Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1903-07-30
WEEKS FINANCIAL REVIEW.

Owing to the conflicting forces that
are now at work in Wall street it is
| Impossible to tell whether the liQuida
ton on stocks has run its course Oh
what will BELTS effects on general bus
mess. Declines in stocks have been
| often accounted for and it is now the
| results which are causing concern. II
Is known that losses have been exceed.
ingiy severe and these have been met
quietly and with few exceptions with.
| out disaster. 1t is this support at this
| critical time from big insiders or bar.
gain hunting investors that has great,
| ly relieved the situation.
1t is not expected the bottom will be
touched until all the weak spots have
been relieved. High grade railroad Sc.
curities never fail to get purchasers
on a decline and these may prove to
be profitable investments depending on
the thoroughness of liquidation though
definite assertion is at this time pre-
mature. In speaking Of the decline
Henry Clews says:
indications are that the bottom is
not far distant. and that many stocks
are at or sufficiently near bottom to
warrant purchasing on a downward
scale. This applies, however, only
to really sound securities. There is
still on the market mass of undigest-
ed stocks or indigestible, as Mr.. Hill
aptly described them, for which a still
lower market is possible, if not prob
able. AS disturbing element therefore
these must continue to be taken into
consideration.
1t is well at this time to review the
corrective forces that are now at work
and to remember the beneficial effect
a good harvest will have ON the situa-
ton. All the crops of the west have
made marked advancement during the
past month. In Wall street alone does
pesslmism exist to any degree. In all
other parts of the country business
seems to give evidence Of great activ-
ity. In railroad circles throughout
the west the equipment of the roads is
taxed to its fullest capacity and fear
is now beginning to be noticeable that
there will be car shortage when the
movement Of crops begin. 1t might be
said here that il there is any hesitation
it has its origin in the excuses OF Wall
street. 1t is useless at this time to
attempt any predictions as to the gen
eral effect of the Wall street disturb
ances on business. In this connection
MI Clews says;
AS for the ultimate effect of this re-
action upon general business, predic-
tons are useless. Buyers are grow
ing more and more conservative, like
wise those who take the initiative in
business and industry Should new ell
terprlses receive a check we may APP
pfoach for the first time a condition
where production has overtaken con-
sumption. This has not yet happen
ed; but the enormous additions to our
productive capacity are already having
an effect that would quickly be more
pronounced in case of slackening del
mand. A shading of prices and sales
for export would give prompt relief;
yet this would make an inroad upon
profits of the industrials, especially I'M
view of the increases in wages recent
ly granted to meet the demands of la
Dor. 1t must be admitted, therefore,
that the business outlook is less prom
lsing than year ago, though good
crops will undoubtedly save us from
any important reaction. and might in
sure us another good fall trade"
In face of all the disquieting tenden-
sizes there are numerous encourage
ments. The monetary situation is i'm
proving, banks have been put in bet
ter control of their funds, there are
promises of good rates for time money
with sufficient funds for legitimate
Indications are for less
stringency during the crop moving
season than last year. A good trading
market has followed the conflicting
conditions and the situation appears
to be under strong enough control to
prevent all serious disasters to bust
ness.