Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-11-02
The Whole Business World
Must Adjust Itself to Lower
Prices
STOCK MARKET STILL NERVOUS
However, the General Trend in Finan
cial Circles is Towards Improvement
Powerful Interests Successfully
Avoid a Panic by Aiding Crippled
Concerns.
New York. Nov. 2.-Henry clews

New York. Nov. 2.-Henry Clews In
his weekly financial letter says:
Though occasional disturbances. such
as the copper war and the run on ST
Louis banking institutions. keep the
stock market lin somewhat nervous
Icondition, the general trend In financial
Icircles isstowards further improvement
/ This Is due to the belief that the fore
ed hquidating movement has about
reached its end, and that no further
serious trouble is looked for from that
| points Of weakness have been eliminat-
| ed by private settlements, instead of by
forced sales on the Stock Exchange;
and. judging by actions in high finan-
! cial circles, 1t is apparent that much
more confidence is now felt than for
some time past. There is no doubt that
powerful interests have successfully
avoided a panic by extending aid to
carry over crippled concerns, and now
that the danger points have been re-
moved the market is gradually settling
/ Town to normal conditions, or on a
! level Inre in keeping with the changes
| in the situation. 1t Is generally adj
| mitted now that the country must re-
| adjust Itself to lower prices: that sup
ply has overtaken demand. and that the
litter can only be revived by the ordi-
nary and inevitable methods OF con-
eession. This applies not only to Wall
street, but to the whole business world.
Wall cty~ at hoo eli b<SV, 1ad
this fact first; 1t has foreseen the in
evitable. and adjusted itself to events
ls usual almost before their occurrence.
1t is quite probable, therefore, that If
no further strictly Wall street difficult
ties develop, the stock market win be
comparatively Indifferent to business
contraction simply because 1t has been
discounted. These remarks apply only
to standard securities. Already these
show decided tendency to cut away
from low priced and doubtful proper
ties, and especially the industrials,
which during the panic in many In
stances were supported at the expense
of high grade stocks The latter have
now experienced fair recovery, as in
timated several weeks ago in these adj
vices. and bonds especially have been
in good investment demand, some very
considerable amour Is of good stocks and
bonds having gone into strong boxes
during the last three or four weeks as a
result of recent attractive prices.
Monetary conditions are more salts
factory than expected six months ago.
The banks lost about $14,0o0.o0o dur
ing the week, and this caused some fear
of furry in money rates. Ordinarily
we should be importing gold at this
season, but backward crops or back
ward exports and large imports, coupl-
ed with comparatively easy money
markets on this side, have delayed gold
shipments from Europe here. Towards
the end of the week there was sharp
break in sterling exchange. so tina. gold
imports appeared more imminent, es
pecially in view OF the easier condi-
tons in the foreign markets, funds be-
ing abundant at Paris.