Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-06-29
No Excuse For Undue Loss
of Confidence In the Stock
Market
INFLUENCES BUSY
The Situation Has Been Greatly clari-
fled by the Enormous Liquidation Of
the Last Six Months-AII Sueges-
tons of Panic revented-Much De-
ponds on the Crop Outcome.

New York June 29.-Henry Clews in
his financial letter says:
Wall Street continues in a conser-
vative and somewhat hesitating mood.
reason, while for the extreme pessim-
ism that prevails in some quarters
there is absolutely now no justification.
The average buyer of stocks forgets
that many of the depressing factors
which now influence him have been rec
ognized by shrewd operators weeks and
months ago. and that these conditions
have been largely if not over discounted
by decline of so to 40 points in many
of the leading stocks. Just now we are
in danger of running into a state of
excessive pessimism which is quite as
hazardous as the unreasoning optimism
which induced all sorts of excuses in
1902 When desirable securities be-
gin to sell below intrinsic values, not
good but harm follows from forcing
is unnecessarily disturbed enterprise
checked and disaster invited which
reason and Judgement should prevent.
What is especially needed at the NOM
ent is careful discrimination. There is
no excuse whatever for an undue loss
of confidence, when corrective infiu-
ences are actively at work and the fl
nancial situation has been greatly
clarified by the enormous liquidation
of the last six months. There are still
undigested securities in existence, but
these are generally in strong hands,
where they are likely to remain await
ing conditions much more favorable to
their distribution than the present. AS
for the detrimental effects of labor diff
ticulties and monetary conditions, it is
probable that so far as the stock mar
ket is concerned these have been suf-
| ficiently discounted. Powerful inter-
ests have worked for n gradual decline,
carefully preventing all suggestions of
panic, and there is good reason for sup
posing that these parties have mean
while accumulated large lines of stocks
to be held for the rise. Whether liquid
alton in speculative quarters has been
|
but it is quite certain that the danger
of panic has been safely passed, and
that the financial situation is much
| stronger than ut any time within the
last two years, the universal spirit OF
conservatism which now prevails in
itself being an element of real strength.
Much depends on the crop outcome
| The season is Very backward still the
| conditions of wheat corn and cotton are
such as to promise abundant yielt
should the weather pending the har-
vest be a fair average. Merchants are
operating cautiously, the high prices
of many articles of merchandise check
! ing consumption and preventing the
| carrying of large stocks. Manufacture
ers are often embarrassed by labor ex-
actions and the difficulty of securing
better prices for their products. So
! long as consumers could be made to
pay for these increased costs the de-
nands of labor were readily acceded
| to. The situation now, however is
changing, and agitation of this sort is
on the wane. Railroad earnings con-
! tinue large and the iron industry pre-
serves its remarkable activity: yet
both of these divisions of industry
profits are diminishing and little talk
| is heard of increased dividends.