The star. (Reynoldsville, Pa.) 1892-1946, 1899-10-11
REVIEW OF TRADE.
Foreign Banks Make an Unsuccessful Effort
10 Check The Outflow Of Money.

r. G. Dun & Co.'S weekly review OF
trade reports as follows for last week:
The grand demonstration in honor of
Admiral Dewey effectually stopped
business of most kinds for two days at
the chief city of the country. and yet
the remaining transactions of the
week would have excited wonder IL
year ago. At New York, where the
interruption was greatest. payments
through clearing houses exceeded ST.
O59,OOO,0O0 In four business days, a rec
ord never before approached, and out
side New York the gain reflects a great
expansion in the volume of that kind
of business which does not depend on
exchanges.
1t has been week of remarkable
monetary changes here and elsewhere.
The Bank of England raised its rate
per cent before and II per cent more
after its weekly statement, from 3ls to
per cent, with the hope that the out
go to New York might be checked, but
the Bank of Germany lost also and
raised its rate to per cent and the
Bank of France lost heavily. While
high rates were paid here for money
required in speculation, no stringency
embarrasses any branch of legitimate
business, and the stock market has
held up surprisingly.
With such business as the great steel
companies are doing, 1t Is not strange
shat their stocks are firmly held.
There have been heavy sales of rails
deliverable next year, $33 being fixed
as the price after consultation, and
about 100000 tons fairy divided be-
.veen eastern and western works were
sold. For their protection the great
companies bought billets in large
quantities, for which 1t is said s35 was
paid by some, and of bessemer pig
nearly 100000 tons. the Federal Steel
Company taking 10000 and Pittsburg
works taking advantage of old options.
Other large rail contracts are ex-
pected soon, especially those of the
Pennsylvania. Plate works seem to
be gaining little If any on their orders,
and bar mills are as crowded as ever
while the renewal of efforts for consol-
idation of sheet mills causes more ac-
tive buying. But while bessemer pig
rose 25c and gray forge at Plttsburg
declined soc. finished products were
not changed, excepting another rise of
15c per keg in cut nails, and there is
reported some disposition to hold back
orders because of the general rise in
prices.
The wool market Is strong, with sales
of l05S2, 1852 lbs at the three chief mar
kets, prices being maintained, although
the advance at London has been
checked. The cotton mills, after the
general advance in prices last week.
have had a large business, being
seems stll uncertain what form of
consolidation, If any. will be adopted
by the Fall River concerns.
After advancing about &c wheat de-
clined sharply. uncertainty In the
Transvaal being used by spectators
as excuse for the fiuctuation. The
closing price is unchanged. with At
lantic exports of S,562.002 bu. flour in
cluded, against 2,SS4,533 bu. last week,
and Pacific exports OF 397, ,052 bu.
against 702,4l4 bu. last year. When 1t
Is noted that corn exports We're also
2.99s.232 bu for the week, against 2 531.-
002 bu last year, the price raising lc. 1t
seems not strange that wheat con-
tinues firm. and western receipts have
been for the week only 6.6i4,l13 bu.
against l0539,3 bu last year. The
merchandise exports from New York
have been in four weeks S3l, ,202, ,622 In
value, against s32,74S.494 last year.
which. with the increase In manufac-
tured exports and In cotton exports
from other points insures an enormous
outgo for Septembrr, while the in
crease In Imports q, New York has
been about 39.b00.00O In volume. appar-
emily not enou~h 10 r-s">r - e-'--