The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-10-07
DIDN'T STOP FOR DEWEY.
Business Record For Four Days In
New York Never Equaled.

New York, Oct. 7.-R. 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 a year ago.
At New York, where the interruption
was greatest, payments through clear
ing houses exceeded $1,059, 600 900 in
four business days, a record never be-
fore approached and outside of New
York the gain reflects a great eXpan-
sion in the volume of that kind Of bust
ness which does not depend on eX-
changes. 1t has been a week of re-
markable monetary changes here and
elsewhere. The Bank of England raised
it's rate one per cent before and a half
more after its weekly statement from
31z to 5 per cent, with the hope that the
OutgO of gold to New York might be
checked, but the Bank of Germany lost
also and raised it's rate to 6 per cent,
and the Bank of France lost heavily.
While high rates were paid here for
money required in speculation, no
Stringency embarrassed any breach of
legitimate business and the stock mar
ket has held up surprisingly.
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 deliver
able next year, $33 being fixed as the
price after consultation, and about $780,
UUU tons, Ialf1Y QlNlQGQ between GdSLSIU
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 con-
tracts are expected soon, especially
those of the Pennsylvania Plate works
seem to be gaining little if any on their
orders and bar mills are crowded as
ever, while the renewal of efforts for
consolidation of sheet mills causes more
active buying. But while Bessemer pig
rose % cents and grey forge at Pitts
burg declined 80 cents, finished pro-
ducts were not changed, excepting an
other rise of Is cents per key in cut
nails, and there is reported some dis
position to hold back orders because of
the general rise in prices.
The wool market is strong, with sales
of 10 $50, 1852 pounds at the three mar
kets, prices being maintained, although
the advance at London has been check
ed. 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, if any,
will be adopted by the Fall River con-
Germs.
After advancing about two cents,
wheat declined sharply, uncertainty in
the TranSvaal being used by specula-
tors as excuse for the fiuctuatiOn The
closing price is unchanged with Allan
tic exports of 8, 562, 062 bushels, flour in
cluded, against 1854, 533 bushels last
year, and Pacific exports of 397 SOP
bushels against 702 414 last year. When
it is noted that corn exports were also
2 992, 232 bushels for the week, against
2,531, OO2 bushels last year, the price
rising one cent. it seems not strange
that wheat continues firm and western
receipts have been only 6.644.113 bushels
for the week against 10, 539, 359 bushels
last year. The merchandise exports
from New York have been in four
weeks S31. POP 622 in value against s32,-
74S 494 last year, which with the in
crease in manufactured exports and in
cotton exports from other points in
sures an enormous outgo for September.
while the increase in imports at New
York has been about 50, 100000 in value,
apparently not enough to reduce the ex-
cess of exports for the month below
$50 GOO 600.