Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1899-10-10
VAST BOOM IN TRADE.
Dun's Report Shows an Enormous
Amount OF Business

amount oil BuStnenB.
New York, Oct. 1.-THE grand DEM
onstration in honor of Admiral Dewey
etfectually stopped business of most
kinds for two days at the chief city Of
the country, and yet the remaining
transaction of the week would have
excited wonder year ago. At New
York. where the interruption was
greatest, payments through clearing
houses exceeded $1,059, 100000 in four
business days, a record never before APP
preached, 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 11s per cent more
after its weekly statement, from 31a to-
. 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 6 per cent, and the
Bank OF France lost heavily. While
high rates We're paid here for money
required in speculation, no stringency
embarrasses any branch of legitimate
business, and the stock market has
held up surprisingly
The foregoing is from R. G. Dun 81
Co.'S Weekly Review of Trade, which
saws in addition:
Great Demand for Steel.
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 deliverable next year, $35 being
fixed as the price, after consultation,
and about 25O,0OO tons, fairly divided
between eastern and western works.
We're sold. For their production 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 $4,000 and Pittsbure
works taking advantage of old options.
Other large rail contracts are expected
soon, especially those of the Pennsyl-
vania.
Plate works seem to be gaining little,
if any, on their orders, and bar mills
are as crowded as ever, while the re-
newal of efforts for consolidation Of
sheet mills causes more active buying.
But while Bessemer pig rose 25 cents,
and gray forge at Pittsburg
declined so cents, finished prod
ucts We're not changed, excepting an
other rise of Is cents a keg on cut nails,
and there is reported some disposition
to hold back orders because of the gen-
eralrise in prices.
The wool market iststrong, with sales
of 10.5S2, 152 pounds at the three chief
markets, prices being maintained, al
though the advance at London has
been checked. The cotton mills, after
the general advance in psicss lasst
week. have had a large business. being
helped by the rise in material tt tssemss
still uncertain what form of consolida-
ton, il any, will be adopted by. the
Fall River concerns. :
Decline In Wheat.
After advancing about cents. wheat
declined sharply, uncertainty in the
Transvaal being used by spectators as
excuse for the fuctuation. Tire closing
price is unchanged, with Atlantic ex-
ports of 3,562,062 bushels -four includ-
ed, arainst 2,SS4. 533 last year, and Pa
cifc exports of 397,052 bushels, against
702,414 last year. When it is noted
that corn exports We're also 1892, ,232
bushels for the week, against 1851, ,O02
last year, the price rising l cent, il
seems not Strange that wheat continues
firm, and western receipts have been
for the week only 6,644,115 bushels,
against 10,539,359 last year.
The merchandise exports from New
York have been in four weeks S31 ,202,-
622 in value, against $32,74S, 494 last
year, which, with the increase in man
ufactured exports, insures an enormous
outeo for September, while the increase
in imports at New York has been about
$9.500,000 in value, apparently not
enough to reduce the excess of exports
for the month below, $30,000,000.