Daily Kennebec journal., 1899-06-10
DUN'S REPORT.
Rise in Prices Unequa||ed
For Many Years.
Quotations Largely Fictitious Owing to
Inability to Fill New Orders.
Western Wheat Receipts Far Exceed Those
From Last Years Big Crop.

New York, June 9.-R. @. Dun & Cos.
Weekly Review of Trade tomorrow.
\ VIII say: The past week has brought a
rise IN prices not equalled in any other
| week of many years. Iron products
| nave advanced S.S2 per cent in one
| week and pig iron as per cent following
| advances Of per cent. in pig and per
| cent. III products, during May. Cotton
! mad advanced l per cent. and cotton
! goods Is per cent. during the week,
! with Woolen goods s per cent. and boots
! ana shoes | per cent. A little reaction
! OF per cent. appears in leather and z
/ per cent. in hides, but the character
! lstlc OF the time is that expectation 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-
| servative manufactures, especially in
| iron and steel have striven 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 consump-
tion.
II is a saving feature that quotations
are quite largely fictitious Almost all
the goods now being delivered or pro-
duced in some industries are on prices
fixed by orders accepted several months
ago and nearly all the iron works be-
ing thus tied 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 i'm
patient buyers who can find nobody
ready to deliver large quantities.
While there is better demand for
woolen goods. so that prices of some
has advanced, it is not yet possible to
distinguish heavy speculative opera
tions in wool at Boston from efforts of
mills to buy. The prices current in all
wool growing sections are 50 high as to
prevent sales in eastern markets to
consumers and traders who believe that
mills Will presently be forced to pay
their prices are taking the same risk
they did in the winter of 1878, not
realizing the size of stocks held
The cotton market has advanced a
sixteenth without other reason than
the great demand for goods, but stocks
of cotton here and abroad are heavy
and the Financial Chronicle estimates
a decrease of only 80 per cent. acreage.
Shipments of boots and shoes from
the East fall behind those OF three OF
the past seven years and but slightly
exceed those Of three others, though III
per cent. larger than last year.
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 5.049.194 bushels for the week
against 1,467 ,046 from the great crop
of last year, and at current low prices
such receipts would be inexplicable If
growers really expected a short yield.
Exports have declined, being only
/ ,Si9.373 bushels, flour included, from
Atlantic ports. against 4.2O6,293, last
year. and CO., 400 from Pacific ports
against 253, ,213, last year.
The estimates Of reduction in yield
are weakened in market judgment by
Continued on page 80