Akron daily Democrat. [volume] (Akron, Ohio) 1892-1902, 1899-08-05
OUR FINANCIAL POWER.
Dun's Review Points Out How England
Recognizes It-July Failures
Comparatively Small.

Dun's Review Points Out How England
Recognizes It-JuIy Failures
Comparatively small.
New YORK, Aug. Or. G. Dun &
Co.'S weekly review of trade issued to
day said i'll part:
July failures have been smaller than
in any month of which there is record,
excepting May, and trading failure
smaller than in any other month. Sur
prising contrasts are shown by compari-
son of small with large failures in diff
ferent years, and in no class of business,
without some large failures not attribut-
able to present influence, does the ag-
gregate equal the average of the past six
years.
London again recognizes the financial
power of this country. The Bank of
England virtually admits that it cannot
draw from New York the gold IL needs;
exchanges moves to the importing
point; over 81 100000 starts from sgd
ney To San Francisco; London's s net
buying of stocks has been 10000 shares,
and bills against produce to be shipped
are very heavy.
This describes revolution in finances
not unlike that in industries, Europe
searching for wool here at 30 cents
secured and for pigiron at $40 per ton.
A vast demand tor both materials has
fallen upon the commercial world,
which this country alone appears able
to meet for its own needs. Wool ship
ments from Australia have been sur
prisingly little below those of last year,
but Europe talks of wool famine while
this country has on hand a years con-
sumption or more besides this year. S
clip, and prices are not yet as high as
they were in February of last year,
when stocks were many million pounds
larger. Cheviots and some other goods
are higher, but the average has ad-
vanced slightly less than the price of
wool
Scarcity of BeSsemer pig has caused
two steel works at Pittsburg to stop a
day or two, and $2l.25 to $21.75 has
been paid for 10000 tons, with S17.75
for Gray forge, and rise Of so cents
in local coke at Chicago. 1t is no longer
a question whether enough can be had
after awhile, the trouble is about early
supplies. Orders for plates and struc-
tural work are refused at most points,
mills having work far ahead, and for
sheets also at Philadelphia, though new
and large mills make things easier in
plates at Pittsburg. Bar iron is in great
demand instead of steel, being So to 81
cheaper, and new eastern mills get all
the business they want. The magnitude
of the demand, i'll spite of high prices,
is everywhere surprise.
Once more Connellsville eclipses itself
with only $50 ovens idle, and 19l, ,54l
tons coke produced for the week.
Wheat weakens, yielding cent with
the astonishing receipts at the west, A.
734, 1868 bushels for the week, against
3, 199, ,543 last year, and %, ,59S, lS9 BUSH
els since June, against I0,50S,S76 last
year. Atlantic exports for the week,
3,765, ,1S7 bushels, flour included, against
3,026, 73l last year, and IL, III $40 since
June, against 10, ,354, ,95l last year, con-
tinue to support hopes of great foreign
demand. with Pacific exports for the
week 355,O2O bushels, against 614,916
last year. Not less potent in that re-
gard is the shipment of 1908, ,497 bushels
corn for the week, against l,734 ,347 last
year, and 15,68S,0I8 bushels since June,
against S,502,3lc last year.
Failures for the week have been 182
iu the United States, against 1876 last
year, and 23 i'll Canada, against 81 last
year.