Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-04-22
WILL BEAR WATCHING
Henry Clews Predicts an Icarion
Fall in the Stock
Market.
Speculative Fever Has Passed
Beyond the Control OF Pru-
dent Investment.
Advances in Many Instances,
However. Have Been JUST.
fied.-Financial Talk.
New York, April 22.-Henry Glews ii


his Financial Review today says:
The buoyant movement continues,
and there seems to be no limit in sight
to the extremes to which speculative
tendencies may carry prices The mar
ket has passed beyond the control of
cold, calculating reason. and seems TO
be carecring along at an intoxicating
gait which promises to last until acct
dent or sheer exhaustion brings the
public TO its senses Conditions are GER
tainly favorable to a period of excessive
speculation, and this fact must be adj.
niitted irrespective of the opinions of
ordinary prudence. With prosperity
general; with money plentiful at rea-
sonable rates; with the speculative tenn
per at high pitch. and with larger ag-
sregations of capital than ever before
Known Working with all the Irresistible
power of a tremendous force. it is not
surprising that values are made to soar
upwards. Nothing is more contagious
cnce II is fairly developed. than the fe-
yer of speculation. and. like fevers of
other sorts. 1t must run its course. AT
the present time much OF the buying
Is based upon the belief that the biz
capitalists and syndicates are, obliged To
support the market, rather than allow
the various deals which they have IN
contemplation to collapse. Let one or
two weak spots of Importance develop;
ie. one orstwo Important deals fall thru
ard the Whole bull movement would BIZ
checked and the results Of a stiff feae-
ton just now would he disastrous For
tunately no weak spots of consequence
are at present To be detected Their are
no signs yet that speculation has been
carried 10 dangerous excess. or that
financial resources have yet been weak
cred. II speculation lns surpassed the
record, ii must be remembered that il
las simply keeping step with record )
breaking times. and mat in the large
majority Of Instances the advances in
SOCKS have bsen iustifed by their in
creased earning powers and the album
dance Of money
There are now no symptoms Of any
disturbance insthe money market. funds
are likely 10 become still more abun-
cant, owing TO the return Of currency
from the interior. But at the same
time condition viii bear watching. Sec
ietary Gage shows q commendabie dis
position to release treasury accumula-
tons as far as lesitimately within his
l,owei, and this tends To preserve conf
dsnee. on the other hand If speculation
continues to broaden we may expect
some restraint on the part Of the banks
when danger signals become necessary
Some Of the deals conducted by This
large syndicates Will involve the use of
heavy sums of money for Il period. and
the floating of the British loan. as well
sas the possibility Of gold shipments, in
elcates that the prevailing conditions
ere adverse TO the return Of excessive
low rates for money in the near future.
The United States is still on the top
wave Of prosperity while Great britain
and Germany, two Of our best custom
ers. are certainly experiencing more or
lsss reaction; conditions not ideally fa-
Norable for the stimulus of exports.