The DeSmet leader. (DeSmet, Kingsbury Co., Dakota [S.D.]) 1883-1891, 1890-11-22
The Course OF Business.

The sharp subsistence OF stock val
ues in New York and the severe mon
ey Cramp there-says the Minneapolis
Journal-calls running up to the equl-
valent OF 1913 per cent a year-prO.
duced very slight effect upon the legit-
innate trade OF the country. The
panic was a local one, like the gyra-
tions of a tornado over few square
miles OF territory. And it was chiefly
caused 10y the Argentine collapse and
its close connection with English in
vestOrs who began selling their Ameri-
can securities heavily to realize money,
and, as a natural result, stocks tum-
bled IN New York, reaching the lowest
point in four or tiyeyears. 1t has been
good time to buy stocks to keep, as
JAY Gould said, and there isnO doubt
that, when the racket commenced,
the bears III New York conspired to
hammer down the market still lower.
At present matters are getting back
to their uOrmal condition slowly
and money was firm at q per
cent. The extraordinary demand Tor
money this autumn was the Result OF
the expanding vOlumn OF trade, and,
AZ there Is no appreCiable diminutIon
Of business activity in most lines,
money is quite firm East and West
to $ per cent being he rates for leg-
innate business in the West, and all
regular business is accommodated.
The fact is, legitimate business nev-
en- was in n healthier condition, and
collections are reported good from al
most all points. A suggestive fact is
the increasing demand 10y country
bankers for commercial paper to in
vest their funds.
The railroad tonnage movement
continues large. All the roads are
short OF cars and some lines have to
refuse freight for lack of rolling stock
The earnings are not in proportion to
the immense tonnage carried, showing
the effect OF the sharp cutting of rate
by he traffic managers. The Morgan
movement to relieve the latter of their
determining power and to substitute
II rate making commission, to protect
stockholders, is generally indorsed by
leading magnateS.
BreudstutfS are lower and exports
have declined. While less wheat ls
coming into the central primary mar
kets than last year, there has been a
sharp decline along the line OF grades,
averaging about cents. There has
been considerable in May; but on the
whole, speculation has been far less
active than usual Corn and oats
have also declined respectively II
and 2 cents. Provisions are firm and
in fair request. The cotton mills are
we'll sold ahead, and they are making
a larger volume OF goods than usual.
The wOOlen goods trade is reported
satisfactory. Leading mills are we'll
sold up, especially on dress goods, and
are in good shape. Flannels are
strong and CasSlmeres are steady.
The trade expects a heavy increase OF
business in heavy goods with
the advent of colder weather. The
flour trade is somewhat depressed and
prices have declined in sympathy with
wheat about 10 cents barrel. An
Improvement in foreign orders is
noted. The local flour output for the
past week was ~, $50 barrels, against
lSO,O"O barrels the previous week.
Ill 400 barrels the corresponding
week in 1889 and l4", 800 the CORES
pOnding period in 1888.
The iron output Nov. was IT,
750 tons weekly, against l7@, ,2O4 Oct.
|. There is II slight falling of in the
demand for iron products. There is
a demand for high grade Beesemer ore
by Eastern furnaces. They. will need
half million tons before spring. Tin
is 3S cents lower; copper is steady at
l4.15 for Arizona to II cents nOmi-
nal for lake. Lead has weakened to
$50 cents and lower rates are looked
| for.
Business failures for the past week,
2G6, against 215 the proceeding week
lend 265 the corresponding week last