Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1907-09-05

been experienced during the past
month, a partial recovery was to be
expected, because liquidation lad been
exceedingly thorough and the pur
chases of an important short interest
contributed to rally, Whether lilo.
uidation has reached the end or not
1t Is somewhat premature to decide,
Much depends upon the future course
OF the money market. The credit sit.
uation has undoubtedly been greatly
improved by recent liquidation, and
this of itself should afford substantial
relief. The outlook, however. for the
money market continues uncertain
Firm rates are likely to prevail
through the balance of this year,
though it is to be hoped the extreme
nsures reached two or three years ago
VIII not be repeated. Nevertheless, it
Is idle to conceal the fact that there
Is more or less anxiety concerning the
monetary situation. Very shortly we
shall be in the midst of the crop NOV.
Ing season. The prospects are for full
Average crops If we escape early frost
and as farm values are upon an UNI
usually high level, the monetary re,
quirements this fall will inevitably be
heavy According to all accounts
business in the interior continues up.
on an active scale, and as values of
all commodities are very high. the re.
quirements for business purposes must
be correspondingly large
Had it not been for liquidation in
the stock market the strain upon our
monetary resources would have been
exceedingly serious, if not disastrous
AS it is, the legitimate autumn de.
mands must be faced, and the de.
mands from financial circles will be
held in allegiance for some time to
come, the New York City bond issue
being an exception. 1t is quite evident
that Wall street will not be able to
obtain anything like the accommoda-
ton in London with which it mas been
favored for several years past, and
even Paris and Berlin are becoming
shy of American borrowers. Fortu-
nately for us the strain in Europe ap-
pears to nave been partially relieved;
since had it been further aggravated,
we would have been compelled to part
with considerable amount of our
present stock Of gold Grain and cot
ton bills should soon be in larger sup
ply this tending to discourage any
eff1ux of the precious metal. Our ex-
ports of merchandise continue large
in volume, and at the present high
prices obtained for our products, the
net result should be continued favor
able trade balance At the same time
our imports are also running heavily
and keeping down the former large
excess of exports.
In closing Mr. Clews counsels that
operations in the stock market
should be conducted with great care.
While the worst in respect to liquida.
ton is probably over, the market is
still exposed to further flurries. The
manner in which the late drastic de-
cline has been met, is splendid evil
dence Of inherent soundness; and
while the damage has been severe in
some quarters, there has at no time
been any indication OF a general col
lapse in credit or panic in values. The
market is rignting itself. We
are also approaching per-
iod of doubt as to the maintenance
of recently increased dividends. When
this doubt is settled, and when none
tary prospects improve, then we may
hope for more permanent change for
the better in the stock market, but
hardly before.