Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1907-08-24
Seventh Annual Crop and
Business Review Issued
by the Chicago National
Tells of Vas. Trade
Expansion
ONLY SPECULATIVE
.iARkETS SUFFER
Statement is Compiled From
the Reports Of 10000 Cor
respondents Throughout
the United States

respondents Throughout
the United States
Chicago, Aug. 22.-Legitimate bust
ness interests throughout the coun-
try are prosperous and sound; only
the purely speculative markets are
feeling the effects of money tension
and stagnation.
This is the conclusion of the
seventh annual business statement
compiled by the Commercial National
bank of Chicago from the reports OF
10000 correspondents in all parts of
the country, which was made public
yesterday.
Nothing But Prosperity Sighted.
Despite slumps in Wall street and
the dreary monotone of pessimfstic
fear Of hard times which emanates
from the speculative centers of the
east. the healthy business interests
Of the country see nothing except
prosperity and sound and satisfactory
evidences Of continued good times IN
the present conditions prevailing
throughout the United States. In all
the report there is no word of dire
things to come, no hint of fear that
the prosperity which has prevailed
throughout the nation for years Is
about to be shattered. Instead, there
is a marked and remarkable unan1-
nifty in the belief that legitimate bus
mess interests have nothing to fear
from present conditions. 1t is the
rosy optimism of genuine business In
terests, typifled by up-to-date western
enterprise, as opposed to the fearful
Ipessimistic attitude Of eastern specu'
lators. 1t is strong, refreshing note
| in the financial news of the day.
| The r 9rt is the seventh annual
statement of its kind to be issued by
| the Commercial National bank, but 1T
is on much larger scale than ever
before The inquiries upon which it
! is based were prepared under the per
sonal supervision Of it's late president,
James H. Eckles. former comptroller
of the currency. Since his death the
compilation of the answers has been
carried on by Joseph T. Talbert, vice
president Of the bank.
Report Received as Authority.
George E. Roberts, formerly direc-
] tor Of the United States mint and
now president of the bank, has had
much to do with its publication. The
high standing of the bank as one OF
the largest In Chicago and the ives;
Is additional warrant for it's import
ant authority.
Coming in the wake Of heavy de
lpressions on the stock exchanges, th:
report caused considerable Of sen
sation in financial circles. AS a sum
mary of the trade and crop situation
of the nation it is an important com
|pilation.
The report says in part:
"The overwhelming prepontaerance
Of evidence is that the business situa
ton is sound and satisfactory. MOI
one of the thousands Of replies mega
tives this condition in definite terms
That there has been marked easing
down from the tension Of the spring
and winter months Of the year is gen
orally admitted, but it is admitted
without a trace OF regret of misgiv
ing.
"The strain on the money center:
of the world has been very great. II
ordinary times the stringency of one
country is offset or relieved by the
plethora of another, through the com
monplaces of the mechanism of ex
change There is no easy money il
the civilized world today
The Speculative Market.
t'To suggest an idea of the urgenc.
of the demand for capital to expand
and equip the productive capacity O
industry so that it may be on pa
with the fast increasing consumptiv,
demand for the things of modern life
we call attention to the world phea
omenon of stagnation in the purel.
speculative department of affairs. Re
Gently we have seen record Low
price for the British consolidated deb
-consols-indicating that the reward
of capital in industry are so attrac
tive as to prompt withdrawal of fund
. even from the acknowledged chief D
investment securities. The sans
phenomenon in it's application to tn
funded loans of all governments eS
cept our own-and for this there is
special and artificial reason-and il
its application to the bonds an,
shares of the exchanges is furthe
light on the tension which is every
where felt in money affairs.
st is a curious and striking fac
that in all the thousands of reptile
received there is scarcely a referenc
to the speculative lethargy whicl
contributes so large a part of tn
news from day to day.
d The bankers of the country, wit
few exceptions in the far west, repor
: an extraordinary demand for funds i
all lines of business activity. Interes
rates are very firm everywhere an
t in the central reserve cities the il
a quiry for funds so much exceeds TIL
:, supply that money is described a
very tight The range of our inve'
/ tigation justifies the conclusion tina
bank deposits show a straight ave-