Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1899-10-11
Still SATISFACTORY.
The General Situation in the Bus.
mess World.
MoNETARYcHANeEs.

hEMAkkABLE MONETARY CHAN6ESs
Legitimate Trade Not Embarrassed by the
Heavy Sales of Rails for Delivery Next
Year Wool Market Strong and Prices
Well Observation-Disclosures Advances and
Declines-NIercantile Exports.
New York, Oct. Or. G. Dun &
Co.'s Weekly Review of Trade says:
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 q
year ago. At New York, where the
interruption was greatest, payments
through clearing houses exceeded ST..
O59, 100000 in four business days, a
record never before approached, and
outside New York the gain reflects q
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 i per cent.
before and Y per cent. more after its
weekly statement, from 31s to per
cent, with the hope that the outgo to
New York might be checked; but the
Bank of Germany lost also and raised
Its rate to 6 per cent. and the Bank
Of France lost heavily. While high
rates were paid here for money re-
CURED in speculation, no stringency
embarrasses any branch of legitimate
business and the stock market has
held up surprisingly.
Steel Stocks Firmly Hold.
With such business as the great stsal
companies are doing 1t is not strange
that their stocks are firmly held. There
have been heavy sales Of rails deliv-
cradle next year, $33 being fixed -
the price after consultation, and about
100000 tons, fairly divided between
eastern and western works, were sold.
For their protection the great compan.
les bought billets in large quantities,
for which it is said $35 was paid by
some, and of bessemer pig nearly 200,-
600 tons, the Federal Steel company
taking 10000 and Pittsburg works
taking advantage Of old options. 9th
or large rail contracts are expected
soon, especially those Of the Pennsyl-
vania. Plate works seem to be gain
ing little IL any on their orders, and
bar mills are as crowded as ever, while
the renewal of efforts for consOlida-
ton of sheet mills causes more active
buying. But while Bessemer pig rose
25 cents and gray forge at Pittsburg
declined so cents, finished products
were not changed excepting another
rise of 10 cents per keg In cut nails,
and there Is reported some disposition
to hold back orders because of the
general rise in prices. The wool mar
ket is strong, with sales of 1882, 1852
pounds at the three chief markets,
prices being maintained, although the
advance at London has been checked.
Cotton Mills Are Busy.
The cotton mills, after the general
advance in prices last week, have had
a large business, being helped by the
rise in material. 1t seems still uncer.
tain what form of consolidation, II
any. will be adopted by the Fall River
concerns. After advancing about z
cents, wheat declined sharply, uncer.
tainty in the Transvaal being used by
speculators as excuse for the huctua.
ton. The closing price 10 unchanged
with Atlantic exports of 8. b82, 061 bush.
els, -four included, against 2,SS4,58a
last year, and Pacific exports Of 897..
052 bushels, against 702,4 last year
When 1t is noted that corn exports
were also 1885,, 2S2 bushels for thu
week, against 2,b81,OO2 last year, the
price rising cent, 1t seems moi
strange that wheat continues firm, and
western receipts have been for the
week only 8,844,115. against 1858, 85s
last year. The mercandise exports from
New York have been In four weeks
| $81, POP, 622 In value, against $82,74S,
494 last year, which, with the increase
in manufactured exports and in cot
ton exports from other points, insurer
an enormous outgo for September
while the increase in imports at New
York has been about $9,b00,O00 II
value, apparently not enough to reduc,
the excess of exports for the month
below $30,O00,OO0.