Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-06-23
STRIKE \ DRAWBACK
Henry Clews Finds Coal Con-
tention the Chief Cloud On
the Horizon.
The Crop Situation Is Satisfac-
tory and the Outlook for Ex-
ports Good.
Good Results Will Follow the
Close OF the Beer
War.

New York, June 23.-Henry Clews
Financial Review says:
Stock exchange conditions nave
shown during the week an improving
tendency. The chief drawback OF
course has been the coal strike, which
might become a serious calamity IL
President Mitchell succeeds in calling
out practically all the 100000 miners
in the anthracite and soft coal helds'
Public sympathy will disappear if such
desperate methods, involving VIDE
spread business arrangement and DIS
comfort, are attempted.
Crop news is generally favorable
Rain has fallen in abundant quantities
over large sections of the country ana
the condition of corn is excellent;
wheat is improving and cotton holos
it's own well. Thus far the crop sit
uation is perfectly satisfactory, aiiG
the outlook is for good export De
mand, considering the less 1aVorapie
accounts from abroad. Should the
harvests realize present promise inc
somewhat expected industrial reaction
may be postponed another year. Inc
effect of short crops has been felt in
more ways than one during the last
wear: but nowhere more distinctly
than in our export trade, which during
the last twelve months declined over
s92. 900, 900, while our trade balance
q, % m hon
Another season of drift in this direction
might bring very announcement con-
sequences to the foreign exchange
market Our bankers have made large
borrowings in Europe, and in the pres
ent state of credit expansion in the
United States it would suit us much
better to ship larger quantities OF
breadstuffS and cotton than gold. For
tunately the indications at present are
that relief will come in this form.
The principal cloud in the business
situation is the labor outlook. Costs
of manufacturing have already riser
so high and selling is so often done
at a high figure, threatening to les
sen consumption. that Intelligent bus
:ness men are exercising more caution
in the making of future contracts,
Production is rapidly increasing owing
to new competition, and there is a
general feeling abroad that high prices
have reached their limit, and that very
soon recessions will be necessary to
keep capacity we'll employed. This eX-
pectation injects an element of doubt
into the situation, which acts as a
restraint upon general business. Per-
haps this is wholesome, for there are
no signs Of diminution in the volume
Of business, and indications are that
some recessions in values would slim
ulate sales and give opportunity TO q
lot of new enterprises held back by
the high cost of establishing new
plants. Needless to say, with such
conditions confronting them employers
generally do not see the way to in
creasing wages costs; hence the deter
rent effect of present labor difficulties.
An important element in the stu
alton, entirely lost sight of for the
moment, is the cessation of the Boe1
war.
English savings lost in war for tho
last three years will now seek new
investments; depression will disap-
occur we may reasonably expect to
share the benefits of such a recovery
The effect of African of African de-
velopment will be most noticeable il,
increased gold supplies. No less AID
authority than John Hays Hammond
has estimated that within one year
after the resumption of mining oper-
atoms in the Witwatersrand (Which
contributed 20 per cent Of the worlds
product prior to the wary the pro-
duction OF gold in that district would
rise to nearly S100.OO0,0O0 per annum,
within three years it may reach $780,
100000. Such heavy additions to the
gold supplies are sure to exert an i'm
portant stimulus, that should not be
lost sight OF in estimates for the fu-
ture. They are certain to play an inn
portant part in the international ex-
changes before many months.