The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-10-28

NEW YORK, Oct Pr. G. Dun u
Co.'S weekly review of trade tomorro"
will say: Fears and not facts made
war in South Africa seem menace 10
prosperity here, and a week OF confl1ct
has cleared away the fear. British mar
kets for securities have been helped by
the belief that mining shares would DC
worth more with no Boer control In min
ing regions, and large purchases here OF
ammunition, packed meats and other
army food have swelled the balance due
this country. Money markets have
grown less embarrassing. stocks have
gradually advanced, industries are still
supported by a volume of demand for
which no precedent can be found, and
payments through the principal clearing
houses for the past week have been 800
per cent larger than last year and 51.S
per cent larger than in 1892. SO great
an increase shows the net result OF
many and potent forces making for pub
lie prosperity.
The heaviest transactions in steel rails
ever made so early cover 100000 tons
for next years delivery, or two-thirds of
The PENNSYLVANIA is said to have taken
105 GOO tons at $33, but all the leading
railroads made large purchases, and the
price was then advanced TO $S5 per ton,
the same works having delivered during
the past year at SIS and S19. Great con-
tracts for material follow, one concern
having bought 100 tons Bessemer pig at
Pittsburg for $23, while $3.50 is paid for
early delivery, and $4,000 tons of billets
were sold to one concern there and $4,000
at Wheeling, $3.50 being quoted with
slabs at $39 SO and sheet bars at $50. Such
transactions only show the general be-
lief that high prices will run Tar into
next year. For structural work many
orders appear, including some of conse-
quence for the East and for Cuba, and in
bars the car and implement demand
makes the Chicago market very strong,
but at Pittsburg works anxiety for fu-
ture contracts has depressed the price to
$2.15. and in plates some works have
nearly caught up with contracts and are
accepting Pts cents. Sheets were also
weaker, 3.05 cents being quoted at Pitts
burg, as the proposed combinations seem
TO have failed.
Markets for minor metals are reacting,
tin having fallen to 1892 cents, with re-
covery 10 3125 on Dutch sales in Octo-
Der, 400 tons larger than usual, and lake
copper is largely offered at 1877 cents.
Lead is a shade lower, at $4.5712, and
spelter is demoralized and offered at 5
cents Coke holds strong, shortness of
4,,1
ovens than ever before are producing.
While shipments of boots and shoes
for September were 3S0599 cases, against
343,S14 last year, and less in any other,
the reluctance of buyers to pay as much
as manufacturers ask renders spring Or
ders much below the average.
Buying of wool has been heavy at Bos-
ton, 1901, 200 pounds for the week, and
at the three central markets 1858, S37,
making 4292S,2S9 pounds in four weeks,
against So $4,000 in 1897, when the last
great speculation was on foot. Many
mills are now buying which have recently
started, after long idleness, besides the
American Wooden company, with others
which have bought largely before, while
foreign quotations and some British buy
ing of Australian and South African wool
stimulate the market, though prices are
not quotably higher. The demand for
goods improves and a great season IS
confidently expected.
The advance in cotton goods does not
stop, for the demand is heavy, and stand
ard print cloths have been raised Is of
a cent by the selling company. But the
operat ives have demanded higher wages,
possibly influenced by reports made
when combination was proposed, and
some works may stop. The cotton mar
ket closes lie of a cent lower, shortage
of movement being attributed largely,
and perhaps too largely, to concerted
holding of stocks by growers or fac
tories. The increase in October move
ment compared with last year has been
heavy, and exports have been small. al
though at such prices that 900 bales
represent nearly as much value as 100, 900
last year.
Failures for the week have been 100 in
the United States, against 1926 last year,
and % in Canada, against "a last year.
DISTRIBUTTYE TRADE.