Hot Springs weekly star. (Hot Springs, S.D.) 1892-1917, 1901-12-20
@SIAEMyNERClNL.
s.s sIsR;s;zaIiIAND NEass5ssl@
1ENHNCIN
! York. j n =

--v values. Coincident with the
opening of Congress there has ever been
let loose a Pandora's box of vile influ-
cnceS. Last year was an exception. Tho
country had recovered from the depres-
sion of a presidential year and business
was in full swing. In 1899 panicky con-
ditions resulted from Il season of reckless
speculation and overcoming of indtis-
trials. In 1S9S the month was remark
able for strength OF stocks; 1897. the Gu
ban question. and 1895 the Nenezucla1
message broke the market.
Last week IL cOncomitant of influences
bore heavily upon the market. The OPEN
ing of Congress failed to furnish the en-
pected buoyancy. The Presidents mes
sage was barren of harmful suggestions,
but the recommendation of the Secretary
of the Treasury for an assets currency
law created a feeling of uneasiness and
caused many financial interests to act
with caution. AT the same time gold eX-
ports were renewed and though the rate
of exchange weakened the conditions re-
manned unchanged and the fear OF re-
newal was constant. The copper market
was full of uncertainties and the lieavi-
ness of Amalgamated stock restrained
trading. Under these combined pressnres
prices fell all week, with the exception
of n rally ON Wednesday.
The rise in the price OF wheat and cot
ton is considered a hopeful sign for the
near future, and the increased prices
when reflected in the export trade are
expected to counterbalance the January
disbursements thnt will go to Europe.
Money on call in New York was firm
and about 4 per cent all last week. 1t
was nearer 5 than i. The demand was
steady. The surplus funds were small.
The retirement of circulation shortened
the supply of funds. The demand for
money in Chicago as the result Of the
heavy grain trading and calls from New
Orleans for funds to move cstt0n and
sugar made rates stiff and ascending.
0.-" Whether justified or not
U1lG100. by wholly legitimate condi-
@--Jtions. it must be admitted
that a red-hot bull speculative fever is
at present raging in the grain and provis-
ion markets on change. Indeed. all the
markets appear to have but enc side, that
the bull. Last week wheat prices adj
vanced 53sc per bushel. corn 4Ac. oats
4Bc. pork G2hc per barrel. lard 25c and
ribs 171@c per 100 pounds. AS compared
with prices current one year ago wheat
for May dealing is 93sc per busAel higher.
corn 32Ac. oats quite 100 per cent high
er, pork $40 per barrel higher, lard
nearly Be per pound higher and ribs about
2Ac per pound higher. Ii we should re-
duce all these advances to percentages
they might perhaps be more striking than
in giving them in gross.
Whether or not prices current for grain
and hog products are too high or too low
as measured by supplies of and demands
for each or in their aggregates the reader
must decide for himself. No enc can
tr%uthfully deny, however, that just now
these soaring prices are not due to any
immediate scarcity in supplies or to ex-
traordinary demands.
The difference in prices current a year
ago and now, as shown in the first para
graph of this review, means from 100
per cent increase down. The figures are
again given in the table below. which
shows the range OF prices on leading com
modities in the Chicago market last week.
to which is added Il comparison with last
| year: