Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-09-23
The FINANCIAL PULSE
Review of the Conditions in
Stock Market and General
Finances.
The Market Well Supported Dur.
ing the Trying Week OF
McKinley's Death.
Strength OF Our Financial sys.
TEN Shown During the Past
Week.

Week.
New York, Sept. 23.-Henry Clews'
Financial Review says:
Since the stock market has fairly re-
covered from the first effects of the at
tack on the president its future course
Will be watched with special interest.
The decline from that cause was much
less than might have been anticipated
owing to the universal support accorded
by financial interests, a development
which, as we have previously remarked,
will add greatly to New York's prestige
as a financial center. For some time to
come, however, we may expect an I'M
settled market if natural conditions are
permitted to exert their sway. The de-
cline that seemed inevitable, owing to
temporary adverse conditions, was sim
ply fastened by last weeks events, and
the recovery that followed by no means
proved that the bottom has been
reached. Monetary and crop develop
ments are still serious impediments to a
bull market, and it would be hazardous
to predict that these have been fully dis
counted. Moreover, 1t remains to be seen
whether the stocks bought last week by
strong interests to stop a panic will be
permanently held or slowly unloaded
with the revival of confidence. Usually
the latter Is the course. Another impor-
tant uncertainty is the crop situation.
Early frost might cause further i'm
pairment to the corn crop. which de-
ponds largely for results upon the late
planted portion. Cotton is backward.
and would also suffer from early frost,
to say nothing OF the damage already
done by drouth: while the yield of wheat
has fallen below early calculations. 1t
is quite certain, therefore, that the coun-
try will not have the great stimulus
from the bountiful harvests that it ex
perienced last year. Prosperity depend
5ent upon agriculture will be confined to-
SPOTS. In some localities business may
exceed last year in volume this fall and
winter: in others it may prove less. 1t
is altogether too soon to assume that
the crop situation has been fully dis
counted.
Monetary conditions will require con-
tlnued watchfulness. Secretary Gage is
wisely doing his utmost to Offset the adj
verse operations of the treasury upon
the money market: but 1t is questionable
IL his efforts will be sufficient to avert
danger of stringency. Thus far, by pur-
chase of bonds and anticipation OF In
terest, as well as by increasing govern
rient holdings in public repositories. the
secretary has been able to increase the
available funds about s2o,o00,o00 This
relief is insufficient and recourse must
be had to gold imports in view of the
present low condition of bank reserves.
The market seems quite likely to so
thru period of reaGjustment for few
weeks, in which stocks of merit will
hold their own, while those which were
pushed to excessive attitudes Will find
their true level. Good earnings and con-
servative management will probably
support the best properties: What will
result from various deals it is in1pos-
sible to say, as these may be postponed
until the market gets into more salts
factory shape. Should business this fall
not equal expectations we may see fur
Their declines in some securities, and the
industrials will be the first to reflect any
movement of this sort. The recent un-
favorable reports OF Republic Iron and
Steel of American Smelling and Re-
fining, of American Linseed and Stand
ard Rope and Irvine are suggestive OF
caution in that quarter. 1t would be
difficult IL not impossible, to lift railway
stocks to a higher level II downward
movement started in the industrials.
The outlook is for a good trading mar
ket. There is no occasion for uneasi-
ness but we seem to be enduring onesof
the temporary reactions Incidental to.
any period Of prolonged prosperity.
The latter is by no means ended.
The country has passed thru the
shock of President Mckinley assassina-
ton with wonderful degree of COM
posure. In both political and business
circles the blow has been met with al
exhibition of fortitude that reflects the
highest credit upon the American peo-
pie. We are SO accustomed to out
bursts of feeling and passion on occa-
sions of much less seriousness than the
atrocious murder of our late beloved
president, that could the event have
been even partially expected the dire.
predictions of panic mongers might
easily have been realized. But in poll.
tics and in bushes the assasn's crime
caused only a ripple. While the ration
has been profoundly stirred with hor-
ror at the awful deed, with grief at ,Ms
loss of a devoted president, and with
sympathy for his invalid wife, still the
machinery of government, commerce
and industry almost instantly recovered
from the terrible shock and quietly con-
tinued on its usual course. Sad as the
event has been, President McFinley's
martyrdom has proved and strengthened
the solidarity of the American people.
1t has aroused and brought together the
conservative forces of the country
which too often lie dormant in time of
public dangers; it has softened politi-
cal animosities, and it has shown the
folly of that weak federation which per-
mits the unlimited abuse of liberty.
These are only few of the lessons
which our calamity has taught: but
they are of great valne and shoule
strenthen confidence in the iusur, OF the
American nation, as we'll as the capac-
ity of our people for self-government,
Notwithstanding our eccentricities OF
temper. When deeply stirred we gener-
ally come to sound conclusions. 1t is in
times of ease and prosperity that we
are most Indifferent to danger. Perhaps
nothing has contributed more towards,
the preservation of confidence than
President Rooseyelt's frank and positive