The age-herald., 1899-08-05
.DUN'S WEEKLY ! REVIEW OF TRADE Business Failures for July Were % Exceptionally Small. LONDON'S STOCK BUYING English Are Recognizing the Financial Power of United States-Iron in
 Great Demand and Orders
 Are Being Refused
LONDON'S STOCK BUYING

New York August 4.-R. G. Dun & Go. in their weekly review of trade will say:
 July failures have been smaller than in any month of which there is record except ing May and trading failures smaller than in any other month. Surprising contrasts are shown by comparison of small with large failures in different years, and in no class of business, without some large fail- ures not attributable to present influences does the aggregate equal the average of the past six years London again recog- nizes the financial power of this country. The Bank of England virtually admits that it cannot draw from New York the gold it needs.
 London's net buying of stocks has been 40,000 shares, and bills against produce to be shipped are very heavy. This describes a revolution in finances not unlike that in industres-Europe searching for wool here at 50 cents secured, and for pig iron at $2O per ton. A vast demand for both materials has fallen upon the commercial world, which this country appears able to meet for it's own needs. Wool shipments from Australia have been surprisingly little be- low those of last year, bat Europe talks of
  hand years consumption or more besides this years clip, and prices are not yet as high as they were in February last year. when stocks were many million pounds larger. Cheviots and some other goods are higher, but the average has advanced slightly less than the price of wool.
 Cotton goods are unchanged in price, with cotton still at 6.12 cents, heavy sur plus stocks rendering the crop uncertain and powerless to effect an advance. Scarcity of Bessemer pig has caused two steel works at Pittsburg to stop day or two, and $21.25 to S2l75 has been paid for 5000 tons, with $17,75 for gray forge, and a rise of 50 cents in local coke at Chicago. It is no longer a question whether enough can be had after a while; tine trouble is about early supplies. Orders for plate 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. For iron is in great de- mand instead of steel, being S3 to $4 cheaper, and new eastern mills get all the business they want. The magnitude of the demand, in spite of high prices. is everywhere surprise.
 Once more Comm nelsville eclipses itself, with only $50 ovens idle and 191541 tons of coke produced for the week. Tin was raised by London to the breaking point, 33 cents here being followed BIZ cents, but copper was firm at 1872 cents for lake, though the London visible supply reached 3,O2O tons, the largest since 1897. Lead was quiet at AGO cents. Orders for boots and shoes are not so large as they have been, and yet are numerous enough to make a good aggregate.
 Atlantic exports for the week, 3,765.7S7 bushels, four included, against 3,O26,731 bushels last lear, and F, ,121 ,370 bushels since June against 1O,354 ,951 bushels last year, continue to support hopes of a great for eign demand, with Pacific exports for tine week of 355,O20 bushels against GA, 1916 bush- els last year. Not less potent in that re- gard in the shipment of 4,003, ,497 bushels of corn for the week against 1,734, ,347 bushels last year and 156SS, ,Gl8 bushels since June against S,502, ,310 bushels last year.
 Failures for the week have been 1S2 in the United States against 196 last year, and 23 in Canada against 21 last year.