The times., 1899-12-23
DUN's WEEKLY REPORT.
Causes of the Speculative Panic
Traced to Their source.

Causes of the speculative Panic
Traced to Their source.
NEW YORK, Dec. 22.-Dun' review to-
morrow viii say;
The worst day in Wall Street for 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 its business. it could no longer
afford to have many millions locked up in
carrying stocks representing imaginary
values. The question was not one Of none
tary supplies. When the country found
ample use for its capital in regular trade
and productive industry q contraction OF
loans became necessary which would only
have been more painful if the volume OF
stocks carried had been larger, Reckoning
from the highest general average last
spring industrials stocks had fallen at the
close on Monday Z3.zT per cent; street rail-
road stocks $3.50 per cent. and other rail-
road and telegraph stocks only 5.T9 per
cent. Extreme monetary pressure was
quickly relieved by a syndicate Of banks.
the Treasury aiding much. and prices soon
recovered 8 part OF their loss, only 10 de-
cline again later.
None doubted that almost all the indus
trial companies have been doing a splendid
business, though none knows what proper
tioH actual profits bear 70 their OuJstand-
ing stock. Fear that a British defeat in
Africa might cause gold exports brought On
Monday the slaughter OF good and bad
stocks together, though after the gold
movement had begun all stocks r0ze- The
close for the week averaged 49J per share
lower for railroads. and 7.32 per share lower
for industrials Further exports Of gold by
tOday's steamer make the total shipments IN
two weeks about s.. f75. GEO. bus receipts
from the interior and the subtreasury more
than Offset this loss to the New York banks.
Foreign trade reports leave no excuse
for alarm as TO International exchanges.
Europe can borrow part Of what it on e5 by
paying a premium. but this country has
more gold than iL wants and only needs
to reduce its speculative loans
The business Of the country close to the
holidays is necessarily smaller than iC has
been. and yet larger than at the same date
in any other year Exchanges through
principal clearing houses for the week have
been 33T per cent larger than last year.
and 50.4 per cent larger than in 1892.
There is not even q suspicion Of unzOund-
ness in any considerable branch OF industry
or trade. the extraordinary expansion in
some being as we'll warranted as the mod
crate gain in others Cotton suffered in
speculation for day with stocks. but the
great decrease in receipts from farms
gives strong support TO prices. as does the
increase Of 200 coo bales on takings By
spinners The demand for goods is quiet,
though prices hold steady. Wool sales have
dropped sharply with monetary pressure.
but prices 90 not change and the opening
of heavyweight goods retards at present
purchases for mills.
High prices for iron are wonderfully
sustained, and though many works viii
close for stock-taSinS and the holidays.
while the furnaces do not stop. F,s iron
shows no weakness
Wheat has lost both in foreign demand
and in prices. in spite Of sim grea-er loss
in Western receipts. for the week Oa-y
{. 500 .2S6 bushels. against I3401Io last
year. Atlantic exports, -four included have
been in three weeks only 6,S6+ @33 bushels.
against 10 ,145. 36S last year.
Failures for the week have been 220 in
the United States. against IS last year.
and 25 IN Canada, against 81 last ar.