Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1905-02-02

needed, and more seems likely to fol.
low. Whether banks who recently
took the Berlin issue, and those who
are expected toEtake the Forthcoming
issue at Paris, will succeed in finding
a market for these new issues remains
to be seen. In any cas- the situation
Is q delicate one and requires close
watching.
"The most hopeful aspect Of the
whole question is the probability Of
the Russo-Japanese war coming to a.
speedy close. Russia is evidently un-
able to carry the conflict to a success
full issue, her credit being threatened
and her troops being needed at home
to prevent dissolution Of the empire.
This crisis permits an honorable re-
treat. If such be the outcome, it will
largely counteract, temporarily at least,
the effect of Russia's internal troubles.
The stoppage of the enormous waste
of life and capital which the war in.
wolves would be an immediate relief
TO the international money markets;
while the subsequent restoration of
vast territory and immense populations
to the 0 beneficent influences Of
commerce. will rapidly restore conf
ucuCS anu 3SllIuuldI0 luuuSlIy III oil
parts Of the world. The great value to
civilized nations of the open door in
the far east and the integrity of China,
both Of which would have been de-.
stroyed by Russian success, is not yet
fully appreciated except by the few.
Japan has fought and won a war that
will benefit other nations equally with
herself, and the United States will not
be the least thus advantaged, thanks
largely to our able and far-sighted
secretary of state, John Hay.
"The local situation is good. Large
railroad earnings and bank clearings
both testify to the heavy volume of
business in progress. Farmers, north,
south, east and west, are unusually
prosperous. Manufacturers are gen
orally well employed and the great
iron industry. shows an altogether I'M
expected degree of activity at this sea-
son, having booked orders in advance
that will keep furnaces and mills busy
for several months to come. There is
consequently, no diminution of earning
capacity in. sight for either railroads
or industrials. The only drawbacks
are that good dividend paying stock
seem exceedingly high and the invest.
ment demand is abating, although de-
sirable bonds still find ready buyers.
Such conditions divert attention from
established dividend payers to those
which have recently entered the divi
dend list, or to those which have a
good chance of so doing ii present
prosperity continues. Speculation
has, consequently, been most active in
these two classes of stocks, and oper'
atoms we're thus confined to a few
sp%ecialties manipulated by their re
spective cliques. Money rates con
tinue easy and gold shipments had lit
tie OF no influence. Bankers look for
cas- rates right along. this being one
Of the strongest inducements for the
holding of stocks. Bullish enthusiasm
had been materially checked by recent
events and moderate decline fol
lowed; but there is a general indispo'
sition to part with stocks while the
situation at large is so satisfactory
particularly as any Improvement in the
Russian situation or Argentine peace
movement would impart additional
strength to the market. Vice versa,
aggravation OF revolutionary symp
toms in Russia would induce fresh
selling, especially abroad. For the
time being legislative movements al
though an extra session for the pur
pose of railroad and tariff legislation
is probable next October. AS said in
our previous advices, no radical legis
lation seems likely"