The star. (Reynoldsville, Pa.) 1892-1946, 1899-08-23
REVIEW OF TRADE.
War Vessels Delayed on Account Of an Enor.
nous Shortage Of Steel.

r. e.. Dunn & Co.'S weekly review
OF trade reports: The Cramps have dis
charged many hundred hands and ask
Russia to extend time for completion
OF two warships because they cannot
get the steel. Completion of 2i out OF
.! vessels building in the Delaware is
also affected. 1t Is a curious expert
ence Tor this country, but shows the
gigantic expansion OF home demand.
No one can question the fact tina.
payments through the principal clear
ing houses have been in August $50
per cent. larger than in 1892 for the
month thus far, and outside New York
70 per cent. No better test of the vol
ume of business is known, but there is
growing handicap in the advance of
prices. How long and how far this ad-
vance can go without reaction is the
problem which level-headed business
men are studying. Evidences of
checked consumption are rare, but 1t
would be childish to hope that at some
point higher prices would not hinder
buying.
In iron the question is of steel bill
lets, which the great consuming COM
panies have bought far in advance, 50
that all new orders have a narrow
market For six months billets have
sold at S4 to So higher than the rails
made from them. Other demands, not
covered by contracts, are mainly for
various shapes and sizes only pre-
scribed in contracts. While prices
ae o & Cents e Sspc Scr chaesS dSa s cSs Big
and 70 cents for gray forge at Pitts
burg, rails have advanced 81 per ton,
with work covered for all this year.
and 100000 tons or more taken beyond
what can be delivered until next year.
Other finished products do not change
although the demand at all points ex-
ceeds present capacity. Copper is
steady at lS1a for lake. with produc-
tion for July 2l,333 tons domestic and
1880 tons foreign. Tin is lower at
3OAc, and lead weakens on the stop
pages of the smelters' strike.
Cotton rose week ago at 6Iac, but
has fallen TO 6.19, Mr.. Neil | having
estimated the coming yield at II $50 900
to 12,OOO,O0O bales. Official and otner
estimates are all much smaller, but
the man who judged rightly a yeai
ago has the floor. Consumption here
prices OF goods are rising. while cot
ton falls. and stocks carried over
must also be large, but VIII be less
than present returns indicate.
Wheat has advanced about ! cent
ports only 2.S68,sO2 bushels. -four in
cluded, against S,059 $50 last year, and
Pacific exports 95l 1923 bushels, against
17b.i00 last year. Western receipts
have been only 32l2.ll7 bushels.
d6aiHst o,ohS,zs5 last year. IL is
question whether the smaller receipts
are due to recent chang in crop pros
poets, giving holders of grain a better
outlook. Exports OF wheat In three
weeks have been from both coasts.
Hour included. 9,9137G4 bushels,
against l0.ll4,246 bushels last year, ana
the western receipts have been II 1884,
696 bushels. against 0l5,1S3 last year;
but 1t is also significant that corn has
risen sc. with receipts of 3026, 692
bushels for the week. against S5i4162
last year. while the exports have been
4,o34.3O2 bushels, against 2.370 3O2 last
year. The figures clearly do not indi-
cate material decrease In foreign de-
mand ON the whole, although for wheat
1t Is somewhat smaller than appeared
In July.
Failures for the week have been:
In the United States, 15f against 154
last year, and In Canada "a. against
II last year.