The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-08-05
LONDON GIVES UP.
Bank of England No Longer
Able to Draw Gold
From New York Whenever It
Wants 1t.
REVOLUTION ENACTED
Vast Demand For Wool and Pig
Iron.
United States Alone Has Enough
For Home Use.
REVOLUTION ENACTED

New York, Aug. 5.-R. G. Dun & Co.,
in their Weekly Review of Trade, say:
July failures have been smaller than
in any month of which there is record,
excepting May, and trading failures
smaller than in any other month Sur
prising contrasts are shown by coTnpar-
ison of small with large failures in diff
ferent years, and in no class of bust
ness, without some large failures not
attributable to present influences, does
the aggregate 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 can
not draw from New York the gold it
needs; exchange moves to the import
ing point; over 81 900 900 starts from
Sydney to San Francisco; London's net
buying of stocks has been 10000 shares,
and bills against produce to be shipped
are very heavy.
This describes a revolution in finances
not unlike that in industries, Europe
searching for wool here at so cents
secured and pig iron at 500 per ton A
vast demand for both materials has
fallen upon the commercial world, which
this country alone appears to be 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 years
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
the wool. Cotton goods are unchanged
in price, with cotton still at 6.12 cents,
heavy surplus stocks rendering crop I'M
certainties pOWerless to effect an ad-
vance.
two steel works at Pittsbura to stop
day or two and $21. 25 to Spills has been
paid for 900 tons, with Sits for gray
forge and a rise of so cents in local coke
at Chicago. It is no longer a question
whether enough can be had after
while; the trouble is about early sup
plies. Orders for plates and structural
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 de-
mand instead of steel, being SO to 81
cheaper, and new eastern mills get all
the business they want. The magni-
tude of the demand in spite of high
prices is everywhere a surprise.
Once more ConneIlsville eclipses itself
with only $50 ovens idle and 1871 Sal tons
of coke produced for the week. Tin
was raised by London to the breaking
point 80 cents here being followed by
3115 but copper was firm at 1872 cents
for lake, though the London visible sup
ply reached 80. 020 tons, the largest since
1897. Lead was quiet at $3.50. Or,.ers
for boots and shoes are not SO large as
they have been, and yet are numerous
enough to make a good aggregate.
Wheat weakens, welding one cent
with the astonishing receipts at the
west 4734, 1868 bushels for the week,
against 3,199,643 bushels last year and
23,59S 1S9 bushels since June, against
10, sos, S76 bushels last year. Atlantic
exports for the week, S.765,7S7 bushels
-four included against 3,026, 731 bushels
last year and 12121.370 bushels since
June, against 10,354, 951 bushels last
year, continue to support hopes of great
foreign demand, with Pacific exports
for the week 355,042 bushels. against
614, 916 bushels last year. Not less po-
tent in that regard is the shipment of
4,003, 497 bushels of corn for the week,
against 1,734, BAT bushels last year, and
49, 8S, OBS bushels since June, against g.
500, $40 bushels last year.
Failures for the week have been 1872
in the United States, against 1876 last
year, and % in Canada, against q last
year.