The times. [volume] (Washington [D.C.]) 1897-1901, 1900-10-22

aggregates s14, e00 During the ship
ping interval the heaviest days transac-
ticn was that of October l. when the Sub
Treasury transferred, by telegraph. the
amount CT S1,154,000. special transac-
ton in the nature of a remittance to New
Orleans in payment of a purchase of
municipal bonds contributed largely in
swelling this total. The total OF the
largest normal day was $3.50, COO, attained
on October 9.
Throughout the present interior move
ment New Orleans has been the objective
point for the bulk of the money, not only
abrough the Sub-Treasury, but also by
the leading shipping banks. The follow
ing are the total transfers through the
Sub-Treasury to date: New Orleans,
sS.i67O0; st. Louis. sS,300,00o; Chicago,
81. 100000: Kansas City, 100000; other
points, $1,000; total. S14,726, 600. 1t is dif-
icult to determine the full extent OF the
present interior movement. for numerous
banks have participated in 1t, in ADDITION
to the transfers made through the SUD
Treasuryq. Estimating that the banks OF
the city have shipped twice the volume OF
money transferred through the Treasury,
the total for the period falls little short
of S45, 0G0. coo. The check in the demand
at the Sub-Treasury on Saturday does not,
of course, mark the cessation CT the IN
terrier movement, but was regarded IN
Wall Street as an indication that the de-
mand in the future will be less urgent.
Demand sterling eased still further Sat
urday. closing at Si.S4, decline Tor the
day of about Is cent in the pound. The
market was dull and inactive, with an
AMPLE supply of commercial bills in sight.
1t, 10 nf
fered as an explanation of the market S
weakness Returns of the weeks cotton
shipments made by the Financial Chroni-
cle'' on Saturday afforded an ample ex-
PLANTATION of the increase of bills in the
market Compared with the current week
in 1899. cotton shipments increased 1880
bales, which at the present increased price
OF cotton represents, it was computed, an
increase in the value of exports in this
staple alone of Sc, GOO for the week.
The trade reports show that in spite OF
the usual depressing influence of a Presi-
Dental campaign large amount OF bust
ness is being transacted. The bank clear
ings of the leading cities outside OF New
York show a decrease of only per cent, as
compared with a year ago. On the other
hand, railway gross earnings for October,
as far as reported. show gain of so per
cent over the corresponding period of last
year. Commodity prices are little easier.
but this is to be expected at this time.
The condition of the iron industry is plain
ly indicated by the starting up Of num-
Der of blast furnaces and mills producing
various finished products. All accounts
agree that as soon as the uncertainty re-
garding the election is swept away bust
ness in all lines will become active. 1t
is interesting TO note that, as for some
time past, the most encouraging trade
advices come from the South. This is due,
Of course, largely to the unusually high
prices which that section is obtaining for
its staple product. 1t shows conclusively,
however, that the business boom is not
due to confidence in Mckinley's election.
large export trade is reported from the
Pacific Coast. as result Of army require
ments and increasing Asiatic consumption.
The Colorado Fuel and Iron Company
has just closed contract for upward of
$1,000 tons Of steel rails with certain of
the transcontinental railways. As East
ern manufacturers of steel rails cannot
compete advantageously with the Colorado
manufacturers in the West, the chances
are that the Colorado Fuel and Iron Com
rany viii soon have orders booked for its
entire capacity. which is Loco tons a day.
The great prosperity in the bituminous
coal trade is reflected in the earnings CT
the railroads which handle the coal. The
Wheeling and Lake Erie, a leading BIZ
luminous line, has been showing partic-
ularly handsome gains in revenue. 1t is
calculated that the net earnings Of the
road for the current fiscal year will be
between s20o.0o0 and $1,000 greater than
last year. This gain will be entirely ap-
plicable to the second preferred stock, as
the surplus earnings last year were equal
to the full dividend On the first preferred
stock. Cleveland interests have been
considerable buyers recently Of the
Wheeling and Lake Erie issues. The earn
ings of the other roads engaged in the
bituminous traffic are showing increases
corresponding with these of the Whe Il n
and Lake Erie. The roads have added
largely to their equipment but the COM
pany consumption of coal has grown SO
rapidly in the last few months that
transportation facilities are taxed to
their utmost. Many new vessels are be-
ing constructed expressly fer the blum
inous coal trade.
Manhattan stock has been bought by
representative houses in the last few
days, and the rumor is again going the
rounds that Metropolitan will secure the
company. Rollins & Co. have been ac-
tive in the stock, and much Significance
is credited to their buying. 1t may be
said on authority that insiders have been
active buyers of this Issue.
Active buying of Pacific Mail stock vas
feature in last weeks market. TIL,
stock made sharp advance. and the
street put out the opinion that buying
represented the belief that the Subsidy
bill would be Immediately taken IN at the
next meeting of Congress. The stock was
evidently manipulated.
pATTrMoPE price crrppENr