Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-08-05

SuApgSSSUS,CH$Ckt0 lt6 general ptObpoSe
ity. C94Gedlte the disaster to the corn
CROP. u VIII N more local than nations
al and waln s1afgely offsett by satisfac-
tory crops and conditions in other Sec
lions. Should the weather prove favor
able during the remainder Of the season.
we, may look for some compensation for
the corn crop. Speculative sentiment has
received q severe shock from the effects
Of the dronth; yet we see nothing on
which to base q pessimistic view Of the
far future outside Of the serious dam
age to the corn crop. August 10 general
~ q quiet period on the stock market,
and in the absence Of support lower
prices are likely to be made for the Cor
ner Road stocks. A good deal depends
upon the steel strike. which at present
dominates the market to considerable
extent.
Tho recent Improvement in the
weather has not produced any marked
rebound in prices. Of stocks. probably
owing to the fact that 1t came too late.
Excepting among the railroad authors
ties, the feeling 10 not optimistic. 1t is
. discouraging fact that the balance Of
estimates as. to the Kansas corn crop
places 1t at but 30 per cent Of an aver
age; and in any case 1t IL too early as yet
to form any definite opinion on these
latest maturing cereals. August and the
arrival Of the frost are the factors that
most determine the yield Of the maize
plant. Under these conditions, there Is
q disposition to defer purchases Of
stocks until the probabilities OF the
crops are more fully developed. AT the
same time. this uncertainty is serious
factor tending to hold the market in
suspense. In commercial circles the
feeling remains hopeful; the abundance
Of money In the treasury affords sssur-
ance that the loan market will be we'll
protected.
The stock Of gold inthe United States
treasury is now the largest in the his
tory Of the government. being 1904, =
297, an increase since July a year ago
OF $Sl. 100000 This is in strong contrast
with the condition of the treasury only
about seven years ago, when 1t was
about at the vanishing point AS a mat
ter Of fact, at this critical moment a
number OF sub-treasurles were hastily
called upon to remit by express what
gold they had to New York, resulting in
$12,000,o 600 being forwarded. II any con-
carried or been delayed twenty-four
hours the government would have been
compelled to have defaulted in it's de-
mand gold payments for the time being
at least.
Much activity is hardly to be looked
for until the settlement of the steel
strike. The magnitude of the corpora
ton has Of course served to draw al
most universal attention to the outcome
Of the debate upon technicallties, which
seems to be in sight, tho at the moment
In doubt. But more important and
deterrent factor is the reported corn and
oats crop damage. The street awaits
with some anxiety the government crop
report to be Issued OH the 10th inst,
which will indicate the extent OF the
ravages OF droutt ard heat. especially
Mt the end Of the hot wave. the effects of
which were very severe last Saturday
and Sunday, since my last letter was
issued. The damage on these two days
alone is reported as very serious.
Present estimates place the volume Of
this years cron crop at barely 1900, OOO,-
eco bushels and may be less. Cotton az
we'll has suffered from excessive heat
and drouth. The crop has been IN a
backward condition and below the aver
age from the start. In the southwest,
Especially in portions of Texas. the pro-
longed dry spell is believed to have
caused considerable damage, but the
news from that particular quarter with
il the past few days has been more en-
couraging. Against these factors we
may set hattering European trade bal
nnce and a wonderfully strong treasury
position; but while uncertainty exists as
regards our great crops, we can only
expect q traders market. Hence may
but repeat my advice OF the 9Th Of June,
at time when great bull activity car
ried prices Of stocks to their zenith. AS
then said: THE present market af-
fords great facilities for getting long OF
stocks. as those who now hold them
have them for sale, but those who buy
at the present range Of prices advise
| to get out with great celebrity on the raj
lies" The market affords many oppor-
tunities for quick and profitable turns
within the limits Of good Judgment.