The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1899-10-28
FINANCE and TRADE
The Boom in Business Continues
Without interruption.
THE OUTLOOK UNPRECEDENTED.

Inc 0reaC increase IN Slo8rIu8 hAoubO
Payments shows the Net Result Of
Many and Potent Forces Working
For Public Prosperity.
New York, Oct. 2S-R. G. Dun &
Co.'s weekly review of trade says:
Fears and not facts made war in
South Africa seem menace to pros
perity here. and a week of conflict
has cleared away the fear. British
markets for securities have been help
ed by the belief that mining shares
would be worth more with no Boer
control in mining regions, and large
purchases here Of ammunition, packed
meats and other army foou nave SWELL
ed the balance due this country. Money
markets have grown less embarrass.
ing, stocks have gradually advanced.
Industries are still supported by vol
ume of demand for which no precedent
can be found. and payments through
the principal clearing houses for the
past week have been $3.50 per cent
larger than last year and 67.3 per cent
larger than in 1892. So great an in
crease shows the net result of many
and potent forces making for public
prosperity.
The heaviest transactions in steel
rails ever made so early cover 1900, 900
tons for next years delivery, or two
thirds Of the entire annual capacity OF
the works. The Pennsylvania Is said
to have taken 100000 tons at $S3. but
all the leading railroads made large
purchases, and the price was then adj
vanced to s35 per ton, the same works
having delivered during the past year
at SIS to SO. Great contracts for ma
terial followed, one concern having
bought 100000 tons bessemer pig at
Pittsburg for $23, while $24.5O is paid
for early deliveries, and $4,000 tons OF
billets were sold to one concern there
and 10000 at Wheeling, $3.50 being
quoted, with slabs at $3.50 and sheet
bars at 1856.
Such transactions only show the gen.
eral belief that high prices will run
far into next year. For structural iron
many orders appear, including some OF
consequence for the east and for Cuba,
and in bars the car and implement de-
mand makes the Chicago market very
strong, but at Pittsburg works anxiety
for future contracts has depressed the
price to 215, and in plates some works
have nearly caught up with contracts
and are accepting 2.75 cents. Sheets
are also weaker. 305 being quoted at
Pittsburg, as the proposed combina-
tions seems to have failed.
Markets for minor metals are react
ing, tin having fallen to 1882 cents,
with recovery to 31.25, on Dutch sales
in October 400 tons larger than usual,
and lake copper is largely offered at
1877 cents. Lead is shade lower at
4.57H, and spelter is demoralized and
offered at S cents.
Coke holds strong, shortness of cars
hindering deliveries, though more
ovens than ever before are producing.
While shipments of boots and shoes
in four weeks of October have been
SSO,59 cases, against 343,Sl4 last year,
reluctance of buyers to pay as much
as manufacturers ask makes spring
orders much below the average.
The ocean freights situation is grad
ually improving, partly because high
rates are attracting all available dis
engaged tonnage and partly because
the check to foreign buying, particu-
larly OF cereals, caused by the advance
in vessel rates. has exercised reflex
action on the latter market. Stimuli
taneously with the drop in freight
rates this week has come hardening
of quotations for cereals, partly the
result of this improved foreign buying
meeting the late decline and + .cly
also because foreign and domestic de-
mand for corn has not as yet brought
out the flood of offerings earlier look
ed for
Bradstreet's review of trade says:
That the general business of the coun-
try remains at an unprecedented vol
ume is testified to by the heavy gains
noted in bank clearings over year
ago and by the immense increases in
railway earnings over exceptionally
good returns last October. The sit
uation of iron and steel Is perhaps the
most notable one yet presented. The
feature of the market is the reported
booking by the steel rail mills of the
country of nearly rs per cent of their
capacity for next years delivery. In
all 10000 tons of rails are booked
for delivery next year