Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1904-08-11
cLEws is OPTIMISTIC.

cLEWs is OPTIMISTIC.
One of the most popularity believed
barometers of trade In the coun-
try is Henry Clews, that vet
eran Of finance, whose weekly
letters regarding the conditions
OF trade are read with interest
as they have been read for SO many
years. This week Mr.. Clews has en-
couraging words for the public. In
stead of conservative unsettled feel
ing among investors he sees salts
factory condition and notable alb
sence Of that uneasiness which Is so
usual in presidential election years. In
his letter which left New York Sat-
urday, Mr. Clews says:
"The stock market exhibits a strong
and cheerful undertone in spite Of alb
senteeism and unfavorable reports
concerning the wheat crop which In
duced more or less realizing in the
early part of the week. The hopeful
feeling now SO prevalent in the" street"
Ia due to the changed position of lead
ing bankers and f1nanciers, who have
abandoned the excessively conserva-
tive attitude which they held for tho
last year or two and assumed one of
renewed confidence in the future. The
reasons for this change of attitude are
plain. They are % the prospect Of
another profitable harvest, (2) the i'm
provement in the iron trade, 60 the
practical certainty of easy money and
ca the absence of any disturbing Is
sue in the presidential election. With
such an array of influences on the side
of improvement, and with securities
concentrated in strong hands, 1t Is not
likely that the big leaders will lose
such an opportunity of putting the
market upon a higher level
LAS for the crops, cotton is easily
the leading factor. The favorable
character Of the last government re-
port indicates yield Of not less than
12,000,000 bales. While cotton has
shown big decline, the price is still
high enough to give the grower good
profit; and the lower cost will come in
as a boon, to the manufacturer, who
has been ,grievously, hampered by high
cotton. high wages, competition be-
tween northern and southern mills,
loss of export trade and legislative and
union restrictions. Cheaper cotton
perity in the cotton goods trade. Next
to cotton. the corn crop is the most
important element; in fact Its value
is considerably greater than the cot
ton crop and in the form Of hogs, cat
tie, ETC., it is by far the chief of our
agricultural products providing in var
ious way an enormous amount of
freight. This crop is somewhat back
ward and exposed to- danger from
frost, but experts are figuring upon a
maximum crop of about 2,500000,O00
bushels. 1t is unfortunate that the
wheat crop is now likely to fall below
800,000000 bushels; but the damage
stories appear to have been exaggerat-
ed and price being high farmers will
not suffer much on this score. Anoth-
er important crop, which Is often lost
sight of, is the hay crop; and this too
promises to be abundant, thanks to
plentiful rainfall. The crop situation
therefore as whole is entirely salts
factory and each day diminishes the
risk of injury"
The condition of the iron trade is
important at all times as it indicates
in way the entire condition of the
country. With iron trade rushing It
is sure that building is progressing and
that mills and factories are busy. Mr..
Clews says of the iron market now:
"The Improvement in the iron trade,
is more than talk. Orders have recent
ly been placed for over 10000 tons
of pig iron, which shows that trade
leaders, who are in best opinion to
judge, believe the turn for the better
has come. The iron trade is as good
a barometer under the new conditions
as under the old. and the way in which
orders are coming in and furnaces
starting is indisputable evidence that
1t is business and not sentiment that
is moving the trade. Some plants have
more orders on their books than at any
time this year; the turn naturally
bringing in lot of buyers who held
back for that event. In the dry goods
trade there are also very promising
signs of Improvement. Buyers are TAX
ing hold with more confidence on the
discovery that supplies are scant and
prices of finished goods are more
firmly held in spite of the decline in
cotton, General business Is almost ev-
erywhere reported in satisfactory
condition, except where temporarily
disturbed by strikes, In brief, the ex.