Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1903-07-14
TALK OF FINANCIAL SITUATION.

Though there are causes which
should beget wise conservatism in the
management Of our business interests
there is no reason for the extreme
pessimism that prevails in some quar-
tiers. Therein lies what might be term
ed our present danger to business in
| terests.
The average buyer of stocks, who
may now be uneasy over present con
ditions, must not forget that the de
pressing factors which he may see,
have been apparent to shrewd buyers
weeks ago. 1t seems apparent that
just now great danger l'ss in a
tendency to bring on state of excess
sive pesslrnism, which is quite as haz-
ardous as unreasoning optimism. To
this latter cause may be attributed
whatever excuses were practiced In
1901 and 1902. To the careful observ-
er there seems to be no cause for I'M
easiness in regard to the financial sit
uation. What is especially needed at
this moment" declares Henry Clews,
lis careful discrimination. Good judg-
ment and reason will factor largely in
preventing any tendency there may be
toward unrest.
In regard to the situation Henry
Clews says: There is no excuse what
ever for an undue loss of confidence,
ly at work and the financial situation
has been greatly clarified by the enor-
nous liquidation of the, last six
months. There are still undigested Sc
curities in existence, but these are gen
orally in strong hands, where they are
likely to remain awaiting conditions
much more favorable to their distri-
button than the present. AS for the
detrimental effects of labor difficulties
and monetary conditions, it is probable
that SO far as the stock market is con-
cerned these have been sufficiently dis
counted. Powerful interests have
worked for a gradual decline, carefully
preventing all suggestions of panic,
and there is good reason for supposing
that these parties have meanwhile ac-
cumulated large lines of stocks to be
held for the rise Whether liquidation
in speculative quarters has been COM
plete Or not only time will disclose;
but it is quite certain that the danger
of panic has been safely passed and
that the financial situation is much
stronger than at any time within the
last two years, the universal spirit OF
conservatism which now prevails being
in itself an element of real strength.
THE money market outlook is begin
ming to attract increased attention.
Preparations for July interest and the
Pennsylvania stock subscription may
cause temporary arrangement but sub
sequently nothing will interfere with
the money situation until the usual
crop and trade requirements develop
next fall. For months past there has
been apprehension of tight money in
the coming autumn. The banks how
ever, have been anticipating this con-
tingency, and liquidation has been
FASTENED in consequence, SO that the
danger is very remote"
Though the season seems 10 be very
backward. still the conditions of the
wheat and corn are such as promise
an abundant yield if the weather condi.
tions during the remainder of the sum.
mer are up to the average The sum
mer inactivity is approaching however
the market has settled down to a low.
er and safer basis.
Merchants are operating cautiously
| Railroad earnings continue large and
the iron industry remains quite active
and altogether the situation ceems to
| be quite satisfactory.
/