Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-06-17
SCARCITY IS FEARED.
And the Prices of Iron and
Wheat Are on the Rise.
Iron and Steel Works Have Orders
Ahead for Many Months.
"oolens Adgance-cottons Firm, With Good
Demand-Shoe Business Good.

New York. June 16.-R. G. Dun <
Cos. Weekly Review of Trade. tomor-
row viii say:
1t - one Of the frequent paradox of
business that the one thing which now
makes prices rise is the only thing that
clouds the future. The rise in iron and
what is because scarcity is feared, but
the scarcity if prolonged and real,
would much impair prosperity. In
wheat il does not seem to be real, nor
in iron lasting, and meanwhile other
clements Of prosperity continue potent.
1t is great thing in money markets
that exports of gold have caused no APP
prehension, because recognized as mere
borrowings by foreign bankers.
The scarcity Of iron is real, in spite of
the greatest production ever known in
this or any other country, 256 O62 tons
weekly, June l. against 250,095, May /.
For stocks We're reduced 70.092 tons in
May, indicating consumption Of l,19J,-
SG6 tons, against 100000 tons per
month. last year, the greatest every
known. Consuming demand does not
seem to diminish, and appears greater
because il fall upon works crowded for
months ahead with contracts at lower
prices. but some Of ii is speculative and
would cease with prospects of lower
prices.
with more furnaces going into blast,
~ last month, production will overtake
the demand after a time, and the larg-
est buyers Of finished products for i'm
plements ana car works and railroads
are taking nothing to cover next years
needs Pig has been irregularly strong
al the east and at Chicago and I'M
changed at PittsburG, while finished
products average 2l2 per cent. higher,
plates, bars, pipe and rails sharing the
advance, with demand for structural
forms and sheets beyOund the capacity
Of works
Woolens gained a little further advance
in clay worsteds ana 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 diff
cult. and mills appear 90 be buying very
little in market which are largely count
ing on rise in wool. Sales, mostly be-
tween traders. have been in two weeks
lo.2i7.160 pounds, including 1857, 900 do
nestle, but until speculation halts will in
anything known Of the stocks actually
held by mills
Cotton goods have been fully sustained
without advance in price by good de-
mand. The cotton market has not
changed. doubts about the coming yield
being held in check by certainty Of large
stocks on hand. ana the decrease in acre
age reported ny the Financial Chronicle
binders faith in the. government estimate
OF a larger reduction in acreage Of about
5 per cent.
shipments OF boots and shoes from Bos-
ton We're over 1000, 900 pairs for the week.
and for two weeks 1S6.093 cases. exceeded
in the same week only in 1895 ana slightly
in 1921. It is growing clear that manu-
facturers are accepting large orders in
advance, the talk of further advance in
prices doubtless helping them Jobbing
orders for quick deliveries on fail con-
tracts show sales beyond ant cipations.
So much that retail overstocking is feared
by some, but excepting the drouth in
some sections nothing hinders a large
consuming demand in this as in other in
dustries
Wheat reports by the government seem
to mean just what anybody wants them
~ mean, but the Produce Exchange inter-
probation of the June report, SIS, 600 00J
bushels, means no greater decrease in
yield than may be beneficial both TO
growers ana consumers. With probable
additions to stock from the last crop it
would provide for exports Of nearly 2OO-
100000 bushels, and foreign prospects,
though by no means wholly cheering.
scarcely warrant expectation of demand
SO large. The price has risen cents, but
much prudence is shown. for western re-
cepts Of lO202, 1S9 bushels in two weeks
against 2GSl.5O1, last year, discredits short
crop reports, and foreign exports of 45S2,-
rs bushels, flour included, against $685.
ST. last year, do not indicate great needs
abroad.
Corn exports are better sustained than
wheat. 5,Sl2.950 bushels in two weeks,
against 1924, last year, ana the price
las been steady.
Failures for the week have been 1856 IN
he United States, against 233, last year,
md IS in Canada, against 20. last year.
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