The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1899-10-10

Enormous Clearing House Business of
the week-Europe Still Losing Money
to Us-Our Balance of T~rade-Iron
Business stu on the Rush

New YoTsE, October 6.-R- G. Dun &
Co.'S weekly Review of Trade will say
tomorrow:
The grand demonstration in honor of
Admiral Dewey enectuaily 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 clear
ing houses exceeded 81 ,059, O00. 900 in four
business days, a record eve before
approached, and outside New York the
gain reflects 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 n elsewhere.
The Bank of England raised it's rate 1
per cent. before and II per cent. more
after its weekly statement, from 81 to
5 per cent. with the hope that the outgo
to New York might be checked, but the
Bank of Germany lost also and raised
it's rate to S per cent, and the Bank of
rance lost heavily.
While high rates were paid here for
money required in speculation, no
Z IAAAOdA any bldIICAl VI
legitimate business and the stock mar
ket 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 deliver
able next year, $33 being fixed as the
price, after consultation, and about $780,
900 tons fairly divided between eastern
and western works were sold. FOr their
rOtQctiOn the great cOmnani6S hQllQht
billetS in large quantities, for which il
is said $35 vas paid by some, and of
Bessemer pig nearly 200, 900 tons, the
Federal Steel Company taking 10, 900,
n Pittsburg works taking advantage
of old options. Other large RAJ con-
tracts 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 re-
neWal of efforts for consolidation Of
sheet mills causes more active buying.
Thus while Bessemer pig rose % cents
n 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 disposition to hold
back orders because of the general rise
in prices.
After advancing about 2 cents wheat
declined sharply, uncertainty in the
Transvaal being used by spectators as
an excus for the fluctuations. The
closing price is unchanged with At
lantic exports of 1862, 062 bushels, flour
included, against 2,SS4, 533 bushels last
year, and Pacific exports of 397, 052
bushels, against 702, Ala last year When
if is noted that corn exports were also
1892, 232 bushels for the week, against
1881 ,002 bushels last year, the price ris-
ing l cent, it seems not strange
that wheat continues firm, n western
receipts have been for the week only
6,644,113 bushels, against 1883, 359
bushels last year.
The merchandise exports from New
York have been in four weeks $31, 202,-
622 in value, against $32, 748, 494 last
year, which with the increase in man
ufactured exports n in cotton exports
from other points, insures an enormous
outgo for September, while the increase
in imports at New York has been about
SO, 500, 900 i'll value, apparently not
enough to reduce the excess of exports
for the month below $780, 900, 900.