The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1899-07-18
BRITAIN NEEDS Cash.
Bank Of England Failed to Get
1t on This Side.
EUROPE WILL RUN II OUR DEBT.
we Begin to Ship Fresh Crops There.
Dun's Review Says Business ln United
States Is 62.7 Per Cent Larger Than
Last Year--The Failures.

NEW YORK, July 15.-R. G. Dun &
Co. S weekly review of trade issued to.
day said in part:
Because every prospect pleases, it is
the right time to watch most closely
for signs of trouble. But it is not easy
to find them when the volume of busi-
ness is 62.7 per cent larger than last
year and 1916 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 a Russian inquiry and undertak.
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 company. 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 263.263 tons, for the past two
weeks a loss, because a strike July
closed seven Shenango furnaces produc
ing 1900 tons daily, though it is expected
to end today, and several other furnaces
have begun production this month. The
increase of 9,20l tons weekly in June
with decrease Of so, 400 tons in unsolC
stock of the great steel companies, i'm
plies a production of about 1928, ,69(
tons in June. Consumption would b,
10000 tons and in the half yeal
6,844,2l5 tons, but for the fact tha
steel makers have stocked heavily
against orders running through most ot
the year, drawing from outside supplies
so that consumption may prove only
100000 tons, or even less. Prices are
climbing, but only for the tritling sur
plus not covered by contracts, so tha
| quotations represent but an insignifi
cant part of the actual business. 1t /!
OF more Importance that new orders
though very many, seem no longer
equal to the weekly output, except in 9
a few branches, while furnaces anC
other works practically abandoned fol-
1
In wool great speculation is in prog
ress. sales in two weeks reaching %,
26l 100 pounds, against 24.572, ,S0(
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 fol
100000 pounds, though there is much
calculation that "the manufacturer!
must buy" at any price asked. West
ern frenZies some times make eastern
markets, but, as a rule, consumers
make prices i'll the end.
In striking contrast with official anC
other wheat reports are the recorded re-
ceipts at western ports, S,0SS, l46 bush
els in two weeks, against 1,471, 739 las
year. 1t is not strange that prices have
declined Ia cents, and exports, flour in
cluded, were from Atlantic ports il
July thus far 4, ,lS5,9l4 bushels, agains
4,0S3,3l2 last year, and from Pacific
ports l,0l0, 4S6, against sol 100 last year
besides 505,5 $50 bushels this year from
other ports.
Corn exports are also surprising, 5,
S15.2l4 bushels in two weeks, agains
$780,, ,O9S bushels last year, but less sur
prising than western receipts, 10, ,512,
34l bushels, against 1861 ,071 bushel
ldSJ year. NeNcTlleleSS Iu6 price au
vanced five. .eighths of u cent.
! Failures for the week have been 1G
in the United States, against 215 las
year, and "a in Canada, against % las
, year.
J LONDON, July 15.-The Statist in it
article ON the money outlook today salt
, in part:
"The Bank of England has raised tn
bank rate from 3 to 3l1a per cent and t.
/ AZ per cent for short advances. Their
was some question whether the genera
rate should be put up to 4, but it wa
finally decided that all advance of !
, per cent would be sufficient for the mo
ment.
"This step was practically forced upol
the bank by further heavy reductions il
the reserves of the New York bank
from 100000 600 to 81 100000. This re
ductiOn not only made further gold ship
, ments from the United States out of tn
question. but brought London TO fac
the possibility Of New York takin
money from Europe so soon as whea
begins to move freely"