The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1904-08-04
SPLENDID CROP SITUATION
PROTECTS STOCK MARKETS


tween 40 and 80 per cent Of the splndles
in the United States are idle because
Of the improbable condition Of cot
ton manufacturing Buyers Will not
take cotton goods freely at present
prices; manufacturers. therefore, ean-
not afford present prices for cotton.
especially when northern mills. em-
barrassed by legislative and labor re-
strictione, are unable 20 successfully
compete with the south. Unquestion-
ably the cotton industry IN passing
through a serious crisis, the solution
Of which seems 10 demand reasonable
concessions on the part OF labor, com
cesslons which al present they seem
In no mood 20 consider. Still another
unfortunate circumstance Is the pack
ers' strike In Chicago. where force and
not reason holds sway. This hbso-
lniely unreasonable. unjust and defiant
attitude Of labor IN one Of the most
unsettling features Of the times: but
fortunately. public opinion IN awaken-
ing 10 the real merits OF the struggle
between capital and labor, 10 the rights
and wrongs OF both. and this perhaps
IL the one bright feature In this quar-
ter. inasmuch as that is the only prom
lae OF satisfactory solution.
The probability Of gold exports has
excited some concern. Sterling ex-
change seems 70 have advanced partly
on account Of operations connected with
the Japanese and Cuban loans and
partly owing 10 short sales. No anx-
iety Is necessary over gold exports.
We have big and increasing stock OF
gold In the country which might easily
ind better employment IN Europe than
here. A few millions can be spared
without harm, although number OF
nervous Individuals always drop into
shivers az the mention Of gold ship
ments. The only unsatisfactory feature
! iii the monetary situation n the con-
tlnued high level az which loans stand
and the large amount of trust funds
held by the banks on deposit, result
! ing from the latter paying per cent
and over on trust company deposits.
During the past year the trust COM
panies have increased their cash IN
banks over 30 millions. A frmer
money market resulting from increased
crop and trade demands, or gold ex-
ports, might result IN a sharp drain
upon the banks and cause more or less
temporary disturbance IN the money
ana stock markets. This IL not an
immediate contingency, but one that
lNlll bear watchina.
/ As TO the future % TIE stock mar
ket. it seems hardly likely that the
bulls viii readily relinquish their hold
so long as crop prospects continue so
brilliant. Strong leaders were at the
bottom OF the recent rise, and do not
seem to have entirely withdrawn their
support. especially as stocks are not
sufficiently scattered TO weaken the
technical situation. All indications
point. however, TO fluctuating mar
ket. The labor and foreign situations
are disturbing, but Russia seems both
lndisposed and unable TO preclpItate
serious international complications;
that Is, II her complete backdown be-
fore Great Britain is any criterion
The possibilities Of war are proverbial.
ly uncertain, and the assassination Of
NJ. de Plehye Is significant as repre-
senting RussIa's internal difficulties
which must lessen Russian foreign wal
inclinatIons