Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-08-19
SCARCITY OF STEEL.
sUIP-BUILDING IN THIS COUNTRY
DELAYED THEREBY.
IT SHOWS EXPANSION OF DEMAND.
Than This There is No Better Test
of the Volume of Business, But
vance.


NEW YORK. August 1S.-AIessrs. r. G..
Dun & CO.'S Weekly Review Of Trade will
say tomorrow:
The Cramps have discharged many hun
bred hands and ask Russia to extend the
time for the completion Of the two war
ships. because they cannot get the steel
The completion OF twenty-one out Of
thirty-seven vessels building in the Della
ware IS also affected. 1t is q curious ex-
perience for this country, and shows the
gigantic expansion Of home demand. No
one can question the fact that payments
through the principal clearance houses
have been in August $50 per cent. larger
than in 1885 for the month thus far, and
outside Of New York % per cent. No bet
ter test OF the volume OF business IS
known, but there is a growing handicap
in the advance Of prices How long and
how far this advance can 90 without re-
action is the problem which level-headed
businessmen are studying. Evidences Of
checked consumption are rare. but it
would be childish to hope that at some
point higher prices will not hinder buy
ing.
IRON, COPPER, TIN, LEAD.
In iron the question is of steel blllets
which the great consuming companies
have bought far in advance. SO that all
new orders have a narrow market. For
six months billets have sold 81 10 s.
higher than the rails made from them.
Other demands not covered by contracts
are mainly for various shapes and sizes
only prescribed I'm contracts. While prices
have risen % cents Tor southern pig iron.
60 cents for Chicago local coke. and 70
cents for gray forge at Pttsburg. rails
have advanced 81 per ton. with work COW
cred for all this year. and 10000 tons or
more taken beyond what can be delivered
until next year. Other finished products
do not change, although the demand at
sl points exceeds the present capacity.
Copper IS steady az 1872 cents for
Lake. with the production for July p 1893
tons Of domestic and 1880 tons of foreign.
Tin is lower at 30 ga. and lead weakens
on the stoppage of the smelters' strike.
COTTON AND WOOL
Cotton rose week ago to $50 cents,
but has fallen TO 6.l9. Mr.. Neil having es-
timated the coming yield at 10000 TO
100000 bales. Official and other csti-
mates are all much smaller, but the man
who judged rightly a year ago has the
floor. Consumption here and abroad has
been very large, and the prices of goods
are rising while cotton falls, and stocks
carried over must also be large, but will
be less than present returns indicate.
For wool. Coates's circular for August
1st still holds good. although inside quota
lions are oftener made. The sales for
three weeks have been 2sSS0.99o pounds,
against l3 Se6 500 last year $3.50, S05 in 1897,
and o 3G5.4o0 i'm the same weeks OF 1892.
Goods have advanced further. especially
in cassimeres, cheviots and cotton-warp
cashmeres, and the tendency is upward in
nearly all grades.
WHEAT AND CORN.
Wheat has advanced about a cent du-
ring the week, with Atlantic exports only
.. 1863. 302 bushels, flour included, against
3O59 $50 last year and Pacific exports ST.
329 bushels against 17j, 400 last year. West
ern receipts have been only 33Sl,7n,
against 3. 1863. 229 bushels last ye3cr. 1t Is a
question whether the smaller receipts are
due 10 recent changes in crop prospects,
giving holders Of grain better outlook.
The exports Of wheat IN thrse weeks have
been from both coasts 1913 6 bushels,
against lVlltz4o DuShtls last S'"i -
the western receipts have been u, sC'o5u
bushels. against 9Ol51S9 last year; but II
Is also significant that corn has risen 80
Of cent with receipts OF 3. 2sO G9S bushels
for the week. against S.5l4 l62 last year.
while the exports have been fO3i.SJ2
bushels. against 2S7O. SO2 last year. The
figures clearly do not indicate partial
decrease IN foreign demand, on the
whole. though for wheat the demand Is
somewhat smaller than appeared in July
FAILURES.
Failures for the week have been in the
United states 1876 against ia last year,
and In Canada "A, against II last year.