The star. (Reynoldsville, Pa.) 1892-1946, 1899-06-21
REVIEW OF TRADE.
Increase In the Price Of Finished Iron Products.
Decrease In Wheat Yield.


II. G. Dun & Co.'s weekly review Of
| trade reports as follows for last week:
| IL 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. The rise in iron
ana wheat is 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, and meanwhile other
elements of prosperity continue potent.
IL Is great thing in money markets
that exports OF gold have caused no ap-
pfehension because recognized as mere
borrowing by foreign bankers, the May
return OF foreign commerce showing
exports S33,O00,000 larger than imports,
In spite OF decrease of SO cents In the
export price of wheat, and a large in
crease In imports. In eleven months
the excess OF merchandise exports has
been S4S5.OO0,000. and the bankers esti-
mate that 260,000,000 worth of secur-
tiles have been returned from Europe,
with so few I'm recent months that the
amount remaining to be dislodged Is
probably small
The scarcity of iron Is real. in spite
or the greatest production ever known
In this or any other country, 25s, ,O62
tons weekly June l, against 250,095 tons
May ]. For stocks were reduced 7O,902
tons In May, indicating consumption
OF l,l9OS66 tons, against 1000, 900 tons
per month last year, the greatest ever
known. Consuming demand does not
seem to diminish. and appeays greater
because IT falls upon works crowded for
months ahead with contracts at lower
prices, but some OF 1t Is speculative and
would cease with prospects of lower
prices.
With more furnaces going into blast,
zen last month, production will over
take the demand after a 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 Pittsburg, while finished
products average 2ia 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 per cent
discount on quick payments is stopped.
Woolens gained a little further ad-
vance in 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 In markets which are
counting largely on a rise in wool.
Sales, mostly between traders. have
peeH IN Two weeks 700 pounds,
including lS,5S7,S00 pounds domestic,
but until speculation halts will indi-
cate nothing as to consumption, for is
anything known Of the stocks actually
held by mills.
Wheat reports by government seem
10 mean just what anybody wants
them to mean. but the produce ex-
change Interpretation of the June re-
port. 56s,000.000 bushels. means no
greater decrease In yield than may be
beneficial. both to growers and con-
sumers. With probable additions to
stock from the last crop II would pro-
vide for exports of nearly 200 900 900
bushels. and foreign prospects, though
by no means wholly cheering. scarcely
warrant expectation of a demand as
large. The price has risen Sc, but much
prudence is shown. for western re-
ceipts of 10.202. 500 bushels in two
weeks. against 2.6S4.52i bushels last
year. discredit short crop reports. and
foreign exports, 4.5s2.3lS bushels last
year. do not indicate great needs
abroad. Corn exports are better sus-
tained than wheat. 5.S12.959 bushels in
two weeks. against 77s7.e4l bushels
last year. and the price has been
steady.