The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-12-23
R. G. DUN'S. WEEKLY
REVIEW OF TRADE
Discusses the Recent Panic in
Wall Street.
THE CONTRACT TON OF LOANS
Business of the Country Close to the
Holidays is Necessarily Smaller
Than Has Been and Still
Proportionately Larger

New York, December Pr. G. Dun C
Co.'S Weekly Review of Trade will say in
-tomorrows issue:
The worst day in Wall street for years
was in part the legitimate results of the
best year in business ever known. Because
the country had prospered SO greatly and
had expanded Its business it could no
longer afford to have many millions locked
up in carrying stocks representing mag
ifrary deals. The question was not one of
monetary supply.
When the country found ample use for its
capital in regular trade and productive in
dustry contraction of loans became neees-
sary Which would only have been more
painful If the volume of stocks carried e1ad
been larger Reckoning from the highest
general average last spring, industrial
stocks had fallen at the close on Monday
23.2l per cent; street railway stocks, 3S.9
per cent, and either railroad and telegraph
stocks only go per cent. The business of
the country close to The holidays is neces-
sa1ily smaller than llas been, and yet
larger than at the same date IN any other
year.
Cotton suffered in specula ton for a day
with stocks, but the great decrease in re-
cetpts from farmers since September, over
prices, does The increase in bales in
takings by spinners The demand for
goods is quiet. the price holds steady. Wool
sales have dropped sharply with monetary
pressure but prices don't change, and the
opening on heavy weight goods retards at
present purchases for mills. Yielding ap-
pears at last in hides at Chicago in most
kinds about nc, with evidence that recent
advances could not be sustained. Leather
mas been steady for heqnlock sole and other
sole, but in satin grain and kid the demand
has fallen off suddenly.
High prices for iron are wonderfully1sus-
tanned, and though many works will close
Tor stock taking and the holidays, while
the furnaces don't stop pig shows no weak
ness. Prices on finished products change
little, though more concerns have reached
the point of competing for new orders,
and there is some weakness in sheets be-
cause many tin plate mills are to be closed
soon at the east, and in plates not of the
largest size competition is sharp, but in
bars the demand is somewhat improved.
The structural works have continued their
combination for another year without
change in prices.
There has been less violent fluctuations
in London markets for tin, but the closing
price here is slightly lower at 24Ac. Cop
per declined little, in spite of weak stocks
at Boston, while lead is scarce and firmer
at 4.65 cents.
wheat has fallen both in foreign demand
and in prices in spite of still greater loss
In western receipts for the week, only g.
2S6 bushels, against 40 bushels last
year. Atlantic exports, flour included, have
been in three weeks only 6,S64,433 bushels,
against 15.415,36S bushels last year. The
price rose quickly on Monday when other
things were falling, but subsequently re-
, acted and closed Nc lower. Corn exports
are still well maintained for the week, g.
729 179 bushels, against 1924 S36 bushels last
year.
Failures for the week have been 220 in
the United States, against 25S last year, and
26 in Canada, against 81 last year.