Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-08-10
The Situation In Wall Street,
However, Is Much Improy-
ed Over Last Week
NO PRESENT CAUSE FOR A PANIC
Henry cIews Reviews the Conditions
Prevailing in the Stock Market
Many Shares Selling on Per Cent
Basis Now Earning Twice That
Amount.
Amount.

New York, Aug. 10.-Although very
irregular and excited at the opening to-
days market reflected very slightly
last weeks decentralization and alarm.
There were only large losses in the
initial transactions and trading was
not in large volume. There was much
evidence of further liquidation. Sup
porting orders rallied the list all
around
Evidence of support in the market
frightened the bears and they bid up
the prices In an effort to cover Cam
adian Pacific advanced points and
other stocks which bore the brunt of
Saturdays attack made violent recov-
cries, but the gains did not hold. Trad
ing became less active and the tone
weak.
Buying Of new and impressive
character after / o'clock caused the
prices of many stocks to advance to
the best of the day. The close was
steady at gains of / to ~ points in
many active issues.
New York, Aug. 10.-Henry Clews, in
his weekly financial letter says:
Continued liquidation carried the
stock market down to new low level
records. For the time being intrinsic
values received scant consid-
ol ,cc CO.
tiles as usual being sacrificed
to protect those which We're
practically unstable under existing
conditions. Much Of this liquidation
was forced; by which is meant that
the enormous shrinkage in values COM
PEELED lenders to sell collateral often
at serious sacrifice in order to cover
loans. This compulsory liquidation
must have cancelled an enormous vol
ume of obligations of all sorts, and to
that extent the situation as been great
lily improved. But the losses thus i'm
posed have been exceedingly severe;
and, while the worst Of the crisis has
probably been seen, the downward
movement gained such momentum
that it is difficult to check until all
the weak spots have been thoroughly
eliminated.
Some of the more powerful interests
may have been instrumental In forcing
the decline; nevertheless, as on Friday,
strong parties have invariably stepped
into the breach and stopped the down
ward movement when it became too
threatening, thus giving those in diff
culties fair chance to readjust them
selves Without this powerful restraint
there is no doubt worse conditi6
might have followed, and to this eX-
tent the Street is indebted to the COM
munity- of-interest idea, which in times
past has come in for more than it,
share of abuse. The men who domin
ated vast aggregates of capital knew
better than any others the great ex-
pansion in all sorts of obligations
which eliminated in 1902; they, too
knew better than any others that the
| legitimate growth of business inn
peratively call for vast OUTLAWS of new
capital, which could not be deferred
and which must impose strain upor
the money market that would fall dis
astrously upon all speculative con-
structions. No doubt, with the fore
sight which their position gave them
I.hey prepared in advance for the
events now occurring. and which haN:
been anticipated by all experienced OBJ
servers, who wondered not so much al
| the approach of the day of reckoning
as at it's long postponement
| When the atmosphere in Wall stree
begins to clear it will be found thai
many good stocks are selling much be-
How intrinsic values. There are gooC
lrailroad stocks selling at 5@5s pei
/ cent basis and earning that amount,
|yet buyers are few because confidence
and buying power are both impaired
| With a revival of the former, however
the latter would rapidly increase. Out
side of Wall street there has been 1T
serious reaction. Quite possibly the de-
preston there will impart more con-
servative feeling in commercial anc
industrial circles which will do nc
harm: in fact, a return to more nor
nal conditions would be absolutely ben
1 edcial. For instance. as iron declines
the chances improve for enterprises an6
OUTLAWS which hitherto have been hele
| in check by high prices. Witness, also
how the high price of cotton forces
mills to shut down and buyers to di-
minish their purchases. All concerned
are threatened by the unreasonable
speculation in cotton; and who doubts
that sense of relief will be felt wher
! this disturbance Is ended? Improve
ment should follow the removal of alb
normal conditions in the iron and cot
| ton Industries. tho the readjustmenl
,period may cause more or less tempo
rary interruption to business. In agri-
cultural circles. however, the outiook
thus far is most reassuring. Tho the
crops are late, there is no more uncer-
tainty than usual about results. The
promise is for fair yields of cotton. corn
wheat, oats, hay and live stock at good
prices. The American farmer is as SURE
as he can of another prosperous year
and this means much for the country al
large. So long as those dependent on
the soil enjoy prosperity, the mills, the
merchants and the railroads are sure
of having their full share.
Capture Two Foxes.
| Amasa Holt and Sam" Harvey, OF
this city returned Saturday from Ell
dora. where, in company with Jack
Welsh, of Union. they INDUCED in q
| fox hunt Friday afternoon. The dogs