Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-06-08
Many Adverse Factors Combine
to Exert Depressing Influ-
ence On Security Values
LABOR SITUATION NO WORSE
In Some Respects it is Better, Strikes
Being Fewer and Concessions OBJ
tanned With Increasing Difficulty
The Monetary situation-Henry
CIews' Financial Letter.

New York, June S.-Henry Clews, in
his financial letter says:
Last week seems to have witnessed
a perfect outbreak of adverse factors
against Wall street. Extensive labor
troubles, big failure in Canada. un
expected large gold shipments and ex-
traordinary meteorological conditions
all combined to exert depressing in
fluence upon security values The CHI
alone by too much rain, In the west
and too little in the east, for the coun
try seems to be under the scourge of
both fire and water to an unusual de-
gree. and heavy losses have undoubted-
~ fallen upon property and crops in
various important sections.
AS for the labor situation, that is
no worse, and in some respects it is
better: for strikes are fewer in number
and economic conditions are such that
concessions are obtained with increas-
ing difficulty. and the inducements for
aggressive action by labor leaders thus
correspondingly diminished. Labor is
we'll employed turnout the country, ex-
cept where voluntarily out, and as yet
there is no industrial reaction in sight
Many industrial establishments are
running on smaller margins of profit
than year ago; but there is no dearth
of orders, and the laboring classes, as
rule. are certainly enjoying higher
degree of prosperity than ever before.
Unquestionably our resources were
greatly strained by excessive promo
tons and the creation of mass of
unmarketable securities; but the bur-
den fell upon those best able to bear
it; hence our immunity from serious
difficulties. Today the financial situa-
ton is vastly better than in 1902. not
withstanding the perplexities still to
be faced.
OF the crop situation it Is much too
early for anything like final or re-
liable conclusions. The condition of
wheat has undoubtedly been injured by
unfavorable weather.; yet the outlook
remains for a big crop. For corn the
prospect is less promising. This crop
is exceedingly late, increasing the
chance OF injury by frost, and floods
have done considerable damage. Cotton
is also very late, and exposed to dan
ger by frost, while condition is eScep-
tionally low, and acreage but slightly
larger than last year in spite OF nlsh
prices. Nevertheless it is much too
early to for many reliable estimates
about the harvests because reasonably
fair weather for the next two months
would give ample time for recovery.
The monetary situation calls for some
attention. Since the beginning oil May
we have exported over $l6.0oO,O00 gold,
the bulk going to Paris and consider
able 10 Argentina, the latter also for
settlement of our European lneeot-
edness. This movement. however. need
cause nc alarm We usually ship gold
at this season: besides we are iaise
producers of the precious metal. and
the Klondike is said to have acculnu-
lated $lS,O00,000 of gold this winter
which will come forward with the carry
removal of the ice blockade. AS pear
ing upon money supplies 1T should De
borne in mind that Secretary S'haW
refunding scheme has been a priiiiaht
success, the evidence OF which Is lhat
$40 600, 900 old holds nave peefi con
verted into two per cents. which VIII
admit of a corresponding amount OF
hank bills being issued by the banks
Our financial condition is therefore
much improved. The process OF re-
a adjustment has been going steadily
along. somewhat painfully to some. but
for the betterment of all. After pro-
longed period of depression, immediate
recovery cannot be expected, ana fur-
ther declines are not impossible yet
the market has certainly reached
safe trading basis where good stocks
can be advantageously bought on the
weak periods, and sold out again on the
good rallies, which will be frequent the
coming week. Securities are rapiaiy
reaching a basis OF Intrinsic merit.