The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-06-17
Speculation As TO Rise In Iron and
Wheat.
CANNOT SUPPLY DEMAND
OTHER ELEMENTS Or PROSPER
ITY CONTINUE POTENT.
Scarcity In the Two Products Does
Not Seem to Be Real Or Lasting
Gold Exports Cause No Apprehen-
sion-Decrease In the Number of
Business Failures.

New York, June 16.-R. G. Dun &
Co.'S weekly review of trade will say
tomorrow:
1t 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 and
wheat Is because scarcity is feared. but
the scarcity, If prolonged and real,
would much impair prosperity. In
wheat II does not seem to be real, nor
IN IRON lasting, and meanwhile other
eieinehIs OF prosperity continue potent.
II Is great thing in the months mar
kets that exports Of gold have caused
no apprehension, because recognized
as mere borrowings by foreign bankers.
the May return of foreign commercS
showing exports 23,000,000 larger than
imports, in spite of a decrease of 80
cents in the export price of wheat and
d large increase in imports. In eleven
months the excess of merchandise ex-
ports nave been $495, GOO, co., and the
bankers estimate that $3.50. 900. GEO
worth of securities have been returned
from Europe, with SO few in recent
months that the amount remaining to
be dislodged is probably small.
The scarcity of iron is real, in spite
Oh the greatest production ever known
IN this or any other country-256, 062
tons weekly, June l, against 250. 059,
May l. Stocks were reduced 1892 tons
IN May, indicating a consumption of
l,lyO,S66 tons, against 1000, 600 tons per
month last year, the greatest ever
known Consuming demand does not
seem to diminish and appears greater
because it falls upon works crowded
for months ahead with contracts at
lower prices, but some of it is specu-
latlVe and would ceaSe with prospects
OF lower prices. With more furnaces
gong into blaSt-ten last mOnth-pro-
auction will OVertake the demand after
a time, and the largest buyers of fin
lshed product 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 average 215
per cent higher. plates, bars, pipe and
rails sharing the advance with de-
mand for structural forms and sheets
beyond the capacity of the works
Even in nails a per cent discount of
quick payments is stopped.
Woolens gained little further ad-
vance in clay wOrsted and indigo blues.
with generally strong demand and
works we'll engaged ahead. But deal
erS face the stubborn fact that con-
sumers accustomed to cheap grades
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, 100 pounds, including 1851, 300
pounds domestic, but until speculation
halts will indicate nothing as to con-
nor is anything known of
the stocks actually held by mills.
Wheat reports by the government
seem to mean just what anybody wants
them to mean, but the produce eX-
change Interpretation of the June re-
port, that the $4,000, 600 bushels means
no greater decrease in yield than may
be beneficial, both TO growers and con-
sumers. With probable additions to
stock in the last crop, it would pro-
vide for exports of nearly 200, 1000, 600
bushels, and foreign prospects, though
Dy no means wholly cheering, scarcely
warrant expectations of a demand as
arge. The price has risen cents. but
much prudence is shown for western
receipts of 10.202 1S9 bushels in two
Feeks, against 1854, 521 bushels last
Tear discredit short crop reports, and
'oreign exports of 4.5S2,313 bushels. /
iour included. against S,655, 6S3 bushels |
asst year, do not indicate great needs |
Lbroad.
Failures for the week have been 1876 |
n the United States, against 233 last /
ear, and eighteen in Canada, against |
wenty last year.