Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-08-03
MONEY WILL Be EASY
Henry Clews Says Bankers Are
Prepared For Big Fall
Demand
GENERAL BUSINESS NOT HURT
Liquidation on Stock Market Has Put
New York Banks in Better Condition
Gold is Coming from AustraIa-Crop
Prospects Generally Are Exceedingly
Encouraging = Speculative Demand
Not Active.

New York, Aug 3.-The review of
the financial situation issued weekly
from the banking house of Henry
Clews & Co, says:
The most satisfactory feature of the
last few days has been the easier rates
for time money. This demonstrates re-
viving confidence on the part OF the
bankers who are obliged to anticipate
the future. While the high figure at
which loans continue to stand in the
weekly bank statement is matter of
concern to some observers, who have
been anticipating sharp contraction
as the result of recent liquidation,
bankers do not show any anxiety in
this respect, probably because they
well in hand and profitably well en-
ployed. There are three. factors ac-
counting for this high level of loans,
which are sometimes overlooked, viz:
the large increase of banking capital
| in New York, the large amount of
railroad paper outstanding, and the In
creased extent to which big industrial
establishments under the trust system
now borrow in New York instead Of
near the mills as formerly. A good
bank statement is anticipated this
week. partly on account of payment OF
the Pennsylvania loans and partly be-
cause treasury disbursements have
been exceeding receipts for some time
past. Stock market liquidation must
also have strengthened the banks much
more than has yet appeared In the
weekly statements. Beside these factors
gold is now on the way here from Aus
tralia, and in the present condition of
the European money markets any
emergency here would quickly start
gold imports to this center. The local
money market therefore, is in much
improved condition. Very soon crop
demands will assert themselves; but
the banks are well prepared for these,
and present outlook is that no special
inconvenience will be caused thereby. 1t
lis quite certain that legitimate trade
will not suffer for want of proper finan-
| cial accommodation this summer or
! fall, and the speculative demands are
| not likely to be excessive for some time
to come.
Now that liquidation has about run
its course, it is proper 10 consider III
lure influences, such as crops, general
business, railroad earnings, currency
Legislation, and political campaigns
AS to crops, the outlook is still for more
than average yields of wheat, corn, cot
ton, oats, hay and livestock. There
will be plenty of wheat at good prices
to the farmer Corn promises 2O0u,-
600, 900 crop. Cotton is likely to yield
a normal crop, and is sure of big prices
to the grower, which means unusual
prosperity in the south for the next
twelve months. This is one OF the
most striking probabilities OF To-Day.
Livestock raisers are also Anticipating
a profitable season. General business
has not thus far been disturbed by the
Wall street crash. Possibly new enter
prises will receive some check In con-
sequence; but all advices from the
interior agree in reporting satisfactory
conditions, and fair prospects for an
other good season with distributors.
Railroad earnings continue large, and
in the great industries production mas
not vet outrun consumption. Some eA-
Incident remedial action on the currency
question is expected from the next con-
gress but no important legislation on
either currency or tariff need be anlcl-
mated before presidential election.
Discussion may develop, but real ana
;mportant action need not be expected.
The stock market is not likely to pc
disturbed by political agitation for
some time to come.