Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-05-25
Some of the Causes That Con
tributed to the Reaction
In Values
FINANCIAL STRENGTH SHOWN
Six Months of Extensive Liquidation
Have Been Endured Without Disaster
Many Things That Indicate an Inn
proved situation-Money Conditions
Are Somewhat Improved.

his weekly financial letter, says:
Conflicting influences have kept the
market in an unsettled condition and
caused moderate reaction in values
some shares displaying considerable
weakness, and others excellent resist
ing qualities. Towards the close of the
week, there was satisfactory rally.
The conditions contributing to tenn
poyary low prices, were gold ship
ments. labor troubles, backwardness of
many important crops, distrust of the
speculation in cotton. the absence of
Illness of a number of important oper-
ators, and the spirit of caution which
is still prevalent, often running into
pessimism, amongst a growing class
who are predisposed to take sonbre
views of affairs, and who no doubt find
more material than heretofore in sup
port of such opinions. On the other
hand we have the we'll known fact that
about six months of extensive liquida-
ton have been endured without dis
aster; most emphatic demonstration
of general financial strength. Then
monetary conditions have greatly i'm
proved: although there unquestionably
remains some concern as to how the
autumn requirements will be met. As
to crop matters, corn, cotton and other
crops may be backward, but 1t is not
too late by any means to secure good
results, particularly if early frosts are
escaped. Besides, we are practically
assured of bumper wheat crop, which
means good trade and plenty of traffic
for railrtads traVersing the wheat belt.
The effect of an enormous immigration
must also be considered. In April over
$4,000 immigrants landed upon these
shores seeking work and advancement.
This was the biggest month on record.
and seems quite likely that the curren.
fiscal year in this respect will surpass
all records, even that of 1882, when thu
arrivals were nearly 100000. BY this
means we may partially relieve tn"
scarcity of libor, as we'll as increase
the demands for home products and de-
lay tn approach of production.
Whatever the political or social effect
of this phenomenal inf,'x may re. it is
certainly an economic vantage: for
there is plenty of work to be done, and
the more individuals there are to feed
clothe and house, the better for the IN
dustry at large. The other drawbacks
to this movement must be faceG ana
solved as separate issues.
Another development Of interest and
encouragement is the foreign buying OF
American stocks. 1t is to be hoped this
Will prove genuine and permanent.
Europe is practically bare of American
stocks. while recent heavy subscriptions
to the Transvaal loan demonstrate that
now the war is over funds are accum-
ulating and must be seeking invest
ment.
Money conditions are not yet salts
factory, although much Improved.
per cent of the subscrip-
ton to the new Pennsylvania stock Is
payable in June and fifty per cent more
in the fall. Besides this, considerable
sums will DE needed at crop moving
time, which may perhaps be an extend
cd period, as 1T was last year, on ac-
count of the lateness of corn. AS foun-
dations for a future advance, railroad
to the present time crop prospects are
excellent. Furthermore, relief is prom
ised by the probable passage, at an
early session of congress, Il good imam
cial BILL amplitied In it's scope. IN inc
especially in view of labor
disturbances, good judgment must gov
ern operations. The outlook seems To
be for a nuctuating market, with It's
many opportunities for profitable turns
and likely a gradual betterment, par
ring crop damage or some such de-
pressing influence. But no pronounced
bull movement is possible until financial
resources are relieved thoroughly or the
strain of the past few months
The weeks fluctuations were chiefly
due to the operations of traders who
were temporarily bearish. In the alb
sence - favorable developments they
are Jus. as likely to work for a reaction
whom The decline exhausts itself. There
is still a spirit of caution In financial
circles and the big leaders continue in
aisnosed to encourage activity. Appar-
emily they are waiting for the out
come of the crops and the autumn
money markets. While these conditions
last good stocks ought to be pur-
chase on sharp breaks, and equally
good sales on the rallies. one danger
noint is the cotton speculation; that
MUD no more closely watched.