The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-04-28
GOLD GOING ABROAD.

NEW YORK, April 2T.-R. G. Dun g.
Company's weekly review OF trade to-
morrow viii say:
Gold begins to so abroad, and prices
OF Iron products break sharply in the
same week. Four months of the new
year have passed, and business does not
so expand as to need the large increase
OF circulation which the new monetary
bill has permitted, nor enough to sus-
tain all the extraordinary advance In
prices last year. The abundance of
gold and of currency. and the large dis
bursements by the treasury in exchange
of bonds, have rendered rates for
money unusually low for the season
here, while rare Industrial and specula-
tive activity In Europe with the war
in South Africa, have tended to make
money dearer abroad. So now gold
from Alaska answers the loss Of supply
from the Transvaal and America builds
up in credits abroad a breastwork
against prostration in the future here.
as in the past, caused by the troubles
in Europe,
Some Change in Demand for Steel.
The reaction in prices came where It
was least expected, in the industry
more fully organized now than any
other to check competition, and IN the
branch which through contracts cover
ing rod making and other machinery
and through patents seemed more fully
controlled than any other. Reductions
Of 500 per ton in wire nails, barbed wire
and galvanized fence and SIS in smooth
wire showed that no control can afford
to hold prices so high us to check con-
sumption. In week the prices of iron
products have declined 5.S6 per cent,
and since February Z. 10 BIO per cent.
AS the wire and nail prices have been
relatively the highest. others in the
iron and steel industry can be expected
to fall in like measure. But pig Iron
IS weaker. No. l local coke at Chi
cago is S2S 50 and Southern pig is also
lower. Plates and bars can be OBJ
taIned for about is cents in good con-
tracts, both at the east and at Pitts
burgh, the proposed advance in sheets
to $40 cents has not been attempted,
and cut nail mills, which have gained
much by selling at 20 cents per keg
below wire nails, win now lower prices
also. The stoppage of dozen wire
and nall mills, beside rod mills, at
Joliet, and another of the National
Steel Company. indicates some change
in the actual demand. In the minor
metals the only change has been in tin,
which declined rather sharply to 29Sc,
In sympathy with lower London quota
tions.
Tendency Toward Lower Prices.
The tendency toward lower prices is
strengthened by the idea that over
production may appear in other
branches. In cotton goods, after the
rise of about so per cent following the
advance in cotton, It is asked whether
the surprising increase in southern OUT
put has not cut or part of the demand
which eastern mills find insufficient. In
staple goods, no change is seen, but in
other lines md fancy goods Irregular
ity is increasing, and greater conces-
slons are made for future deliveries.
Cotton futures fell and recovered with
god prospects for the next crop, north
ern mills having taken already what
they will require until September. but
Ellison's estimate is thought likely to
stifren the foreign demand. No wool
has changed in quotations. though some
sales of fair amount are reported at
such prices as 81 cents for Ohio XX
and 50 cents for clothing territory
cleaned, but manufacturers are not
disposed to do anything, and the west
asks prices which dealers have no rea-
son for paying. The demand for wooden
goods is small and disappointing, and
except in staples, which are steady,
because well sold up, prices are not
encouraging. Shipments Of boots and
shoes from the east in four weeks have
been SOG,S23 cases, against SS9,49S cases
last year. sOI,O6l cases in 1898 and less
in any other year. New business bears
no proportion to the present output.
and the number of works which are
closed or running part time is increns-
ing. Manufacturers realize that this
is result of prices asked, and of slow
retail distribution, and large stocks re-
naming on hand, but claim that lower
prices cannot be made without loss.
Business in sole leather is reported
fair, and prices do not yield, but upper
leather is dull.
The Produce Market Inactive.
The produce market is inactive,
though wheat yielded fraction and
corn gained one cent for the week. Ex-
ports of both continue larger than a
year ago. Atlantic exports of wheat
In four weeks, flour included, having
been SO99,567 bushels. against SO77Oi5
bushels Inst year and Pacific exports
2,725.19s bushels, against 1,37s,S22 BUSH
ols last year. Corn exports in the
same week have been i9,S2,667 bushels,
against 1OOGs,525 bushels last year.
Exports Of merchandise from New
York In three weeks have been $40 per
cent larger than last year, and with
the aid Of the heavy cotton movement