Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1904-07-28
ADVICE OF TRADERS.

While Henry Crews is sounding a
note of warning John w. Gates is ad-
vising everyone to buy stocks now, in
anticipation of rise within a short
time. Clews takes the view that al
though at present conditions are prom
Using, the danger mark may be reached
at any time by reason of a bad storm
that damages the crops of corn or
cotton, and the bottom may fall out
of the market in spite of all that can
be done to prevent. Nevertheless he
says that all indications point to an
active market although the advances
to date are all that is justified by the
conditions. In his weekly letter Mr..
Clews' says: .g
The active stocks have all risen 10
to Is points above the low prices of
this year, and some have scored con-
s1derably larger advances. Not a few
stocks are at the highest point of the
year; and, If the comparisons be made
with the low prices of 1903, the adj
vances are still more striking. This
brings us to the question, Has the
rise yet reached the danger mark?
So far as legitimate influences are
concerned it seems as if the advance
had been almost sufficient. Good
crops and better business have been
for the present fairly discounted es-
pecially as both are still in the realm
Of expectation, and realization remains
d matter of two or three months. 1t
seems the part of prud ence, therefore,
to begin to exercise some caution in
hereafter following the upward move
ment. What would happen in case of
serious reverses to either corn or cot
ton? Neither is yet out of danger.
August is often a month of deteriora-
ton; and after such "a prolonged spell
of favorable weather the probability
OF setback is measurably greater
In the iron trade a great deal more
has been. made out of the improve
-ment than is justified; apparently for
the purpose of stimulating speculation
in the steel issues: "A turn for the
better has really appeared in the iron
trade, and buyers are rather more will
ing to place orders since they are con.
WINGED that the decline in iron has
ceased; but prices are still very low
and the volume of orders is far below
the normal. When bountiful crops be-
come certainty general trade will as
sumo more activity, and the railroads
may then see their way to larger pur.
chases Of rails and rolling stock; but
that will show in the last quarter of
the year, and not in the present quar-
ter, although there has certainly been
sufficient improvement in the iron in.
dustry to warrant more hopeful feel.
ing.
More attention has been paid to
foreign complications than they de-
served. Russia is altogether in too
strained condition to invite: serious
troubles with Great Britain OF any
other great power She is fully occu-
pied with Japanese attentions at pres
ent and is more in need of friends
than additional enemies. The war has,
moreover, ceased to be a factor in
Wall street. except in event Of large
additional loans, which would inevi.
tably cause shifting of investments
and firmer money in the European
markets, all of which would tie indi-
'rectly felt at this centre"
Meanwhile John W. Gates ia posing
as one of the greatest bulls in the Fl.
nancial district of New York. He does
not think that the limit has been
reached and thinks the latter part of
the year will bring big increase. Mr.
Gates says:
Banking houses in the city realize
that stocks are selling very low and