Akron daily Democrat. [volume] (Akron, Ohio) 1892-1902, 1899-07-15
BRITAIN NEEDS Cash.
Bank of England Failed to Get
1t on This Side.
EUROPE WILL RUN IN OUR DEBT.

We Begin to Ship Fresh Crops There.
Dun's Review Says Business In United
States Is 62.7 Per Cent Larger Than
Last Year-The Failures.
New YORK, July 15.-R. G. Dun s.
Co.'s weekly review of trade issued to-
day said in part:
Because every prospect pleases, 1t is
the right time to watch most closely
for signs of trouble. But it is not easy
to find them when the volume of bust
ness is 62.7 per cent larger than last
year and 75.5 larger than in 1892, the
best of all years except the last,or when
failures continue the smallest ever
known, or when the exports of staples
begin to improve materially, or when
railroad business is by far the best ever
known, or when New York bankers ap-
pear in international operations, listen
ing to Russian inquiry and undertake
ing Mexican loan. Even the indus
trial disputes incident to the season
cause less trouble than usual, the lar
gest Of them having been settled Thurs
day by the tinplate com mpany. The Bank
OF England finds it difficult to borrow
money from this side, and frankly
raises its rate, while this country begins
to ship fresh crops for which Europe
will run into debt.
Iron production in the first week of
July was 263. 1858 tons, for the past two
weeks loss, because a strike July l
closed seven Shenango furnaces produc.
ing 1000 tons daily, though it is expected
to end today, and several other furnaces
have begun production this month. The
increase of 9,201 tons weekly in June,
with decrease of SO, 400 tons in unsold
stock of the great steel companies, i'm
plies d production of about I,12S,69
tons in June. Consumption would be
1905, ,090 tons and i'll the half year
6,844 ,215 tons, but for the fact that
steel makers have stocked heavily
against orders running through most of
the year, drawing from outside supplies,
so that consumption may prove only
6,700, 900 tons, or even less. Prices are
climbing, but only for the trifiing sur
plus not covered by contracts, SO that
quotations represent but an insignifi-
cant part OF the actual business 1t is
of more Importance that new orders.
though very many, seem no longer
equal to the weekly output, except in
few branches, while furnaces and
other works practically abandoned for
many years are being started again.
In wool great speculation is i'll prog
ress. sales in two weeks reaching 3D.
261 100 pounds, against 24,572, 800
pounds in 1897, when the buving was
to anticipate new duties. 1t is worth
noticing that no purchases by manu-
facturers are mentioned, save one for
400, 900 pounds, though there is much
calculation that ''the manufacturers
must buy" at any price asked. West
ern frenzies SOME times make eastern
markets, but, as rule, consumers
make prices III the end.
In striking contrast with official and
other wheat reports are the recorded re-
ceipts at western ports, S,0SS, 146 BUSH
els in two weeks, against 1,471, ,739 last
year. 1t is not strange that prices have
declined l. cents, and exports, -four in-
cluded, were from Atlantic ports in
July thus far 4, 1894 bushels, against
4,0S3,3i2 last year, and from Pacific
ports 1.010, ,4S5, against 801, 100 last year,
besides sos, $50 bushels this year from
other ports.
Corn exports are also surprising, 81
S15.214 bushels in two weeks, against
{, 2,557 ,09S bushels last year, but less sur
prising tran western receipts, 10,512,-
aJil bushels. against 1851 OIL bushels
last year. Nevertheless the price ad-
vanced five. eighths of cent.
Failures for the week have been 169
in the United States, against 215 last
year, and "a in Canada, against % last
year.
LONDON, July 15.-The Statist in its
article on the money outlook today said
in part:
1.-THE Bank of England has raised the
bank rate from to 8 = per cent and to
AS per cent for short advances. There
was some question whether the general
rate should be put up to 1, but it was
finally decided that an advance of =
per cent would be sufficient for the mo-
ment.
''This step was practically forced upon
the bank by further heavy reductions in
the reserves of the New York banks
from $4,000, 600 co el,000,000. This re-
duction not only made further gold ship
nents from the United States out of the
question, but brought London TO face
The possibility of New York taking
money from Europe so soon as wheat
begins to move freely"