Morning journal and courier., 1886-12-18
NeWS DY Ielegfapn FROM ALL QUARTERS. THE FURRY IN STOCKS Does No Harm Yet To
 Business. TWENTY-0NE LIVES LOST By A Whaler Going On
 Seal Rocks. YALE ALUMNI AT DINNER. The Anti-Rent Campaign
 Tn Ireland.

I A WEEK OF GREAT EXCITEMENT. l The Great Flurry In The stock Mark 1 et-General Business Not As Net -Af. l fected. '&
 NEW YORK, Dec TYR. G. Dun & Co. will tomorrow issue the following review of 1 trade, for the week: The past has been a cline in the stock market was forsehado wed by the recent unhealthy advance in securities that do not secure, and in some of these the fall was from $20 to $57 per share. But fifteen other stocks lost over $10 each per share and the average price of active stocks, good and bad fell $S.30 per share from December 4. Knocking the froth off the market" one broker called it. In that case
 there was good deal of froth. Some re-
 covery has since occurred. But it is too
 soon to determine whether bottom has been
 touched. It is surprising and ereditab1e that
 thus far only one failure in the exchange has
 resulted from such 8 fall. Money was arti-
 fcially locked up, beyond doubt and the de- cline thus increased. The rate rose from 6 to 8 per cent. on Saturday to 10 per cent. as the lowest and 16S per cent. as the highest on Wednesday. This difficulty has been met by shipments from many interior points, Canada banks sending 5000, ,000, by the ar- rival of $1,400.0O0, on Thursday from France and the shipment of $2,000, 900 from London and by the treasury's offer to prepay $9, ,0O0, ,000 interest. The advance in rate by the Bank of England is meant to check the outflow of gold, but the supply now in sight here and the shrinkage in spec ulative demands should prevent any strin- gency in money for commercial or industrial needs if Europe does not unload stocks. So far the Wall street excitement has had no effect on general business. Other speculative markets were neglected and the sales were far below previous records. Oil and grain dropped Wednesday, but recovered; coffee broke at Havre and has not recovered; cotton yielded shade, but hog prod ucts advanced. The Thomas company. which largely con trols iron prices, fixes $20 as it's price for No. 1 iron for 1887 and has sold forty per cent. more in 1886 than in any other year and engaged III ,000 tons already for 1887. Important failures at several points show in- dividual rather than general overtrading: Dry goods are less active, but the trade is not unhealthy. Exchanges outside New York still show that the volume of business at the North is large, though some depression exists in parts of the South. The railroads have agreed to advance east bound freights De- cember 20.
 But while Wall street acrobatics do not yet affect general business continued depres- sion might result in two ways. Failures to sell securities might check railroad build ing, iron making and other industries. The return of the large body of American stocks held abroad would cause heavy loss of gold and severe pressure. The weatherwise will watch for signs in these quarters. Thus far Europe sends gold and buys stocks. The interstate commerce bill is thought dangerous by many investors and its progress may cause unloading of securi- ties. The issue of silver certificates increases, S2,O00,000 more having been put out last week, while the treasury took in $1 ,000, 900 in gold. Risks in stocks by individuals all over the country are likely to increase the number of commercial failures already large for the season. The situation, therefore, while not now disturbing, justifes caution