Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1900-04-14
TIE COk|NG CAMPAIGN
Henry Clews Predicts That It Will
Not Affect the Money
Market.
Thinks the Money Issue Will Not
Be Revived to a Great
Extent.
Says No Serious Effort Will Again
Be Made to Debase Our
Currency.

New York, April 14.-Henry Clews in
his weekly financial review today says:
Prices have shown reactionary symp-
toms during the past week, owing more
to sensible disposition to take profits
Than to any pronounced change in the
general situation. The approach Of
the Easter holidays somewhat tended to
restrict transactions, especially on Lon
don account, where the possibility of
iunfavorable news from the Transvaal
during four days suspension Of busi-
ness naturally checked speculative OPP
ierations.
The condition OF the stock market
continues favorable ana 1t is noticeable
that efforts for the rise are much more
successful than those for the fall AT
the moment the market is largely under
the influence Of professional manipulate
sors. and the majority of these, 1t is
plain, are on the bull side. The public
have both bought and sold rather more
freely than OF late; and the readiness
With which stocks offered are absorbed
by strong buyers is evidence of healthy
conditions. While there are elements in
the situation that will bear watching,
such as the presidential campaign and
the future of the money market. 1t
would be folly to suppose that these fac
tors will produce anything like the dis
.turbances of four years ago. Conditions
are in Very striking contrast with 1896.
Since then the country has been secure
.ly placed upon the gold standard; and
as was said the other day at the CHAINS
Der of commerce reception to the VIC
storious leader of the sound money CAM
lpaign. Mr.. H. H. Hanna, no serious ef-
fort to debase the ma tional currency will
ever be made again. From a state Of
depression and fear the country has
risen to one Of prosperity and conf
.dence: and however disturbing the cleo
5ticn may be, it can not have the disas-
strous effects of the first N1clSinley-B ry-
angcampaign. Should these two gentle
men again be the champions for press
Dental honors, as seems probable, the
contest can be regarded with compare
tive equanimity, because neither the vi-
tai issues nor the conditions Of the COM
ing campaign bear any resemblance to
those of four years ago. Even the silyery
tongue of MIR. Bryan eau not revive the
issue on which he was fought and de-
5feated I'M 1896.
The political campaign, however, Is
too distant TO have any immediate eff
feet on the securities market A more
Important factor at this time Is the
money market. Home conditions are
Favorable to continued ease for some
time TO come. The April settlements
are over and all reports indicate an
abundance Of lcanable funds at the in
terror. The supply of currency liz con-
sidera bly, larger than year ago. and is
being steadily increased under the op-
erations Of the new currency law.
A large surplus may be considered a
sign Of good management in private
business. but in public business it is
bad management and dangerous temp
ttation to all sorts OF cxtravagant and
vicious legislation. Our congressman
should be obliged toreduce the revenue
before the present session closes; other
wise they must accept the responsibility
of bringing the present tide Of business
activity to an unti,nely halt.
The course Of the railroad share mar
ket amply confirms the advice given In
these letterSthnt railroad shares
should be preferred above the indus
trials.
The future Of the market will proba-
bly, be#irregular, but prices seem more
likely to go higher before they 80 lower.