Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1899-08-18

s BUSINESS SITUATION.
Correspondence:

Chicago Correspondence:
Conditions underlying the business site
nation are generally Of a favorable char
Rctcr. The two undetermined factors are
crops and money. As to the former, re-
cent reports have been of u most encOur-
aging character, and so far us money is
concerned, bankers and merchants now
seem agreed hat at least the present
level of rates will be maintained for some
time longer; there is Il fair prospect "f II
temporary slight advance as soon us the
demands for crop-moving purposes be-
come more urgent. The rise i'll interest
rates seems II legitimate one. The
growth of business has necessarily oc-
c%asicned a larger use of money, and for
the last year there has been IL gradually
increasing flow into the regular trade
channels.
Never in the history of this country has
activity been more universal ut this pc
Rod of the year. Production in all lines
is at high-water mark, and still stocks do
not seem to lie accommodating. The con-
sumption of merchandise continues to
Keep pace with the increased supply, for
besides the domestic demand new foreign
markets arc opening. In all departments
recent advances in prices are maintained,
and In special lines further appreciation
in values has been recorded.
Bank clcarings for July indicate that
general business is active. Returns from
the whole country show that the aggrc-
gate of payments through the banks was
In excess of S7,00O,OOO, 600, IL record for
that month which has never before been
equaled. The clearings of the Chicago
banks showed IL gain of over S1Oo, 100000
rs compared with the corresponding
| pppth 1n.% ,,.D. VI. II I'D H.
been less active, and prices as II rule
show some recession from the figures
reached last week. Money continues to
be the principal factor in the situation,
and the fear of an advance in rates has
tended to hold bull speculation in check.
The industrial stocks have lately COM
nlanded n greater share of attention. and
In some fair advances have been shown.
nope OF a great corn crop comes nearer
and nearer to realization as the season
progresses. The warm weather of the
last week was just what was needed to
make up for the delay at the start in
getting the seed i'll the ground. In places
the heat was excessive, and fear of dam
age on that account was Immediately ex-
pressed in the usual exaggerated form.
but it was clear to those having practical
experience in raising corn that for every
acre that suffered from the heat fifty
We're benefited. The course of the mar
ket during the week was IL reflex of that
opinion. Gradually receding prices
evinced the faith of the spectators in
the generally beneficial effect of the
warm weather. a decline of half IL cent Il
bushel being submitted to in face of an
export demand of unusual dimensions.
A heavy corn crop promises to more than
compensate for IL deficiency of winter
wheat, and the failure of the fodder
crops of Europe inslrcs Il continuation
throughout the season of the present ac-
tlvity in the foreign demand.
Spring wheat made rapid progress DUR
ing the week, so that South Dakota and
Minnesota are now busy with their in
gathering. The crop is already being
sold for delivery within the next two
weeks. in the Minneapolis market, and
notwithstanding some drawbacks the
yield promises to be generally satisfac-
tory. The agricultural returns for the
labor of the growers give every indica-
ton of being. on the whole, fully as re-
munerative as those OF the previous sea-
Son. The wheat market was somewhat
irregular, without material alteration in
prices. Europe will again be dependent
on America for so large a proportion Of
its supplies that prices much lower than
at present seem imnrobahle