Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-08-17
COMPARISON WITH LAST YEAF
Conditions This Fall Are Far Different
From Then--Money Is Not Plentiful
But There Will Be Sufficiency-
Iowa National Bank President Gives
Review of Conditions.

than any in the union.
Money will not be plentiful. but there
will be a sutficiency. Interest will not be
exorbitant, but there will be an active
demand for currency. Generally speak
ing, the Des Moines banks are looking
for busy fall. but no pressing times,
and the bankers OF this city have the
reputation of conservatism This state,
all claim, has money enough of its own,
and all the shipments made here from
New York or Chicago will be of money
belonging to the state. All drawing
Will be on the reserve kept there by
western banks.
The idea OF eastern capitalists fur
nishing money to move western crops
is a myth" said Arthur Reynolds, pres
ident of the Des Moines Nationai
bank, yesterday afternoon, in speaking
of the money situation. The story is
all poppycock. Every year you hem
the eastern spectators talk about
moving the crops. This is only cover
they use to hide their own specula-
tons. There are 1850 banks in Iowa,
and among that number there are few
borrowers. The money sent west to
move crops is our own. We but draw
it from our reserves in Chicago ami
New York Most of the Iowa banks
are in excellent condition. There are
but a few plungers, who may have
TO borrow. Most of them, anticipat-
ing the possible unstable conditions
during the presidential campaign, have
Iaa nod ,ri, 10 NJ hal 1S,alI N
shape There will be stringent de-
mand for money this fall--there al
ways is. 1t will probably be more
stringent than it was last year, but
there is more on hand this year, and
the conditions are much better for the
solution OF the problem. Iowa has
money enough to handle its own
crops
1t is expressed as the belief that most
of the western banks are in the same
condition as they are here. In response
to circular letters recently sent out by
a Chicago bank to correspondents in
at least every county in each state In
the principal grain and cotton growing
sections of the United states inquIring
about the crops, answers have been
received. These reports show that IN
the Mississippi and Missouri valleys
lair average crops will be raised, al
tho they are generally backward.
Concerning the business situation,
1910 replies We're received from in
quires sent to forty-two cities. ThS
interior banks report, almost without
exception, that they are in better posi-
tions.than they were last year and thai
not so much discount accommodation
will be required and probably not so
much currency necessary to move the
crops. A considerable number report
increase in deposits. In farming COM
munities, banks have been discourage
ing land and real estate speculation
and in some instances patrons seeking
such accommodations have been In
formed that the banks will not make
advances to meet land payments. AL
most invariably, the farmers are re-
ported to be prosperous and that they
have money to lend In forty-two of
the large cities, the banks, with few
exceptions, are strong in reserves and
crops.
The conditions to be met this fall are
far different from those of last year.
and where much money was ued up
then and is rot yet free, it Will be
turned over many times this fail.
Concerning the conditions II. S. But
Ter, president of the Iowa National
Bank, said. Money will be at some
what high rate this fall, but there Will
be suificiency There will be good
Demand for many reasons. The stocks
are in an uncertain condition. If they
go down investors Will need money 10
hold them up. but If the stocks go up
people will need it with which to buy.
"rhere will be more money with
which to work this fall. One reason is
that there has been less land invest
ment this year Last summer there was
quite a rush for northern lands. Many
bought in Minnesota Dakota and Can
ada. This took a great deal of money
and placed it where very little OF 1t mas
vet gotten back to lis. That which went
into Canada did us little good. The
Hand is there and they have the money.
But farmers had their run of that and
were satisfied. Another reason for there
being more currency is the condition
of the crops. Last fall corn was OF such
Weld and condition that farmers to
get their money out of it We're COM
pelled to feed stock. 1t required great
deal for them to secure cattle and for
months money was tied up In this
stock. Then the prospect is that corn
will be high this fall Under such con-
ditions 1t is not cribbed and held. Farm
ers are inclined to dispose of 1t at once
| end in this way money Is brought INTO
| circulation more actively. We will have
| plenty of money. OF course we may
lrsduce our reserve in Chicago some,
but il will be our own money we use.
The rate will be fixed in accordance
with the demand. One thing which Will
have a tendency to create demand is
| the fact that wholesalers ana jobbers
are quite generally offering liberal dis
counts for cash payment. Accordingly
small firms, where they can get credit
a. the bank, will use the money 10 gam
/ the advantage of the discounts
| There was a lot of money tied up IN
cattle last year" said prominent
farmer Saturdayswhilei In the city In
! the northwestern part of the state on
my farm. had a lot of corn in the
crib which I would not have paid ~
cents per bushel for A feeder asked me
liz | would sell it. I was willing, and
told him to look at it and see what /;
was worth. He offered me 81 cents per