The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-08-19
CAN'T GET STEEL
The Cramps Have Discharged
Hundreds of Men,
And Asked Extension of Time
ON Contracts.
SOME ALARM is FELT
Lest Prices May Go Too High
For Business.
failures Larger Than For Same
SOME ALARM is FELT
failures Larger Than For Same
Week Last Year.

New York, Aug. 19.-R. G. Dun &
Cos Weekly Review of Trade says:
The Cramps have discharged many
hundred hands and ask Russia to ex-
tend time for completion of the two
warships because they can not get the
steel. Completion OF q out of 81 vessels
building in the Delaware is also af-
fected. 1t is a curious experience for
this country, but shows the gigantic
expansion of home demand. No one can
question the fact that payments
through the principal clearing houses
have been in August 55.9 per cent
larger than in 1897 for the month thus
far and outside New York $50 per cent
No better test of the volume of bust
ness is known but there is a growing
handicap in the advance of prices. How
long and how far this advance can go
without reaction is the problem which
level headed business men are study
ing. Evidences of checked consump-
ton are rare, but it would be childish
to hope that at some point prices would
not hinder buying.
In iron the question is of steel bill
let's, which the great consuming com
panies have bought far in advance, so
that all new orders have a narrow
market. For six months billets have
sold at 81 to Sc 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 have
risen 25 cents for southern pig iron, so
cents for Chicago local coke and IS
cents for grey forge at PittSburg, rails
have advanced 81 per ton with work
covered for all this year, and 400, 900
tons or more taken beyond what can be
delivered until next year. Other finish
ed products do not change, although
the demand at all points exceeds pres
ent capacity. Copper is steady at 1872
cents for lake, with production. for July
TONS n aesTiR an Il n
eign. Tin is lower at 30& cents and
lead weakens on the stoppage of the
smelter market.
Cotton rose a week ago to SIS cents,
but has fallen to 6.19 cents, Mr.. Neill
having estimated the coming yield at
II, $50, 900 to $4,000, 900 bales. Official and
other estimates are all much smaller,
but the man who judged rightly a year
and abroad has been very large and
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 cir
cular for August 1, still holds good, al
though inside quotations are more Of
ten made.
Sales for three weeks have been rs
399, $50 pounds. against Is. 996. 500 pounds
last year, IS, $50, 1856 pounds in 1897, and
%, 365, 400 pounds in the same weeks of
1892.
Goods have advanced further. espec-
tally in cashimers, cheviots and cotton
warp cashimers and the tendency is
upward in nearly all grades.
Wheat has advanced about a cent
during the week, with Atlantic exports
only 2.363.302 bushels. flour included,
against 3,059 $50 bushels last year and
Pacific exports 951. 329 bushels against
175,400 bushels last year.
Western receipts have been only g.
PIP, III bushels against 3, 369, 229 bushels
last year. 1t is a question whether the
smaller receipts are due to recent
change in crop prospects giving hold
ers of grain a better outlook. Exports
of wheat in three weeks have been,
from both coasts, flour included, 9,973,-
1854 bushels. against 10.114,246 bushels
last year, and the western receipts
have been II, 1854, 696 bushels, against o.
015.180 bushels last year, but it is also
significant that corn has risen three
eighths of a cent with receipts of g.
OPS .692 bushels for the week, against
3,514, 1872 bushels last year, while the
exports have been 4,034, 302 bushels,
against 2,370, 302 bushels last year. The
figures clearly do not indicate a ma
teriaI decrease in foreign demand on
the whole, although for wheat it is
somewhat smaller than appeared in
July.
Failures for the week have been in
the United States 176, against 154 last
year, and in Canada "A, against II last
wear.