The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-10-07
THE CONDITION Of TRADE
A Week of Remarkable Monetary
Changes.
A HEAVY SALE OF RAILS
Steel Business Is Holding Up Wonder
fully-Bar Mills Are Crowded.
Wool Market Strong-De-
cline in Wheat,

New York, Oct. 6.-R. G. Dun & Co.
will say tomorrow:
The grand demonstration in honor of
Admlral 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 a
year ago. At New York, where the i'm
terruption was greatest, payments
through clearing houses exceeded ST.
05S.oOO,o00 in four business days, a rec
ord never before approached. and out
side New York the day reflected a
great expansion in the volume of that
kind of business which does not de-
pend on exchanges. 1t has been a week
of remarkable monetary changes here
and elsewhere The Bank Of England
raised its rate l per cent. before and a
half more after it's weekly statement
from 31s to per cent.
Germany lost also and raised it's rate
to per cent. and the Bank of France
lost heavily. While high rates were
paid here for money required in spec
ulation, no stringency embarrassed
any branch of legitimate business, and
the stock market has held up surpris-
ingiy.
With such business as the great steel
companies are doing it is not strange
that their stocks are firmly held. There
have been heavy sales of rails deliv-
cradle next year, 500 being fixed at the
price after consultation and about
100000 tons fairly divided between
eastern and western works were sold.
For their protection the great COM
panies bought billets in large quanti-
ties for, while it is expected $35 was
PAID by some and of Bessemer pig
nearly 100000 tons. the Federal Steel
company taking 10000 and Pittsburg
Other large rail contracts are expected,
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 re-
neWal of efforts for consolidation of
sheet mills causes more active buying.
But while Bessemer pig rose % cents
and Gray Forge at Pittsburg declined
% cents. finished products were not
changed. excepting another rise of Is
cents per key 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 10,5S2,l52 pounds at three markets,
PtteSS oSiiiS illttlHldll0u although Cle
advance at London has been checked
After advancing about cents wheat
declined sharply, uncertainty in the
Transvaal being used by SPECTATORS
as an excuse for the f1uctuation. The
closing price is unchanged, with At
lantic exports of 3,562.062 bushels, -four
included, against 2,SS4,533 last year.
and Pacific exports of 397,5O2 bushels
against 702,414 last year Then it is
noted that corn exports were also
1884, 32 bushels for the week, against
1881 ,002 last year, the price rising /
cent, 1t seems not strange that wheat
continues firm and western receipts
have been only 6,6441 13 bushels for the
week against 10,539,3 1853 last year. The
merchandise exports from New York
have been in four weeks s31 ,202, 1872 in
value, against s3274S, 494 last year.
which, with the increase in manufac-
tured exports in cotton exports from
other points, insures an enormous out
go for September, while the increase in
imports at New York has been about
ssoVo'ooo IN value, apparently not
enough to reduce the excess of exports
for the month below $4,000, 900.