that
$3.50, 900, 600 worth of securities have
been returned from Europe with so
few in recent months hat the amount
ICAIdIuIuS " Uc ulSAOdScO Is DEODdDlN
small.
The scarcity OF iron is real, in spite
OF the greatest production ever known
in this or any other country, 256, 062
tons weekly June LIST, against $50, 095
May 1st, for stocks were reduced TO-
092 tons in May, indicating a consump-
ton of 1,19O, sec tons, against 900, 900
tons per month last year, the greatest
ever known. The consuming demand
does not seem to diminish, and appears
greater because it falls upon works
crowded for months ahead, with on
tracts at lower prices, but some of it is
speculative and would cease with pros
| poets of lower prices. With more fur
| naces going into blaSt-ten last month
production will overtake the demand
| after a time, and the largest buyers or
finished products for implements and
car works and railroads are taking
nothing to cover next years needs. Pig
has been irregularly strong at the east
and at Chicago, and unchanged at
Pittsburg, while finished products aver
| age % per cent. higher, plates, bars,
| pipe and rails sharing the advance,
with demand for structural forms and
| sheets beyond the capacity of works.
Even in nails a 2 per cent. discount on
quick payments is stopped.
Woolens gained a little further adj
vance in clay worsted and indigo
blues, with generally strong demand
and works we'll ahead engaged. But
| dealers say stubborn fact that on
| sumers accustomed to cheap goods
make every advance difficult, and mills
appear to be buying very little in mar
kets which are counting largely on a
rise in wool. Sales, mostly between
traders, have been, in two weeks, 49,
247, 700 pounds, including 1888
domestic, but until speculation halts
will indicate nothing as to consump-
ton, nor is anything known Of thu
stocks actually held by mills Cotton
goods have been fully sustained. with
out 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 in hand, and the decrease in
acreage reported by the Financial
Chronicle binders faith in the govern.
ment estimate of a larger reduction in
acreage of about s per cent.
Wheat reports by the government
| SttIH W uItdAJ just "hdI III bOOy "dhA
them to mean, but the produce ex'
change Interpretation of the June re
port-568, 900, 900 bushels-means ne
greater decrease in yield than may bt
beneficial, both to growers and con
sumers. With probable additions II
stock from the last crop it would pro
vide for exports of nearly 200, 0OO, OO'
bushels; and foreign prospects, though
by no means wholly cheering, scarce
ly warrant the expectation Of demand
as large. The price has risen 2 cents
but much prudence is shown, for west
ern receipts Of 10, 202, 1S9 bushels
against 2,6S4,r21 last year, discredit
short crop reports, and foreign exports
4,5S2,3 13 bushels, flour included, agains'
S,655,684 last year, do not indicat'
great needs abroad. Corn exports arr
better sustained than wheat, 5,812,9 80
bushels in two weeks against 1924
last year, and the price has been steady
Failures for the week have been III
in the United States against 233 las
year, and IS in Canada, against 20 las
wear.