Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-07-31
Treasury Department Officials
Expect no Unusual Strin-
gency Next Fall
MEN ARE PREPARED
Warnings of Financiers and Foresight
of Bankers as Well as Borrowers
Have Acted as a safesuard-Walter
Wellman Interviews an Official
Other News of Interest.

Chicago. July 31-Walter Well
man. in a dispatch to the Record Her
aid, from Washington, says
"Officials of the treasury department
are not doing any worrying about the
money scarcity next autumn which SO
MANY people in New York are dreading.
The skillful, experienced men of the
treasury who have been so many years
in their present places watching the
barometers of finance and trade acquire
almost a second sight In forecasting
conditions One of these veteran OBJ
servers said today that the outlook was
much better than last year or the year
before.
at is the unexpected that happens"
he added, and the corollary of this is
that the expected often fails to occur.
Why, men who are looking for money
troubles in the fall are likely to be
agreeably disappointed. In the first
place l think we shall escape trouble
BECAUSE So Ilidlly pSopic i'lNS pSNii S~>
pecting it. This means that they have
prepared for it. have put their houses
in order. That is the best way in the
world to avoid such disasters-to fear
them and take steps in good time TO
avert them.
I'm the second place conditions are
very good. The general prosperity of
the country of course is so obvious that
1t is superfiuous to say anything about
it, We might be unusually prosperous
and still have a money panic. But the
banks are in better shape than they
were year ago. Generally speaking,
credits are not as much strained. Peo-
pie have been gradually drawing in
their lines and the pressure is not any
where near the danger mark.
Another important fact. and a most
interesting one. is that the entire bust
ness world of the United States has
taken warning from experience. Last
year. it was found that September and
October We're the months of greatest
money stringency and highest interest
charges. This year thousands OF firms
and corporations have avoided putting
out paper which natures in either of
lnOSe 1lONttlS. Iney OlQ not want 10
have to meet heavy payments just at
the time when the supply of money
was likely to be at its lowest ebb. Mil
lions of dollars, ordinarily payable in
one of those two months will this year
be cleared off in August or be put over
till November or December. In this way
the business men of the country have
themselves found an efficacious remedy
for the ills that come Of the annual
autumn money scarcity. There was a
tendency to bunch payments in those
two months and now out of prudence,
| the period of congestion is being spread
over longer time.
CAS- matter of fact all these money
scares are psychological rather than
actual. People get frightened, and they
do not know what they are frightened
at. Actually there is nothing to cause
them alarm--nothing but their immag-
ination. I repeat that as the situation
is seen from the treasury viewpoint ii
is strong and promising. The best
thing bankers and business men can dc
is to go on in the even tenor of their
way, cautiously but not timidly, and
stop talking about money troubles in
the fall. If they Will do that there
will be no such troubles