The star. (Reynoldsville, Pa.) 1892-1946, 1899-08-09
REVIEW OF TRADE.
Scarcity OF Pig Iron Causes Two Furnaces 10
Shut Down al Pitsburu.

II. q. Dun a. Co. In their weekly re-
view of trade report as follows:
July failures have been smaller than
In any month of which there Is re-
cord excepting May. and trading
failures smaller than | many other
month. Surprising contrasts are
shown by comparison of small with
large failures In different years, and
In no class of business, without some
large failures not attributable to pre-
sent Influences, does the aggregate
equal the average of the past six
years.
London again recognizes the flnan-
cial power of this country. The Bank
of England virtually admits that II
cannot draw from New York the gold
II needs; exchange moves to the lm-
porting point. over 81 900, 900 starts
from sydney to san Francisco; Lon
don's net buying Of stocks has been
10000 shares, and bills against produce
TO be shipped are very heavy.
This describes revolution In fln-
ances not unlike that In industries.
Europe searching for wool here at 80
cents secured, and for pig iron at $50
per ton. A vast demand for both
materials has fallen upon the com
mercial world, which this country
alone appears able to meet for its own
needs. Wool shipments from Austral-
la have been surprisingly little below
those OF last year, but Europe Ia ks of
wool famine, while this country has
on hand years consumption or more,
besides this years clip, and prices are
not yet as high as they We're In Feb
ruary of last year. when stocks were
many million pounds larger.
Scarcity of bessemer pig has caused
two steel works at Plttsburg to stop Il
day or two and $2l 20 to $21 75 has
been paid for 30 900 tons, with Sl7 75 for
gray forge, and a rise of 80 cents in
ooh at "a t.. To-.
a question whether enough can be had
afttf awhile; the trouble ls about early
supplies. Orders for plates and struct-
ural work are refused at most points.
mills having work far ahead, and for
sheets also at philadelphia, though
new and large mills make things easier
In plates at Plttsburg. Bar iron Is In
great demand instead OF steel, being 50
to "a cheaper, and new eastern mills
get all the business they want. The
magnitude of the demand, In spite of
high prices, Is everywhere n surprise.
Once more Connelsvile eclipses it
self, with only $50 ovens and 19l .541
tons coke produced for the week. Tin
was raised by London to the breaking
point 30 cents here being followed by
3lh, but copper was firm at 1Sh for
lake, though the London visible supply
reached 33,O20 tons, the largest since
1897. Lead was quiet at 4.60 cents.
Orders for boots and shoes are not so
large as they have been, and yet are
numerous enough to make good ag-
gregate.
Wheat weakens. yielding cent, with
the astonishing receipts al the West,
4,IS4,363 bushels for the week, against
3,l99,543 bushels last year. and 23,59s,-
1888 bushels since June, against 1888
SI6 bushels last year. Atlantic exports
for the week, 3,765,7S7 bushels, -four in
Guided, against 3,026,731 bushels last
year. and 12.121 $40 bushels since June.
against 10,254,951 bushels last year,
continue to support hopes of great
foreign demand, with Pacific exports
for the week 355,020 bushels. against
614.916 bushels last year. Not less
potent In that regard Ia the shipment
of 4,003497 bushels corn for the week
against 1,7S4,347 bushels last year, and
15,6SS,0l8 bushels since June, against
S,502310 bushels last year.
Failures for the week have been 1S2
In the United States. against 1876 last
year. and 20 In Canada, against 21 last
year.