The San Francisco call., 1899-12-23
Dm's Revie7U of Trade.

NEW YORK. Dec 22.-R. G. Dun & Com
pany's weekly review OF trade will say to-
morrow: The worst day in Wall street for
many years was in part the legitimate result
OF the best year in business ever known be-
cause the country has prospered 30 greatly
and had so expanded its business that 1t could
no 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 ample use
for its capital in regular trade and productive
industry a contraction OF loans became neces-
sary. which would only have been more pain
ful II the volume OF stocks had been larger.
Reckoning from the highest general average
last spring during last year Industrial stocks
had fallen at the close on Monday 23T per
cent, street railroad stocks 3s.90 per cent and
other railroad and telegraph stocks only go
per cent.
The business OF the country close to the holi-
days is necessarily smaller than II has been
and yet larger than at the same date In any
other year. Exchanges through the principal
per cent larger than last year and 50.4 per
cent larger than in 1892. including S21 per
cent gain In payments outside New York.
There not even a suspicion of unsoundness
in any considerable branch OF industry or
trade. the extraordinary expansion in some
being well warranted as the material gain
in others.
Cotton suffered in speculation for day with
farms since September. over 1900. 900 bales
gives strong support TO prices as does the in
crease or ZUO,OVO L2leS IN takingS by SpinnerS.
The demand for goods is quiet and the price
holds steady.
Wool sales have dropped sharply with none
tary- pressure. but prices do not change and
the opening In heavyweight goods retards at
present purchases for mills
Yielding appears at last in hides at Chicago
in most kinds about one-quarter OF cent. with
evidence that recent advances could not be
sustained Leather has been steady for hem
lock and other sole, but in satin. grain and
Kid the demand has fallen of suddenly.
High prices for iron are wonderfully sus-
tained. and though many works will close for
stock taking and the holidays. while the fur
naces do not stop, pig shows weakness.
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 because many tin
plate mills are 10 be closed soon at the East
and in plates not OF the largest size compe-
tition 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 huctuation in
the London market for tin, but the closing
declined little in spite OF weak stocks at Bos-
ton. while lead is scarce and firmer at 4s5c
Wheat has fallen both in foreign demand and
In prices in spite OF still greater loss in West
against 7.340 40 last year. Atlantic exports
-four included, have been I'm three weeks only
6S64 433 bushels. against Is. 1858 bushels last
year. The price rose quickly on Monday when
other things were falling. but subsequently
reacted and closed &c lower.
Corn exports are still well maintained. for the
week 372s 179 bushels. against 3. .S24 s36 bushels
last year. though Western receipts have fallen
of. being only 9.4oisss bushels in three weeks
against 13.l7o.567 last year.
Failures for the week have been 22o in the
United States. against 25S last year, and 26 In
Canada, against 81 last year.