The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-12-23
WEEKLY REVIEW OF TRADE
Former Says the Worst Day in Wall
street for Years Was, in Part, the
Legitimate Result of the Best Year fin
Z Business Ever Known.

| business Ever Known.
New York, Dec. Or. G.. Dun &
Co.'S weekly review Of trade will say:
The worst day in Wall street for years
was In part the legitimate result Of the
best year in business ever known. Be
cause the country had prospered so
greatly and had so expanded its bus-
ness, it could not longer afford to have
many millions locked up in carrying
stocks representing imaginary values.
The question was not one of monetary
supply. When the country found am
pie use for its capital In regular trade
and productive industry a contraction
Of loans became necessary which would
only have been more painful II the
volume of stocks carried had been larg-
en- Foreign trade reports leave no ex-
cuse for alarm as to International ex-
changes. In two weeks of December
exports from New York have been 20
per cent. larger than last year, when the
aggregate for the month was $137,s5 -
900, while imports were 26.6 per cent.
larger than last year, when the aggre-
gate for the month was 500, 1879, 600.
The business of the country close to
the holidays is necessarily smaller than
it has been, and yet larger than at
the same date in any other year. Elk
changes through principal clearing
houses for the week have been 1877 per
cent. larger than last year, and 504
per cent larger than in 1892, including
32.1 per cent. gain in payments outside
New York. There Is not even sus-
picion of unsSundness In any consid-
cradle branchiof industry or trade, the
extraordinary expansion in some being
as we'll warranted as the moderate
gains in others Cotton suffered in
speculation for day, with stocks, but
the great decrease I in receipts from
farms, since September over 100000
bales, gives support to prices, as does
the increase Of 100000 bales in takings
by spinners The demand for goods is
quiet though prices hold steady. Wool
sales have dropped sharply with none
tary pressure, but prices do not change
and the opening of heavy weight goods
retards at present purchases for mills
Yielding appears at last in hides In
Chicago, in most kinds about one
quarter of a cent, with evil
dence 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
suddenly. Shipments of boots and
shoes, though 100000 cases or per
cent. more than last year to date, and
% per cent more than in 1892, have
been in December 81 per cent. more than
in 1892 though new orders are but
moderate.
High prices for iron are wonderfully
sustained, and though many works
close for stock taking and the holidays.
while the furnaces do not stop, pig
shows no weakness. Prices of finished
products change little. There has been
less violent fluctuations in the London
market for tin, but the closing price
here is slightly lower at 24A cents. Cop
per declined little in spite Of weak
stocks at Boston, while lead is scarce
and f1rmer at 465 cents.
Wheat has lost in foreign demand
and in prices In spite Of still greater
loss in western receipts for the week
only 3,306,2S6 bushels against 7,340,1T0 |
last year. Atlantic exports, flour in
have been in three weeks only
1854, 433 bushels against 15,415, 36S BUSH
als last year. Corn exports are still I
we'll maintained, for the week 3729179
bushels against 3,S24.S36 last year. Fail |
Tres for the week have been 220 in the |
United States against 25S last year, and |
IS in Canada, against 81 last year.