Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-07-18
HIGHEST Of all in Lcavcning PoweLates US Govt Report
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doing we'll but (as at st. PauD with
tendency to defer placing orders until
after the election. Chicago and st. Louis
agree that the sales for fail delivery Will
not equal the record for 1895. Rains have
improved crop prospects In Washington.
The week has been marked at San Fran
cisco by the departure OF a train-load OF
fruit for London, cargo OF wheat lOr
Australia, and two ships loaded with
lumber for Europe Crop prospects In
Louisiana and in Texas have improved.
particularly with reference to cotton, ana
the country merchants are reported en-
couraged. The sales of dry goods and
notions at Atlanta are about of average
extent; of shoes they are heavier than IN
1850, and the distribution of groceries is
more active.
morrow. in their weekly review of trade:
The failures for the week have been 1853
In the United States, against 206 last year,
and 30 In Canada, against 80 last year
Disapproval of the action of the Chicago
convention has had some influence on the
markets the past week, but a far more
important factor has been the feeling that
the financial future is still uncertain. This
when business Is for other reasons serf-
ously depressed, has made the week I'M
usually gloomy in speculative circles-the
average price of political activity. Railway
stocks have declined from s4722 to si.76
per share. and the average OF trust stocks
from $3.50 TO $H.4S per share.
Cotton has fallen about IL cent in op-
tions and Ia in spot prices. because the
men who said there would be cotton
famine i'm July and have been holding
large quantities of cotton In expectation
of higher prices have changed their
minds. The closing Of about three quar-
ters Of the mill-producing capacity and
about one half of the mills themselves for
part of the time. until the new crop comes
decline in the prices of goods. If the ac-
counts Of condition are not misleading,
and the general rains In Texas have help
ed the crop as much as many believe, the
yield Is likely to be more than 9.0DoD
bales. The decrease in consumption here
is not as yet effective i'm helping the prices
of cotton goods. which are still selling at
about the lowest quotations ever made.
The woollen manufacture Is waiting;
and as orders are exceedingly slow. the
sales Of wool at the three chief markets
were for the week only 2.l55.l00 pounds, the
transactions at Boston being reported the
smallest ever known at that market.
The output of pig-ron July LIST was lsO,-
6S1 tons weekly. against 1920 June lst
and 17,l9i tons a year ago. The decrease
since the maximum was reached NoVem-
Der 1st-2l7306 tons weekly-has been ma
terial. and yet stocks are rapidly accumu-
lating. those held by producers, not in
ing &c Sl5;S72 tons. an increase OF 1929
tons for the month Of June. or about 1000
tons per week. which indicates consump-
ton Of less than 1900 tons Considering
tnc TACT tndt the accumulation bN ll't
great steel companies must have been
large. the consumption is undoubtedly
smaller than IL was a year ago.
The demand for finished products OF
iron and steel is extremely narrow, al
though considerable building contracts are
reported 5000 tons for the San Francisco
Call building. for instance, with few
smaller contracts. But in bars the com
mission merchants have found themselves
unable to maintain prices, and there are
renewed reports that the great decrease
in the sales Of nails will force reduction
of prices August 1st.
Bessemer pig has not changed In nominal
quotations at Pittsburg, although one sale
of 1ooo0 tons to an lndiananoiis concern
IS reported at prices netting only 81 TO
the Valley furnace. Grey forge has been
sold at a price equivalent to 500 at Pitts
burg. The average OF iron and steel prices
il the lowest since a year ago.
The manufacturers Of boots and shoes
are weakening under the effort to see an
advance in price. although most Of the
works have orders for some time ahead.
But the demand Is very light. and nearly
all the shops would have TO close If they
were dependent only upon new orders.