The Topeka state journal., 1901-09-02
BEARISH FORECAST.
Henry Clews Looks For More Conf
servative Business Situation.

New York, Sept. 2-Henry Clews'
Weekly Financial Review says:
AS intimated in these advices we
have had a good trading market.
Prices have displayed considerable
strength at periods. and are now 8 to
10 points higher than when the disaster
to the corn crop was first known. Tne
advance. however, has not been due to
any outside buying; it was attributable
to manipulation and natural reaction
Developments connected with the steel
strike also tended to restore confidence,
for it was evident that the managers
of the steel company were not going TO
surrender control of their property to
the unions; a point of vastly greater
Importance to the steel industry than
the temporary losses from the shut
down that could be subsequently re-
covered. The strike still drags along,
although the mistake and failure Of
Shaffer and his followers are foregone
conclusions.
The outlook for the stock market is
somewhat perplexing. It is certainly
not so favorable as a year ago. We
are up against a crop situation which,
If not discouraging, is certainly less
encouraging than last year. We are
assured of good wheat and hay crops.
The former is especially important;
for, owing to the shortage in Europe,
we are sure OF a good export demand
at satisfactory prices. This means a
high degree of prosperity for the wheat
growing regions, good nauls for the
railroads and d favorable effect upon
our foreign trade balance This is the
best that can be said of the crop stu
alton. Prolonged drouth in some sec
tionS and too much rain in others have
been anything but beneficial to crops
general. The injury to corn is already
familiar Late corn has shown great
Improvement during the last three
weeks, and crop estimates are being
steadily raised; but it is altogether too
on estimates of yield, late corn being
especially liable to frost damage
Should corn escape frost and the
weather continue favorable the remain
der of the season, We might easily har-
vest a crop of 1,400 to 1,500 n illions;
but the frost possibility makes very
important ''if.h Fortunately the par
tiaI loss of the corn crop will prove in
no sense q calamity; but in spite OF
favorable offsets it will enforce econo-
my among large numbers of farmers
and of necessity be g. check upon bust
ness activity It's effects Will be felt
among merchants, by the railroads and
in the provision markets during the
fall and winter months rather than
now. Another important crop is feel
ing adverse weather conditions, and
that is cotton.
Too much rain in some sections and
too little in others. Texas, which raises
between One-quarter and One-th1rd or
the cotton crop, Is suffering from Sc
considerably less cotton than last year.
The loss in this state CTexas) win be
partially offset by increased yield IN
other states, but the cotton trade is
fully reconciled to a smaller crop than
last year by several hundred thousand
bales. The diTninution of two such inn
portant crops as corn and cotton can
not be considered an element of pros
perity even if higher prices largely COM
pensate therefor. The country is likely
to be prosperous in spots and backward
elsewhere. A good deal of talk is heard
about our prospective large export to
Europe This is likely to be true as
regards foodstuffs, which Europe win
be compelled to buy from US; but as re-
CARDS our manufactured products, which
have become such an important factor
in our export trade, it should be re-
membered that both England and Ger
many have been going through a period
of depression and lower prices, lessen
ing their purchasing powers and plac-
ing them in a better position for un-
derselling US in foreign markets The
lower level Of the foreign markets is