The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-06-10
Rise In Prices Not Equaled In Many
Years.
IS SYMPTOM OF DANGER
MANUFACTURERS HAVE sTRIV-
EN- HARD TO AVOID 1T.
Saving Feature That Quotations Are
Largely Fictitious-Better De-
mand For Wooden Goods-Wheat
Market During the Week-Ex-
ports Have Declined.

New York, June 9.-R. G. Dun & Co. IS
weekly review of trade will say:
The past week has brought a rise in
of many years. Iron products have adj
vanced $50 per cent in one week and
pig iron AS per cent, following ad-
vances of per cent in pig and per
cent in products during Nav Cotton
has advanced 1 per cent and cotton
goods Is per cent during the week
with wooden goods 6 per cent and boots
and shoes l per cent. A little reaction
or 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 ad-
vance of requirements for consumption.
1t is needless to say that this is a
symptom of danger. and the most con-
sentative manufacturers specially in
iron and steel have striven to avoid it,
but actual inability to deliver favor
products demanded leaves them little
power, while speculation in wool and
other lines is running away from con-
Sumptions. 1t is a saving feature that
quotations are largely fictitious. AL
most all the goods now being delivered
or produced in some industries are on
prices fixed by order accepted several
months ago and nearly all the iron
works being thus tuned up far ahead.
the prices quoted indicate not at all
what they are getting, but what they
see fit to ask as a way of refusing
orders which they cannot accept or else
the bids of impatient buyers.
During the past week quotations have
risen for anthracite No. 1 to $3.50, for
Bessemer to $3.50 at Pittsburg; for
grey forge $l6.25; for billets with practi-
cally no sales. to sS1 for bars per ton,
for plates and sheets as much, for rails
to SIG, for structural beams and angles
So per ton and for wire nails % cents
per key. But there are no accounts Of
large transactions at these or any other
prices, though small sales of pig last
week for Italy and this week for Bre-
men at market prices with German,
offers for 10000 tons southern pig, indi-
cate the needs abroad are quite as
great as they are here.
While there is better demand for
wooden goods. SO that prices of some
have advanced, it is not vet possible
to distinguish heavy speculative opera
tons 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 markets TO
consumers, and the readers who be-
lieve 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.
The cotton market has advanced l 1-16
cents without other reason than the
good demand, but stocks of cotton here
and abroad are heavy and the
Financial Chronicle estimates a de-
crease of only 80 per cent in acreage.
Goods are selling largely and prices of
ginghams and prints have advanced.
After some advance wheat suddenly
declined cents. closing lower for the
week. Against all accounts of inquiry
is the solid fact that western receipts
were 5,049194 bushels for the week
against 1,477.045 bushels from the great
crop of last year. and at current low
prices such receipts would be explic-
able if growers really expect a short
yield. Exports have declined, being
only 1.S45,373 bushels, flour included.
from Atlantic ports, against 4,207 .294
bushels last year. and 623, 400 bushels
from Pacific ports, against 25S.2 l3
bushels last year, but even as to future
foreign demands this is not strong evil
dence. The estimates of reduction in
yield are weakened on the marked
judgment by certainty that spring
wheat acreage is unknown and may
exceed expectations and that the pros
pect 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.