The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-10-07
AND BUSINESS DOOMED
A WEEK OF REMARKABLE MON
ETARY CHANGES.
HIGH RATES PAID HERE AND ABROAD
The Great Steel Companies Stocks Firmly Held
The Wool Market Strong With Good
Sales. Wheat Advances and
Declines on War News.

New York, Oct. 6.-R. G. Dun & Co.'S
Weekly Review of Trade will say to-
morrow:
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.
was greatest, payments through clearing
houses exceeded $1,059. 100000 in four
business days, a record never before
approached, and outside New York the
gain reflects 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 / per cent.
before and Is per cent. more after its
weekly statement, from 49, per cent. to
5 per cent, with the hope that the out
go to New York might be checked, but
the Bank of Germany lost also and
raised its rate to q per cent, and the
Bank of France lost heavily. While
high rates were paid here for money re-
quired in speculation, no stringency en-
harnesses any branch of legitimate bust
ness. and the stock market 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 de-
liverable next year. $33 being fixed as
the price, after consultation, and about
100000 tons fairly divided between
Eastern and Western works We're sold.
For their protection the great companies
bought billets in large quantities, for
which it is said $50 was paid by some,
and of Bessemer pig nearly 100000
tons, the Federal Steel Company taking
10000, and Pittsburg works taking adj
vantage 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
consolidation of sheet mills causes more
active buying. Thus, while Bessemer
pig rose % per cent. and Grey Forge at
Pittsburg declined soc, finished pro-
ducts were not changed, excepting ancth-
err rise of 15c. per keg in cut nails, and
there is reported some disposition to-
hold back orders because of the general
rise in prices.
THE wool market is strong, with
sales of 1852, 1872 pounds at the three
chief markets, prices being maintained,
although the advance at london has
been checked. The cotton mills. after
the general advance ii prices last week,
have had large business. beng help
ed by the rise in material. 1t seems
still uncertain what form Of consolia-
ton, if any, will be adopted by the
Fall River concerns.
after advancing about cents wheat
declined sharply, uncertainty IN the
Transvaal being used by spectators as
excuse for the fluctuations. The closing
price is unchanged. with Atlantic ex-
ports of 1862, 062, -four included,
against 1884, 533 bushels last year, and
Pacific exports of 397,052 bushels,
against 702, 414 bushels last year. When
it is noted that corn exports were also
1892, 232 bushels for the week. against
2,531 ,002 bushels last year, the price
rising one cent. it seems not strange
that wheat continues firm. and Western
receipts have been for the week only
6,644, 113 bushels, against 1883, $50
bushels last year. The merchandise ex-
ports from New York have been in four
weeks $31 ,202,622 in value, against
$50, 74S, 494 last year, which, with the
increase i'm 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 $4,000, 900 in value,
apparently not enough to reduce the ex
cess of exports for the month below
$30,000000."