The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-10-07
WAS A GOOD BUSINESS WEEK.
IN SPITE OF THE ALTON
OVER ADMIRAL DEWEY.

Payments Through the New York
Clearing House Surpassed the
Observation-Disclosures Banks Raised the
Rate of ENchanGe-Stock Marke.
Held Up wholesome Heavy Deals
Made i'm SteeI-ENport Market Made
Splendid showing.
New York, Oct 6-R. G. Dun & Co.'S
Weekly Review Of Trade wiz say to-mor-
row;
The grand demonstration in honor of Ad-
! miral Dewey effecmaNy 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 ex-
cited wonder year ago
AT New York, where the interruption
was greatest. payments through clearing
houses exceeded 81 .O5s 100000 in four busi-
ness days, a record never before approach
ed, and outside New York the gam rejects a
great expansion in the volume of that kind
of business which does not depend on
exchanges.
II has been week Of remarkable mon
etarN changes here and elsewhere. The
Bank of England raised its rate per cent.
! before, and y per cent. more after It's
weekly statement. from 3ia 10 per cent,
with The hope that the outgo to New York
might be checked. but the Bank of Ger
many 4ost also and raised its rate to 6
per cent, and the Bank of France lost
| heavily. While high rates were paid here
for money required in speculation no strin-
Sency embarrasses any branch of legit-
mate business, and the stock market has
held up surprisingly.
Heavy Business In Steel.
With such business as the great steel
| companies are doing, il is not strange that
their stocks are firmly held. There have
| been heavy sales of rails deiverab bile next
| year, 1913 being fixed as the price, after
! consultation and about 100000 tons fairly
| divided between Eastern and Western
works were sold. For their protection the
| great companies bought billets in large
quantities for which. It Is said. $35 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 expected 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 con-
| solidation of sheet mills causes more ac-
! tive buying. Thus while Bessemer pig rose
% cents, and grey forge at Pittsburg de-
! clined 80 cents, finished products were not
| thdllStus tAceptttB dHOlnef rise OF 10 cents
| per key in cut nails and there is reported
some disposition 20 hold back orders be-
! cause of the general rise i'm prices.
The wool market is strong with sales of
| 1852, l52 pounds al the three chief markets,
| prices being maintained although the ad-
vance at London has been checked. The
cotton mills, after the general advance in
prices last week, have had a large bust
ness, being helped by the rise in material
1t seems still uncertain what form of con-
soidaton if any Will be adopted by the
! Fab River concerns.
Exports of Cereals.
After advancing about cents wheat de-
| clinEd sharply. uncertainty in the Trans
vaal being used by spectators as excuse
| for the fluctuations. The closing prices is
! unchanged, with Atlantic exports of 1852, .
! 062 flour included, against 1854. 533 last
| year, and Pacific exports of 1897 052 bushels,
against 702, Ala last year.
| When It is noted that corn exports were
also 1892 232 bushels for the week against
2,53l ,002 last year, the price rising one cent
| ii seems not strange that wheat continues
| firm, and Western receipts have been for
| the week only 6,644 113 bushels, against TO-
.S59 last year
The merchandise exports from New York
| have been in four week. $31. POP. 500 in value
| against 1872, 74S 494 last year with which the
increase in manufactured exports and in
cotton exports from other points insures
an enormous outgo for September. while
. the increase in imports at New York have
been s9,5OOOO0 in value. apparently not
enough to reduce the excess of exports for
the month below $SO,OOOOOO.