Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-03-07
sOUTSIDE POINT OF VIEW.


Written for the Times Republican.
The writer does moi pose as the au-
thor of articles on political economy,
nor does he desire the reputation of an
alarnist, but "the signs of the times
would seem To Warrant calling attention
TO conditions that exist and the necessl-
~ of being prepared To meet them
This in the interest OF every taxpayer
sin the country. A very suggestive bit
sof news appears from abroad headed,
Hard Times in Germany. mentioning
the bad condition of the iron and steel
trade. as we'll as other manufacturing
industries there. IL is Well known that
Germany for the past few, years has had
good times only equaied by the pres
cnt conditions here n these United
States. And from the published facts 1t
would seem that Germany is about
ready for the reaction that inevitably
follows all boom periods in national
business.
Ii may be we'll to look at conditions
here IN this country that confront us
Lot MS begin here a, homs in Iowa. Men
are investing their money in farm lands
at prices per acre that make even a re-
Turn OF 4 per cent interest on the I'M
Nestinent an iinpossbillty. This state
lnent win be disputed. but no man can
prove concluslvely that the products of
TN l60-acre farm. five miles from "a rail-
road and 400 miles from thte Chicago
market, Will pay this interest at per
cent an a $1,000 inves tment. This al
even present prices on farm produc,s
provided the farm Investment is
charged with tax.s insurance farm
help and living EXPENSES for the owner,
TO which of course must be added the
annual expense of implements and ma
chinery. Again we find our citizens
putting their money into silver mine
stocks, into all manner of investment
companies, and some are even invest
ing in the now numerous trust organ!-
cations. Certain manufacturing inter-
ests representing an Investment OF say
Sl.0Oo, 900, are combined, With presI-
Cent. treasurer and board of directors
10 control the business of all OF the
heretofore single corporations. The
profits of these individual concerns in
the year 1900 were 8 per cent interest on
d sl9,oo0,0OO Investment. So s1o.o0O,00o
worth Of stock IL put OH the market and
purchasers invited to invest III bust
ness that paid per cent in 800. and
VIII pay per cent in 1901 One finds
men all over Iowa today selling such
stock OF all kinds, and the people are
Investing.
Once more the business of this coun-
tty lnot exen In the war times of the
sos showing the present high pressure
gauge) is pushed to the extreme of pro-
|duction. At present. supply and de-
inand are about equal. but supply can
DC and viii be increased in quantity.
while demand in many lines must of
necessity remain stationary. TO Illus
trate this point, take any one of the.
manufactured articles in our stores.
Will the manufacturers of hats and
Caps sell to consumers any more in 1901
than they did in 1860? And yet every
body knows thousands of dollars WORT tn
more Of these manufactured articles
| will be put on some market IN 1901 than
1900. This is just as true of boots and
4 shoes, clothing. furniture. all manner.
| of household furnishings, all kinds of
4 farm Implements and the thousand and
\ one articles in daily use in this country.
| 1t is no eXtravagant es innate to claim
the supply of these manufactured arti-
Giles will be increased 25 per cent over
any previous year. Who is going to buy
/ and pay for this increased rs per cent?
And so whether we like to admit 1t or.
not, there is trouble ahead. and not so
4 far away. Some of us remember bust
ness experiences during the years fol-
lowing the close of the war OF the re-
bellion. Then, as now. manufacturers
We're running night and day to keep up
\ With the demand. The writer as a sales
man for a big commission house in Bos-
ton sold to one man fifty cases OF Lam
caster prints at As cents yard. This
for the same quality now retailed In our
stores at to cents yard! And this
writer acting as agent for the same con-
Germ two years afteward bought some
OF these identical Lancaster prints in an
auction room for Is cents yard! 1t is
reedless almost to mention that in this
scaling-do business process some
one got hurt In fact, the failure of
enc big firm threw these goods on to the
market to be sold at auction for what
| they We're worth.
And better posted men than the writer
claim we are almost thru with the
palmy days OF cheap money. The argu-
ment is that SO many reckless invest
ments are being made in all kinds OF
promising schemes that capital Is even
now preparing for the day OF settle
n.ent. With an inevitable manufactured
surplus prices of all kinds will go down
below the cost Of production. This in