The times., 1899-08-19

advance, owing to the issuance of bear
ish crop estimate which, from the present
outlook at least, seems very heavy and at
the least prematurely issued. In woo.en
goods orders for lightweight mems wear
goods continue heavy, and raw wool,
though less active, is no less firm, and
high grades are particularly well held.
The advance in boots and shoes seems TO
have been felt but little, and the slight
gain in leather prices imparts very firm
tone TO hides. Most staples, aside from
those mentioned, are firm and unchanged
on the week. Business failures for the
week number 172, as compared with 1o6
last week, and 195 in this week year ago.
221 in 1897. 264 in 1896, and 1872 in 1885,"
New York, Aug. 1S.-Dun's tomorrow
will say: The Cramps have discharged
many hundred hands, and ask Russia to
extend the time for the completion OF two
warships because they cannot get the
steel. Completion of twenty-one out OF
thirty-seyen vessels building in the Della
ware is also affected. 1t is curious ex-
perience 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 559 per cent larger than
in 1892 for the month thus far, and outside
of New York 2S per cent. No better test
of the volume of business is known, but
there is growing handicap in the advance
of prices. How long and how far this ad-
vance can go without reaction is the
problem which level-headed business men
are studying. Evidences OF checked con-
sumption are rare, but it would be childish
to hope that at some point higher prices
would not hinder buying. In iron the
question is of steel billets, 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 at 81 to Sc higher than the rails
made from them Rails have advanced 81
per ton with work covered for all this
year, and 100000 tons or more taken be-
yond what can be delivered until next
year Other finished products do not
change, although the demand at all
| points exceeds present capacities.
Cotton rose a week ago to $50 cents,
| but has fallen to 6.19 Mr.. Neill having
estimated the coming yield at II. .250, 900 to
| u 000 coo bales. Official and other esti-
| mates are all much smaller, but the man
who judged rightly year ago has the
| floor. Consumption here and abroad has
| been very large, and prices of goods are
rising while cotton falls, and stock carried
| over must also be large, but will be less
| than present returns indicate. Woolen
| goods have advanced further, especially in
| cassimeres, cheviots, and cotton warp cas-
| simeres and the tendency is upward in
nearly all grades. Prices have also ad-
| yanced 2 1-2 in brogans, creedmores, and
| split boots, and there are some indications
| of decreased buying. Buyers are very nu-
merous in Eastern markets. but are more
| eager to get early deliveries than TO place
| orders for spring. Wheat has advanced
| about cent during the week. with Allan
| tic exports only 2.363,302 bushels, flour in
cluded. against 3,059, $50 last year and Pa
elf cexports 95f, ,329 bushels, against 1885,
400 last year.
Stocks have risen inspite OF heavy
tone and strong speculative movements for
| a decline, 50 cents per share in the average
for railroads and 72 cents per share for in
dustrials. Monetary questions have some
what affected confidence in the market
| however, and with foreign exchange hesi-
tating August exports of merchandise show
a decline Of 16.5 per cent in products, while