Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-08-05
THE WEEKS TRADE.
,oxpoy AGAIN RECOGNIZES FINAN-
c,.1 POWER OF THIS COUNTRY.
VAST DEMAND FOR WOOL And IRON.
Apparently the Only Coun-
try Producing Enough for It's own
Needs-JuIy Failures smnll-sonc
surprising Contracts.

NEW YORK, August 4.-Messrs. Il. VI
Dun g. CO., in their Weekly Review oil
Trade, tomorrow Will say:
July failures have been smaller than III
any month Of which there is record, eN-
cepting May, and trading failures smaller
than in any other month. Surprising con-
trasts are shown by comparison OF smai'
with large failures in different years emu
in no class of business, without 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 Eng
land virtually admits that it cannot Draw
from New York the gold 1t needs; ex-
change moves to the importing point
over N.OO0OOO starts from Sydney TO san
Francisco: London's net buying of stocks
has been 1000 shares. aud bills against
produce to be shipped are very heavy
REVOLUTION IN FINANCE.
This describes a revolution in finance
NOT unlike that In industries, Europe
searching for wool here at % cents an"
for plg-iron at so per ton. a vast &C.
mand for both materials has fallen upon
the commercial world, which this coun-
try alone appears able to meet for its
own needs. Wool shipments from Aus
tralia have been surprisingly little below
those of last year, but Europe talks or a
wool famine. while this country has on
hand a years consumption or more, re-
sides this years clip, and prices are not
vet as high as they were in February OF
last year. when stocks were many mlI'Ion
mounds larger. Cheviots and some otnsr
goods are higher, but the average has al
yanced slightly less than the price OF
wool. Cotton goods are unchanged III
price with cotton still at 6.12 cents, heavy
surplus stocks rendering crop uncer' TAM
ties powerless TO effect an ADVANCE
The scarcity of Bessemer pig has causeN
two steel-works at Pittsburg 10 Stop
dav or two. and S2l.25 TO $Zl.lo mas peen
paid for $1,000 tons with SID Tor gray
forge and a rise Of 50 cents in local coke
at Chicago.
DEMAND SURPRISING.
II Il no longer question whether
enough can be had after awhile; the
trouble is about early supplies. orders
for plates and structural work are re-
fused at most points, mills having WORK
far ahead. and for sheets also at Fhila-
delphia. though new and large mills make
things easier in plates at Pittsburg. Bar
iron is in great demand, instead OF steel
being 50 to 81 cheaper, and new eastern
mills get all the business they want. the
magnitude Of the demand, In spite Oh
high prices, is everywhere a SURPRISE
once more Connellsville eclipses itseit'
with only $50 ovens idle and 1851 tons
60 ba
raised bv London to the breaking point
81 cents here being followed by 81 l-2, but
conner was firm at 1912 for Lake. though
the London visible supply reached 55'ozO
tons. the largest since 1891 Lead was
quiet at 400 cents. orders for boots ana
shoes are not so large as they have been
and vet they are numerous enough 10
make a good aggregate.
GRAIN MOVEMENT.
Wheat weakens yielding cent, with
the astonishing receipts at the West
Asa 1853 bushels for the week, against
3.1s9 543 last year and 23.5gSlS9 bushels
since June, against lo,jOS,sl6 last year
Atlantic exports for the week, 800 I8l
bushels flour included, against 3,O257I
last year, and 2.i2l $40 bushels since June.
against 1O.85i951 last year, continue 70
support hopes of great foreign demand,
with Pacific exports for the week $4,000
bushels. against G149l6 last year.
Not less potent in this regard is the
shipment of 1908 i97 bushels of corn for
the week, against 1,7348H last year and
Is 6SS 0ls bushels since June, against $780,
80 last year
Failures for the week have been 1S2 in
the United States, against 1876 last year,
and % in Canada, against p last year.