Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-08-28
NO BUSINESS REACTION.
Trade Gnins With ~ Stendincss That
Is Gratifying.

markets have their turns Of reaction, but
business has had none this season. gain
ing with a steadincss which is most
gratifying. The starting Of works. in
crease in hands employed. advance in
wages and In prices OF products. and
the heavy movement OF crops are facts
before which all speculative influences
have 10 bow. The weeks dispatches
mention sixteen iron-works which have
started, against one closing; fifteen
"oollen-works started, and so on I'm
many other branches. while many more
works have increased in force. and many
are preparing 20 resume and some have
increased wages. While Those things
continue, with Srain rising. and going
abroad in enormous quantities, the
money markets have reason for abound
ing confidence. and the speculative
markets for strength. Crop prospects
arc contradictory. as usual, al such a
time. but IT is noteworthy that none Of
them Indicate anything less than an
ample supply of the great staples.
Wheat rose over cents Saturday.
with reports Of injury fell nearly
cents. again rallied, and then declined
sharply closing l cent lower for the
week. Much harm was done TO spring
10 bring the yield below 5l0,0OOO0O
bushels. In spite of great lack OF cars.
the wheat receipts were l.4S9,59i bushels
for the week, and for four weeks. 49,
5S9 6Sl bushels. against 14S96.947 last year.
and Atlantic exports. -four included.
though somewhat checked by higher
prices. were $685. 1863 for the week, against
2.2Oz5l6 last year, and for four weeks.
1881 6S7. against 7.SlO1T last year.
The receipts Of corn bear strong testi-
mony TO the seriousness OF foreign needs,
being 6,Si0l44 for the week. against
22l3.9l9 last year. and the Atlantic ex-
ports in four weeks have been lO,456,4IS.
against 56l7l 10 last year. The price rose
Is cents for the week.
Sympathy with other markets. rather
than reports Of injury which competent
authorities deem not important. accounts
for the deviation of 3-l6 in cotton, but
the mills are resuming work with a rush
general replenishment of stocks by
dealers will call for heavy additional sup
plies The wool market also reflects
i'm greater strength and further advance
i'm some grades. the heavy buying of
woollens. which has set many mills AZ
work night and day, and caused makers
of many grades 10 withdraw them en-
trely from the order market. but while
the mills have been buying somewhat
more most OF them hold large stocks
and the trading has been mainly specu-
lative between dealers.
At last. demand has so far overtaken
the capacity Of iron-works that prices
are growing stronger, Bessemer and grey
forge p cents higher al Pittsburg and
pig in eastern markets as much stronger
because rebates and concessions are stop
ped Bilets are 81 per ton higher struc-
tural angle, bars, and plates about as
much. rods $50 to g. and wire nails
cents per keg higher The demand
is also heavy for merchant pipe and
steel, and sheets are very active. The
advance in iron and steel prices averages
81 per cent. for the week The buying
Of ore continues heavy-loN0O0 tons in
two weeks at Cleveland and among the
iron-works starting are four more fur
naces While tin is weaker, at $l275
with large arrivals, copper is held at II IL
for lake, with large orders and deliveries
and lead is scarcely obtainable below &c,
the sales having been heavy. The Con-
nelsville coke-works increased their out
put 1864 tons for the week.
Hides are again strong at Chicago
though packers no longer lead. but coun-
try hides are called scarce. although cat
tie receipts at the four chief markets are
the largest since 1892.
Failures for the week have been 22S in
the United States against 2So last year,
and "a in Canada, against 80 last year
LITTLE TO CLOUD THE OUTLOOK.
Bradstreet's tomorrow will say: The
general trade situation continues TO I'M
prove and aside from the unnecessarily
prolonged strike Of the soft-coal miners
there Is little in sight TO cloud the out
nj
yance in price of almost all leading
staples. beginning with an upward move
ment all along the line in iron and stee..
Steel billets are now $50 above the lowest
figures; bars. $3.50; rods. 50, and plates
ST. Bessemer pig-iron is % cents, and
foundry a like amount. southern irons
are very strong on a continued active eX-
port movement. Where wire-mills nave
not advanced prices they have WIN
drawn quotations. Some western steer
mills are sold up TO January LIST, which
with the larger demand for earlier de-
liveries from furnaces than had been ar
ranged for, are quite significant.
Lead too. and soft coal are higher, as
IS wheat. Notwithstanding one or two re-
actions Bradstreet's points out That the
statistical position OF wheat is the strong
est since the United states became con-
siderable exporter and that It's price, as
well as that for bread. is likely 10 mate
riallv exceed the present weeks advance
rollowing wheat prices are higher prices
for -four. corn, oats, lard potatoes, but
ter eggs. beans. cheese. leaf tobacco
wool and livestock. Advances for lea
Their hides. lumber, and linseed-oil are
also reported.
Cotton. which is up 3-l6. reports the
smallest worlds stock for seven years
past at this period, an improved tone,
and higher prices for the manufacturer
product. In spite of crop damage .ne
tendency of estimates is toward ,he
largest total yield on record, but Win
probabilities favoring much better pllvs7
man those obtained for the crop OF 1871
'o- The out-turn Of which was 9,SISOJo
baIes Advances are being also asked ior
roorders of woollen goods at mills, pu'
nrint-cloths. petroleum, and sugar are
unchanged for the week. No such gene
raj or pronounced upward movement. Oh
ne nric.3 of nearly all leading staples
hos been witnessed within week ior
many years. $780, ,.o,,,,oa ac--
creqating wheat and flour as "heuv
t49 659 bushels for the week, as asalhs'
90 soa last week S2Sl.SA last year
o., o9s an the same week two years ago
900 ooo bushels in 1894 and 5,O9Z.oOO IN inc
se,reenonding week Of 1893. with the eA-
oontion OF last week. this weeks snip,
nents are the largest since the thlIu
week of September, 1893. Corn eApo,s
show a considerable falling on, oeine
. soo 40 bushels. against 3,92S055 last week,
80 400 ioo year ago. l.12i532 in 1895, loOo
I'm 1874 and l.il6Sc0 In lSSS' .,oa
- There were 30 business failures reporlsu
,srnvnbout the United states this week'
eroinst 22l last week. 800 a year ago, ago.
ase'n 90 two years ago. 1872 three years