The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-08-05
NEW YORK is TOO
STRONG FOR LONDON
Bank of England Can not
Draw Gold.
JULY BUSINESS FAILURES
LOWER THAN FOR ANY MONTH
SAVE MAY.
WoRL 5 DEyAvD FOR WOO AND Roa
Has Fallen Upon the United States and
Ealy Supplies Of Iron are
n Anywhere IN
Sod.

New York, Aug. Ar. 9. Dun and
Company in their Weekly Review Of
Trade will say tomorrow:
July failures have been smaller than III
any month of which there is record ex-
cepting May and trading failures smaller
than in any other month. Surprising
contrasts are shown by comparison OF
small with large failures IN different
wears, and in no class Of business, WITH
out some large failures not attributable
To present influences. does the aggregate
equal the average of the past SIX years.
London again recognizes the financial
power of this country. The Bank OF
England virtually admits that it can not
draw from New York the gold it needs;
exchange moves to the importing point;
over S1000,000 starts from Sydney TO
San Francisco Isondon's net buying OF
stocks has been forty thousand shares,
and bills against produce to be shipped
are very heavy.
This describes a revolution in finances
not unlike that in Industries, Europe
searching for wool here at 90 cents
secured and for pig iron at Zoe. per ton.
A vast demand for both materials has
fallen upon the commercial world. which
this country alone appears able TO meet
for its own needs. Wool shipments from
Australia have been surprisingly little
below those of last year. but Europe
talks of wool famine. while this coun-
try has on hand years consumption or
more besides this years clip, and prices
are not yet as high as they were in Feb
ruary of last year when stocks were
many million pounds larger. Cheyiots
and some other goods are higher, but the
average has advanced slightly less Than
the price of wool Cotton goods are I'M
changed. with cotton still at 6.12 cents.
heavy surplus stocks rendering crop un
certainties powerless to effect an adj
vance.
Scarcity Of Bessemer pig has caused
two steel works at Pttsburg to stop a
day or two. and S21.2J to S21.75 has
been paid for. $4,000 tons. with S17.15
for grey forge. and a rise of 30c. in local
coke mt Chicago. 1t is no longer a ques-
tion whether enough can be had after a
while: the trouble is about early SUD
plies. Orders for plates and structural
work are refused at most points, mills
having work far ahead and for sheets
also at Philadelphia though new aus;
large Ellis make things easier in plates
at Pittsbrrg. Bar iron is III great de-
mand instead of steel being So to 81
cheaper, alH new Eastern mills fct all
the business they want. The magnitude
Of the demand, in spite of high prices. is
everywhere a surprise.
Once more Conmensville ec1ipses itself
with only $50 ovens idle, and 191 ,541
tons coke produced for the week. Tin
was raised by London to the breaking
point, 33 cents here being followed by
3D.. bnt copper was firm at 1872 for
Lake. though the London visible supply
reached $4,000 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 vet are
numerous enough to make good aggre-
gate.
Wheat weakens, yielding one cent with
the astonishing receipts at the West 4
734. 1903 iushels for the week. against
3.100.543 last year, and 23,59S, 1S9 bush