Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-05-27
BUSINESS GROWING.
LARGER WAGES, AND INCREASED
PURCHASING POWER.
ASTONISHING DEMAND IN IRON.
Prices Continue tn Rise, Though
There In Congestion Almost Every
where in the Matter Of Filling
Orders-Other Trade Notes.

NEW YORK, May 26.-Messrs. r. G.
Dun & Co.'S weekly Review of Trade
tomorrow will say:
There Is some fear that has no other
source than the habit OF fear. Men have
found for so many years disaster tread
ing on the heels of apprehension that
they lack faith In good things present
and to come. Every year there Is worry
about short crops, and yet the crops grow
larger. The spectre of monetary trouble
haunts men who know that the country
is strong beyond any need. Promoting
methods alarm men who are really quite
aware that It is only needful to put pro-
noted stocks in a class by themselves.
But all the time the volume OF business
| Is rising. and the weeks payment through
the chief clearinghouse are 621 per cent.
| larger than last year. and 6S per cent.
larger than in 1892. For the month thus
far the daily average is 579 per cent.
larger than last year, and e6.4 per cent.
| larger than in 1892. Moreover, this week
and every other week brings larger
| wages to many, and increased purchasing
power, and the demand for products Is
| consequently expanding in all branches of
| consumption.
IRON AND STEEL.
| The rise in Bessemer pig-iron to 1876
at Pittsburg. 81 in two weeks; in gray
| force to sl525; in anthracite, No. /, here
to $3.50, and In local and southern iron
at Chicago results directly from the fact
| that supplies are for the time less than
the demand. Many more furnaces are in
haste to begin work, some succeeding but
others hindered by the difhcIlty of get
ting prompt deliveries OF needed parts OF
machines, or prompt supplies of ore ard
fuel. The natural remedy, that new o.
ders now call for less work than was done
in April or March, is for the time hidden
by engagement of nearly all concerns for
months ahead. The largest and best
works are catching up with their orders.
though much behind and obliged to refuse
many, while others are entering the field
1t is proof Of an astonishing demand that
after nearly five months this congestion
continues and the rises in price. incud-
ing advances of 81 per ton in plates and
bars, are not forced or unnatural
MINOR METALS.
Minor metals have followed London so
long that tin sticks at 1856 cents. though
stocks are large and the demand is re-
markedly poor, and lead is at AS cents,
though the demand Is slow, while copper
weakens to Is IL cents for Lake, British
statistics indicating a fall of nearly a
quarter in consumption for four months
this year compared with last.
The heavy sales of wool, 3O%4OOO
pounds, at the three chief markets In
three weeks, against 20,7S0.S0O for the
same weeks In 1884, when the disastrous
speculation of that year had begun to
turn, and 142l2.l50 in 1892, are mostly to
spectators, as manufacturers are doing
scarcely anything. Weeks ago they held
That prices were too high, even after
some decline. for the prices at which
goods could be sold. But Western and
Eastern spectators have settled 1t that
the manufacturer would be forced to buy
at such prices as they may fix and are
taking large quantities.
The cotton-mills have a fairly good de- |
mand. after a considerable advance in the |
prices of goods. and are producing |
largely. The material has been steady |
at Cid with no ground to expect |
much change, and the best reports ind-
cate decrease in acreage of 4 per cent.
WHEAT AND CORN.
Wheat advanced cents, but lost nearly
Ali the gain on Friday. Western receipts
have fallen TO about half last years and
exports I'm four weeks from Atlantic and
Pacific ports have been TO- 49, les bushels
flour included, against 1861, $50 last year.
while from northern lake ports 1890
bushels have gone out this year. But !
men forget that the foreign demand, if
not as large as it was last year. with
famine impending, is much larger than I'm
the same weeks of 1897, when wheat ex-
ports were only 5,7Oi,334 bushels. and also
forget that the Letter speculation caused
a wholly unnatural May movement last
year, for the western receipts in the past
four Weeks-g go 665 bushels-cOmpare with
10, 2OG,255 last year. but 1851 $40 in
the same weeks of 1891 and reserves in
that year We're not especially reduced,
but closed quite large enough. Corn ex- {
ports. though only 102o7,6G2 bushels, |
against 20,2S5.O97 last year, were also but
!, 1860 09l in 1897.
Failures for the week have been fi2
In the United States, against 2i5 last year,
and l6 in Canada, against p last year.