Daily press. [volume] (Newport News, Va.) 1896-current, 1899-08-19
Trade Conditions Show Gigantic
Expansion in Home Demand.
-
STEEL FAMINE PREVAILS.
Continued Increase In Volume of business
Puzzles the Men Who Follow the
Markets. Rails Up 81 Ton; Wheat
Advanced 1 Cont This Week.
CBy Tclegrapla.)

NEW YORK. Aug. 1S.-R. C. Dun &
Co.'S weekly review OF trade will say
tomorrow:
The Cramps have discharged many
hundred hands and ask Russia to cx-
tend time for the completion of two var
ships because they cannot set the steel.
Completion Of p out of 81 vessels build
ing in the Delaware are also affected.
1t is a curious experience for this
country and shows the gigantic eSpan-%
sion of home demand. No one can
through the principal clearing houses
have been in August $50 per cent.
larger than in 1892 for the month thus
far, and outside New York 60 percent.
No better test OF the volume Of busl-#
ness is known, but there is a growing
handicap in the advance of prices.
HOW LONG WILL TT LAST?
How long and how far this advance
can so 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 hillets
Which the great consuming com panics 4
have bought far in advance so that all
new orders have a narrow market. Tor
SIX months billets have sold at 81 to Sc
higher than the rails made from them.
Other demands, not covered by con-
tracts, are mainly for various shapes
and sizes only prescribed in contracts.
RAILS HAVE ADVANCED.
While prices have risen % cents for
southern pig iron, so cents for Chicago
local coke and 20 cents for Grey forge
ut Pittsburg, 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 all5
points exceeds present capacity. OBJ
per is steady at 1872 cents for alSc.sssl
With production for July 1913 tons do
lnestic. and 1850 tons foreign. Tin is
lower at 1854 ana lead weakens on the
stonpage Of the smelters' strike.
FALL IN COTTON.
Cotton rose a week ago to 1-2 cents,
but has fallen to GIG. Mr. Neil having
estimated the coming yield at IL 25O,0OO
to 12,0UO,0OO bales. Official and other
estimates are all much smaller but the
man who judged rightlysa year ago has
the floor Consumption here and abroad
has been very large and prices Of goods
are rising while cotton falls ana sticks
carried over must also be large, but 5Will
De less than present returns Indicate
Eor wool, Coates circular for August
still holds good, although inside quo
tatlonS are more often made
Sales for the week have been $500
WV pounds. against 1",996,500 last year
$500 3c3 in 1897 and 1856, 400 in The
same weeks of 1892. Goods have adj
vanccd farther, especially incassimerss,
chevlots and cotton warp cashmere..
and the tendency is upward in nearly
all grades. 55ff,s@
WHIoAT'S ADVANCE.
Wheat has advanced about a cent
during the week. with Atlantic exports
only 2,36'3o2 bushels flour included,
against 3.059,3S0 last year and Pacific
exports $500, against 175 TOO last year
Exports of wheat in three weeks ilayse
been from both coasts. flour included.
?,9'3,164 bushels against 10114,a46 bush.
els e., last year and the western receipts
nave been II Se4,4a6 bushels against -
i3o,l9O last year. but it is also signifi-E
cant that corn has risen three-eighthsi
or a cent With receipts 3,026612 bush els
Tor the week against 3.5l4, 1852 last year
whlle the exports have been 4,05t so2f
bushels against 2,370302 last year The
lSures clearly do not indicate a M,
the whole -
Failures for the week have been IL
the United States 156 against 1874 lasf
year and in Canada "a against II last
year. - =