The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-10-07
Record Breaking Payments Through
Country's Clearing Houses.
HIGH RATES FOR MONEY
HAVE NO EFFECT ON THE
LEGITIMATE BUSINESS.
Immense Transactions of the Steel
ompanies-Wool Market Strong
With Heavy Sales of the Three
Markets, Prices Being Maintained
-Transvaal Affair Effects Wheat

New York, Oct. 6.-R G.. Dun & Co.
viii say tomorrow: The grand demon
stration 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 clearing
houses exceeded 81 ,059, 100000 in four
business days, record never before
approached, and outside New York the
gain reflected a great expansion in the
volume of that kind of business which
does not depend on exchanges. 1t has
been a week of remarkable monetary
changes here and elsewhere. The bank
of England raised it's rate l per cent
before and u more after it's weekly
statement, from 31s to 5 per cent, with
the hope that the outgo to New York
might be checked, but the bank of Ger
many 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 branch of
legitimate business and the stock mar
ket has held up surprisingly. With
3
panies are doing it is not strange that
their stocks are firmly held. There
have been heavy sales of rails deliv-
cradle next year $33 being fixed as the
price after consultation and about 25O,-
600 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
on Of nj ,,l,-
the Federal Steel company taking no.
COO and Pittsburg works taking advan-
tage 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 crowd
ed as ever, while the renewal of efforts
for consolidation of sheet mills causes
more active buying. But while Bes-
se1ner pig rose % cents and grey forge
at Pittsburg declined so cents, finished
products were not changed excepting
another rise of Is cents per key in cut
nails and there is reported some dispo-
sition to hold back orders because of
the general rise in prices.
The wool market is strong, with sales
of 1882, 152 pounds at three markets,
prices being maintained although the
advance at London has been checked
declined sharply, uncertainty in the
Transvaal being used by spectators
as excuse for the f1uctuation. The clos
ing price is unchanged, with Atlantic
exports of 1862, 062 bushels, flour in
Guided, against 2,SS4,533 last year. and
Pacific exports of 397,502 bushels,
against 702, Ala last year.
When it is noted that corn exports
were also 2,992,232 bushels for the week
against 2,531,002 last year, the price
rising cent, it seems net strange that
wheat continues firm and western re-
ceipts have been only 6,644,113 bushels
for the week against 10, 539, 1853 last year.
The merchandise exports from New
York have been in four weeks S31, POP
622 in value, against $S2, 74S, 4g4 last
year, which with the increase in manu- /
featured exports in cotton exports from
other points insures an enormous outgo
fer September while the increase in
at New York has been about
81, 800, 600 in value, apparently NOT
enough to reduce the excess of ex-sl
ports for the month. below $50, 900. 600,