Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1904-01-04
OUTLOOK i FAVORABLE
.prosnosis of Financial am
Business Affairs For 1904
Is Encouraging
THE BASIS OF THIS BELIEF
Last Years Erroneous Decline in Mar
ket Valuations Recalled No Essential
Evil In Our Industrial Affairs-Year
of 1908 Will Pass Into History as a
Notable One For Its Prosperity

NV York Jan 4.-Makiug all due
allowance for the desire that 10 in
stiuctiye with most people 10 believe
that the future VIII bring gifts of jew
els rather than of ,horns. and the SAN
.,,i,,, ,5. ,,t,h - ,,,a,.
iN'iA pioou - helr. uhe proshosiS OF u
fa8pcsal and business affairs in our
country for 100, must he held. 80 far.
,.,,. N.
'i'''s '''''''s 50 - - w.
liiiSsis it.Noissoie' ana concerning the
stock naiISe. particularly. the conelu-
sion is Irresistible that If it were not
eo.,, . ~,
OF disturbance proceeding from tne
presidential election we should have.
easy money being assured a ver:,abIe
=, IT.
-
he substance OF 'nis peiiel rests,
first upon calm consideration of the
fact that the erroneous decline in mar
,se. valuations +, tho ,,st vaar ..,s a,a
- 'aH7ss ""oiis 'isoo''''eS'e" wen we
epo ana nov OF prosperity IN the coun-
try. and revealed no essential evil in
~. ,,5,..,aa, af,a;rs n. ,o,ro. 40.
so 10 speak, mace ana afunciai. II
consisted simply In the wise determi-
nation of the banking interests OF the
land. arrived at In the fall OF Iso2.
that the creation OF new securities ana
general financial oyercapitalization anu
imitation had been pushed altogether
too far
Then the leading money lenders all
over the country, drawing lonG
breath of relief. declared that
they would see to 1t that the corp
moving" season and end f-the- year
settlements in 1908 did not again bring
such peril. \ curtailment of credit be-
gan, the public still holding laoof from
the stock market and steadfastly refus-
Ing to buy stocks as prices defined
and 1t eliminated. as such things gen.
orally do. ir far greater extremes than
any one had intended or supposed pos
sible.
The government suit against the
Northern Securities Company, the
many and serious labor difficulties
following IL. the train of the anthra-
citecoal strike in Pennsylvania, the
floods in the west and southwest. and
the fears lasting until harvest time of
injury to crops, caused by the seasons
extremely erratic weather conditions
all these played their part. And the
of one weak spot In the
financial SITUATION uhcoSereu a,io.nel
so that cumulative effect was lent to
each additional disclosure.
The true nature of what went on
was, however, this, simply ana solely
the refusal of banks. trust companies
and other possessors OF ieiiuaoie iuiius'
to accept further as coiiaterai security
for loans new ana untrieo capitai IS
sues. and a notification sent by these
lenders to existing borrowers that Sc
curities of the class aescripeu aifeius
In loans thst hsa peeh III ''iaiis oases
carried for year or more without
finding market must De "i.a,oiaM y.
This and THIS only was aiihe uhe OH
gin and the evolution OF tne hila1iciai
troubles OF 1903.
These troubles were IN no oesree
as they have been on so MANY
occasions III the past, py crop iaitu.e
overproduction IN me ii'ai.uiae -, 'ns
world. or IN any brancn Oh Ai!'eiieah
industry or business. collapse OF pupiic
speculation IN the STOCK inaIhet' d ~
ical state of the government $ ilhahces.
~ z. q