The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-08-19
DEMAND FOR STEEL
EXCEEDS SUPPLY
The Cramps Discharge
Hundreds of Men.
ASK RUSSIA FOR TIME
49,
UNABLE TO GET STEEL TO FILL
CONTRACTS.
ADyAtc'E IN PRICES HaNDIcaps TRADE
For SIX Months Steel Biets have Sold at 81 TO
So Higher Than the Rails Made from
them. The Rise and Fall
in Co.to1.

New York, Aug. 1S.-R. G. Dun aud
Conpany's Weekly Review of Trade VIII
say tomorrow:
The Cramps have discharged many
hundred hands,. and ask Russia to px
tend time for completion of two war
ships because they cannot get the steel,
Completion of twenty zone out of twenty
seven vessels building in the Delaware
is also affected. 1t is curious expert
eilce for this country and shows the
gigantic expansions of home demand. No
one can question the fact that payments
through the principal clearing houses
have been in August 55.9 per cent lars
er than in 1892 for the month thus far
and outside New York % per cent. No
better test OF the volume of business
is known, but there is a growing handle
cap in the advance of prices. How
long and how far this advance can go
without reaction is the problem which
leyel-headed business men are studying
Evidences of checked consumption are
rare, but it would he 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 marrow market. For
six months billets have sold at 81 to So
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. While
prices have risen Is cents for Southern
pig iron, 80 cents for Chicago local
coke, and % cents for grey forge at
Pittsburg, rails have advanced 81 per
ton. with work covered for all this ye;i:,
and 100000 toms or more taken beyond
what can be delivered until mex year.
Other finished products do not change.
although the demand at all points ex-
ceeds present capacity. Copper is steady
at 1917 cents for lake with production
for July 81, 1913 tons domestic and 1870
tons foreign. Tin is lower at 30:A, ami
lead weakens on the stoppage OF the
smelters' strike.
Cotton, which rose week
ago to $50 cents, has fall
en- to 6.19, Mr. Neill having esti-
mated the coming yield at II, 100000 to
100000 bales. Official and other r'st,-
mates are all much smaller, but the NUN
who judged rightly a year ago has the
floor. Consumption here and abroad
has been very iarge, and prices of goods
are rising while cotton falls and stocks
carried over must be large, but will be
less than present returns indicate. For
wool, Coats circular for August 1st
still holds good, although inside quota
tions are more often made.
Sales for three weeks have been %,
399990 pounds, against 13,996.500 last
year, 80, 900, 300 in 1897 and %. 365. 400
i'm the same weeks of 1892. Goods have
advanced farther, especially in cassi-
mcres, cheyiots and cotton warp cash
meres and the tendency is upward in
nearly all grades.
Wheat has advanced about a cent
during the week, with Atlantic exports
only 2,363,3 bushels, -four included,
against 3059,3 bushels last year and
Pacific exports 951 500 bushels, against
175,400 bushels last year Western re-
ceipts have been only 3,212,117 bushels
against 1860, 229 bushels last year. II
is question whether the smaller re-
ceipts are due to recent changes in crop
prospects. giving holders Of grain a bet
ter outlook. Exports of wheat in thee
weeks have been from both coasts, flour
included. 1913, 764 bushels against TO-
ia 46 bushels last year and the West
ern receipts have been 1864, 600 bush
els, against 9,O15, 1S9 bushels last year;
but it is also significant that corn has
risen three eighths of "a cert, with re
ceipts of 3.026, 692 bushels for the week
against 3,514,162 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 material decrease in foreign demand
in the whole, although for wheat it is
somewhat smaller than appeared in Jniy.
Failures for the week uave been in the
United States 156, againA 25l last yer1
and in Canada "a, against, IL last year