Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-09-21
No Change Apparent In None
tary Situation Events of
Week Disconraging
CROP REPORTS EXAGGERATED
Injuries, Also, Were Chiefly Local, ard
Not Widespread-BuIk of the Crops
safe-PartiaI Return of Recent Ii
quotation Precip.ated by Fresh Sell
ing Movement.

New York, Sept. 21.-Henry Clews IN
his weekly financial letter says:
| The events of the week have not
| been of a particularly encouraging
character Damage TO crops in the
northwest, and fears that the Balkan
crisis might cause disturbing eomplica-
lions in Europe, started fresh selling
movement, checking a revival of conf
dence and prsclpitating partial re-
turn of resent liquidation, a portion
Of the selling was attributed To the
closing out of accounts which were
tided over the last heavy break; while
the bear attacks were further stimu-
lated by unfavorable Developments
connected with some of the larger in
dustrials, also the lower prices for iron
which those pessimis.ically inclined
profess 10 believe are indicative OF
business reaction. These are the only
new developments in an otherwise
sound situation, and TO them alone is
due the irregularities of the week just
ended.
Reports of crop damage seem to have
been exaggerated as usual. Injuries.
however We're chiefly local, and anoth-
er week of freedom from general frost
VIII put corn and cotton out of danger.
Very likely some reports of damage
may be forthcoming, but the great bulk
o. the crops are already safe, and each
day materially lessons the possibility
of injury. Attic the crops are late. 1t
must be remembered that the last few
weeks have been almost ideal crop
weather, unusually so for Septemher,
and railroad managers as rule are
confident that the crops are now safe
from any important danger. Having
repeatedly eweit upon the important
benefits of satisfactory harvest TO the
country at large as well as to NaH
street, It IS unnecessary to further en-
large upon this issue. Suffice 1t to say
that agriculture is still the backbone of
the country. and prosperity to the
ia rners of the west and the south conf
bined will accomplish more towards
maintaining our national prosperity for
another year than any other single IN
f,uence. 1t would be more good for
tune than could be reasonably expected
to have as encouraging reports from
the industrial world as we have from
agricultural interests. Indications Of
reaction in industry are multiplying.
They are not numerous, nor are they
at all serious. AS a rule they are gem
orally nothing more thar return from
excessive activity and excessive prices
to more normal conditions.
No change can be detected In the
monetary situation. Crop demands are
beginning to assert themselves and
bank reserves to decline In conse-
u,ience. Loans continue at q high level
In spite of stock market iiquidation but
this appears to cause no concern
among bankers because OF the
strength and character Of their princi-
pa! borrowers. The fall is usually a
period Of stringency in the money mar-
ket and The last two years have Wit
messed rates as high as 10 to ~ per
cent IN the first half of September: but
this season there have been no iiurries
If consequence so far. tho temporary
higher rates would cause no surprise.
No extreme stringency, however, seems
10 he anticipated in spite OF unsatis-
factory features, for the reason that
speculative demands are small ana VIII
not he encouraged, and the knowledge
that the treasury will liberate s4o,-
100000 OF cash if necessary eifectualty
wards off unnecessary concern. One
thing is certain, that the money market
is adequate to all legitimate require
ments, ana that demands Of ques-
nature will receive scant con-