The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-06-17
HIGH PRICES MEAN SCARCITY
THERE ISA GROWING DEMAND FOR
IRON AND WHEAT.

Exports of Gold Have Caused No An
prehension-HcaVy balance Of
Trade in Favor of the United
States--Demand for Iron Seems 10
Increase With Increased PRODUCE
tiOn-MarISet in WOOIens and Cot
ton Holds Its own Fairly wen.
New York. June 16-R. c. Dun & Co.'S
Weekly Review of Trade will say to-nor-
row:
Ii is one of the frequent paradoxes of
business that the one thing which makes
prices rise is the only thing that clouds
the future. They rise in iron and wheat
because scarcity is feared, but the search
~. if prolonged and real. would much i'm
pair prosperity. In wheat it does not
seem 20 be real, nor in iron lasting, and
meanwhile other Clements of prosperity
continue potent.
1t is a great thing in money markets
that exports of gold have caused no ap-
prenenson because recognized as mere
borrowings by foreign bankers. The May
return of foreigp commerce shows exports
S2S,O10000 larger than imports, in spite of
a decrease of 80 cents in the export price
on wheat and a large increase in imports.
In eleven months the excess of merchan-
disc exports has been Si95 10000 and the
bankers estimate that S26O, 100000 worth of
securities have been returned from Eu-
rope, with so few in recent months that
the amount remaining to be dislodged Is
probably small.
Great Scarcity of Iron.
The scarcity Of iron is real, in spite of
the greatest production ever known In this
or any other country, 2j6.O62 tons weekly
June /, against 250095 May l. Stocks were
reduced 70.092 tons in May, in1icating a
consumpt on of LILO S66 IONS, against ], 00O-
OOO tons per month last year, The greatest
ever known. Consuming demand does not
seem TO diminish. and appears greater be-
cause II fails 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 ten
last month. production viii oVertake the
demand after time, and The largest buy
ers OF finished products for implements
ana car works and railroads are taking
notning 10 cover next years needs Pig
has been irresularfy strong at the East
ana at chicago. and unchanged al Pitts
burg, while finished products average 2h
per cent. higher, plates, bars pipe and
ralas sharing the advance, with demand for
structural forms and sheets beyond the
capacity of works. Even In nails a per
cent. discount on quick payments is stop
ped
Wooden and Cotton Goods.
Wooens gained a. little further advance
IN clay Worsteds and indigo blues, with
generally strong demand and works well
ahead engaged. But dealers say the stub
born facI that consumers are accusto rled
to cheap goods makes every advance DIFF
hcult and mills appear 10 be buying very
altle in markets which are counting
largely on a rise in wool. Sales, mostly
between traders, have been, in two weeks,
l62H.700 pounds. including 10, 5ST 300 do
nestle, but until speculation halts these
Will indicate nothing as 10 consumption,
nor is anything known of the stocks act
ually held by mills
Cotton goods have been fully sustained
without advance in price, by good de-
changed. doubts about The coming yleid
being held in check by the certainty of
large stocks in hand; and the decrease in
acreage reported by the Financial Chron-
icie hnders faith in the government esti-
mate Of larger reduction in acreage Of
about per cent.
yThe Cereal Market
Wheat reports by government sources
seems 20, mean just what anybody w9nts
them to mean, but the produce exchange
Interpretation Of the June report 56SO00.-
600 bushels, means no greater decrease in
yield than may be beneficial, both TO grow
ers and consumers. With probable addi-
provide for exports of nearly 10000 900
bushels, and foreign prospects, though by
no means wholly cheering scarcely war
rant eXpect ation of a demand as large.
dence is shown. for Western receipts of
102121S9 bushels in two weeks. against
2,6S452l last year discredit short crop re-
ports, and foreign exports 4,SS2 313 bushels,
flour included, against 1905. 64 last year,
do not indicate great needs abroad. Corn
exports are. better sustained than wheat.
5.s12959 bushels in TWO weeks, against
I7972n last year, and the price has been
steady.
Failures for the week have been 1856 in
the United States against 233 last year,
4 n aaf