Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-08-31
Recent Liquidation In Wall
Street Has Left the Stock
Market Exhausted
CONDITIONS MORE FAVORABLE
More Conservative Spirit Will Be Man
Tested, 1t is Thought, in the Future
Outlook for Crops is Fairly Good and
High Prices for Farm Products Are
Assured.
New York. Aug. S1.-Henry clews in
Assured.

New York. Aug. 31.-Henry Clews in
his weekly financial letter says:
Diversions, such as yacht races. va
cations, etc, have materially checked
activity in the stock market. Besides
these interferences, it is evident that
the big leaders are postponing oper-
atoms until crop and monetary con-
another cause of inactivity is that the
street has not yet fully recovered from
the severe lit of pessimism by which II
was attacked few weeks ago; while
the public, as usual, awaits some pos
|itive Indication OF leadership before
venturing with any freedom after such
experiences as recently witnessed.
Nevertheless, confidence is steadily re-
viving. and after a period OF sufficient
rest it is reasonable to expect both a
more active and stronger market II
unfavorable developments do not inter-
fere. 1t is important TO remember that
nearly all the forces now at work are
either conservative or corrective; ques-
tionable financing being at an end. Re-
cent liquidation has left the market
in q somewhat lame and exhausted
condition. but the injuries We're local
and conditions are daily becoming more
favorable to recovery Wall street, in
its final accounting, depends upon ma
81 ,tf1, I'D fn, a tlltt
has not been seriously interrupted by
financial excuses. Indeed, the Wall
street collapse. serious as 1t has been
in some quarters, has had distinct
ly beneficial effect in other quarters
thru forcing q spirit of conservatism In
mercantile and industrial circles that
was much needed, and without which
we might have ere long run into
more serious setback than Wall street
experienced. Fortunately, bankers,
merchants and manufacturers III all
parts Of the country took early warning
from the storm signals sent broadcast
from the Stock Exchange, the result
being that general business is IN al
exceptionally sound condition, free of
OVERRIDING and overexpansion TO an un-
usual degree; so that. were 1t not for
the i'll effects of labor agitation and the
effect of high costs of pro
duction. the business outlook would be
roseate.
In spite OF drawbacks however bust
ness prospects are encouraging. Labor
agitation is subsiding and coming back.
to reason. Capital is likely to make
smaller profits but the volume of busi-
- ia
dustries are all well employed Should
prices of manufactured products de-
cline to more normal figures the effect
would be advantageous, inasmuch as
consumption would be stimulated while
excessive new competition would be
discouraged by more normal profits.
The agricultural situation promises
to carry the country safely beyond any
crisis. The farmer-whether he grows
cotton, corr, wheat. hay, live stock or
dairy PRODUCES sure of profitable
prices for his output. Apparently this
is not to be year of big crops, but
our agricultural products are not IN
creasing as rapidly as the demand for
them, the consequence being high pric-
es and good profits to the farmer.
For a long time past it has been the
fear of the money market at the coming
crop moving period that has terrified
Wall Street. Now that the apprehen-
sion has about worn itself out the early
frosts in September are expected by
pessmists 10 do great damage To the
late corn crop. At the present time,
however, the outlook for that product
due to the present growing weather,
is most favorable; still it is the corn
crop that is the thing TO watch, and. as
a matter of fact, is about the only OBJ
stacle in the way to an improving
stock market. With a good corn crop
an equally good wheat crop and fair
cotton yield, the producers are assured
of extraordinarily good prices on ac-
count of the needs of Europe for our
surplus supplies of all of these pro-
ducts. This country will occupy there
by an extraordinary position in obtain
ing very high prices for exports as
against very low prices for imports of
sugar and coffee, which are now at the
lowest prices on record, and which
cannot fail to give us very large in
credit balance for this year.