The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-08-05
FEAR A WOOL FAMINE
Europe Making Efforts to Buy In
This Country.
PLENTY ON HAND HERE
OFFERS ARE MADE OF so CENTS
FOR SECURED.
Have Years Consumption OF More,
Besides This Fears Clip-Small
Number of Failures For Month of
July-London Recognizes Our FL
nancial Power.

New York, Aug. i.-R- G.. Dun & Co.,
in their weekly review of trade, will
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 Surprising contrasts are shown
by comparison of small with large fail
ureS in different years, and in no class
OF business 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 $1,000, 600 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 repetition of finance
not unlike that in industries, Europe
searching for wool here at 30 cents
secured and for pig iron at $50 a ton.
A vast demand for both materials has
fallen upon the commercial world
which this country alone appears able
TO meet for its own needs. Wool ship
prisingly little below those of last year,
but Europe talks of a wool famine,
while this country has on hand a years
consumption or more, besides this
years clip, and prices are not yet as
high as they We're in February Of last
year, when stocks were many million
pounds larger.
Scarcity of BesSemer pig has caused
two steel works at Pittsburg to stop a
day or two, and s21.25 to Spills has been
paid for 10000 tons, with s1775 for gray
forge and a 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 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
al 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 magnitude
of the demand, in spite of high prices,
is everywhere surprise.
Once more Connellsville eclipses it
self with only $50 ovens idle and 191,541
tons coke produced for the week. Tin
was raised by London to the breaking
point, So cents here being followed by
3112, but copper was firm at 1872 cents
for lake, though the London visible
supply reached $4,000 tons, the largest
since 1897. Lead was quiet at $3.50.
Wheat weakens, yielding / cent with
the astonishing receipts at the west,
4,734. 1868 bushels for the week, against
S,199.643 bushels last year and 1888. 1S9
bushels since June. against 10,50S.S $40
bushels last year. Atlantic exports for
the week, 1866, 7SS bushels, flour in
Guided. against S,G26,731 bushels last
year and 12,121.370 bushels since June,
against 10,354.951 bushels last year. con-
tinue to support hopes of great for
eign demand, with Pacific exports for
the week 955,0i2 bushels, against 614,916
bushels last year. Not less potent in
that regard is the shipment of 4,003,4 97
bushels of corn for the week, against
!, 1884, 47 bushels last year, and 15,6SS,O1S
bushels since June, against S,5O2,310
bushels last year.
Failures for the week have been 1S2
in the United States, against 1876 last
year, and twentythree in Canada,
against twenty-one last year.