The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-09-14
SITUATION IL SOUND.
Wall Street View of the Business
Outlook of the Country.
New York. sept. 14.-Henrv Clews &

New York, Sept. 14.-Henry Clews &
Co.'S Financial Review says:
Midsummer conditions which favored
inertia are beginning to show evidence
of gradually passing away, hence the
stock market is entering d period when
increased activity may be reasonab bly,
anticipated. Vacations are about over,
and the all-important uncertainties re-
garding the crop and monetary outlook
viii soon be matter of history. A
good many operators will shortly re-
turn reinVigOrated and much less pes
simistic than when they left fo1 rest
and recuperation. and they will also
find better undertone to the market
than witnessed for many months past.
This change is of course due to the
fact that the market was severely test
ed by the great break in July and Au-
gust. which exposed the weak spots,
shifted stocks from weak into stronger
hands and forced a more wholesome
though painful readjustment to new
conditions. Such readjustments invari-
ably drive prices below the normal
level and the better class of securities
usually suffer severely because they
best protect the weak stocks. Unques
tiOnably, therefore. there are number
of good railroad securities which are
selling below intrinsic value, even after
making full allowance for the differ
ences between conditions now and two
years ago. Nobody will deny that a
u
involving losses of over 5000 millions,
during that period is far beyond any
changes. present or prospective. in the
business or Industrial situation. Such
decline represented absolutely nothing
but the extremities of the financial
community. and now that these seem
to have been reasonably adjusted there
is nothing to prevent values recover
ing their normal level but money, crop
and business prospects. Should these
HE WI l<plX to see
a good rally in prices during the next
few months, though on the other hano
any disaster in these quarters would
probably force a renewal of the decline.
just now the harvest is the chief con-
sideration. The bulk of the corn crop
IS now free of danger from frost ana
in another two weeks the entire crop
will be safe The September report OF
the department of agriculture, just IS
sued indicates a Weld of 2.2S9.9)O.OOO
bushels. against 1923 100000 bushels,
last years record harvest; and sub
stantial crops are indicated all around
Cotton also has thus FAR been for
tunate in escaping from frost damage
This Is not a record breaking crop year,
but there is promise of plenty for home
and for export a good prices, which
means 9. profitable season to the farm
ers. and that is vastly more advan-
tageous to the country as a whole than
excessively big crops at unprofitable
figures. All advices from BOTH south
ana west indicate that the farming
classes are exceedingly prosperous.
How will this affect the monetary
situation. which has been a source of
anxiety throughout the year? Expe-
Renee shows that dangers as long fore
seen as this are usually much dimin-
ished when they arrive. if not wholly
prevented by anticipation. The west,
IN spite of its growing independence,
will Internationally make large de-
mands u9on the east for funds to meet
the crops. and this movement has al
ready begun. 1t is unfortunate that
recent liquidation did not result in any
material strengthening of bank re-
serves, and it is quite likely that sharp
furries NAV be incurred in the money
market before the return currency
movement begins in the early winter
months Secretary Shaw can be de-
pended upon to release some of the
funds absorbed by the government in