The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-12-23
Was the Legitimate Result Of the
Country's Prosperity.
GREAT DEMAND FOR MONEY
CAPITAL MUST BE USED IN REG
ULAR TRADE.
Cannot Lock Up Millions In Carrying
Stocks Representing Imaginary
Values-Wool Sales Dropped
Sharply With Monetary Pressure
-Soundness of All Branches.

New York, Dec. 22.-R. G. Dun &
Co.'S weekly review of trade will say
tomorrow: The worst day in Wall
street for many years was, in part, the
legitimate result of the best year in
business ever known Because the
country had prospered SO greatly and
had so expanded it's business, it
could no longer afford to have many
millions locked UP in carrying stocks
representing imaginary values. The
question was not one of monetary sup
ply. When the country found ample
use for its capital in regular trade and
productive industry, a contraction of
loans became necessary, which would
have been more painful If the value of
stocks had been larger. Reckoning
from the highest general average last
spring, industrial stocks had fallen at
the close on Monday 1927 per cent,
street railroad stocks 1873 per cent, and
other railroad and telegraph stocks only
Ga per cent.
the holidays is necessarily smaller than
it has been. and yet larger than at the
same date, in any other year. Ex-
changes through principal clearing
houses for the week have been 1871 per
cent larger than last year, and 50.4 per
cent larger than in 1892. including 32.1
per cent gain in payments outside New
York. There was not even a suspicion
of unsoundness in any considerable
branch of industry or trade, the extra
ordinary expansion in some being as
well warranted as the material gain in
others.
Cotton suffered in speculation for a
day, with stocks, but the great decrease
in receipts from farms since Septem-
Der, over 100000 bales, gives strong
support to prices as does the increase
of 200,0 bales in takings by spinners.
The demand for goods is quiet, and the
price holds steady.
Wool sales have dropped sharply with
monetary pressure. but prices do not
change, and the opening in heavy
weight goods retards al present pur-
chases for mills. Yielding appears at
last in hides at Chicago, in most kinds
about u of a cent, with evidence that
recent advances could not be sustained.
Leather has been steady for hemlock
and other sole, but in satin grain and
kid the demand has fallen off.
High prices for iron are wonderfully
sustained, and though many works will
close for stock taking and the holidays.
while the furnaces do not stop, pig
shows no weakness. Prices on finished
products change little. though more
concerns have rea- he'd the point OIL COM
peting for new orders and there is some
weakness in sheets because 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, and
structural works have continued their
combination for another year without
change in prices.
There has been less violent fluctua
ton in the London market for tin. but
the closing price here is slightly lower
al 24Ac. Copper declined little, in spite
of weak stocks at Boston, While lead is
scarce and fir;ner at s4.65.
Wheat has fallen both in foreign de-
mand and in prices, in spite of still
greater loss in western receipts, for the
week only 1906, 2S6 bushels, against
7,340,170 last year. Atlantic exports,
-four included. have been, in three
weeks. only 1864, 433 bushels. against
1916, 1868 bushels last year. The price
rose quickly on Monday. when other
things were falling. but subsequently
reacted and closed NC lower. Corn ex-
ports are still well maintained for the
week. 3,12S,179 bushels. against 1924, 1886
last year. though western receipts have
fallen off, being only 9.404. S6S bushels
in three weeks. against 13,470,567 last
year.
Failures for the week have been go
in the United States against 25S last
year, and &c in Canada, against 81 last
year