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

THE cLEws LETTER
8 The weekly Clews letter is reassur.
eg to those who have been watching
he tendency of the markets with dis.
Just ana who have been inclined to
lew the outlook with pessimism. In
Nbite Of the statements Of James j.
Hill the railroad magnate and other
capitalists who have been giving OUT
warnings at the rate OF about a col
pmn day, Mr.. Clews sees decided
betterment In business conditions, and
tees far less distrust than at the close
Of 1905. He says:
VI Confidence is Enthusiastically gradu-
ally returning, and gradually, also, but
surely, the money markets Of the
world are Fighting themselves. Inordi-
nate speculation in Europe and Amer
lea has been substantially checked;
and the excessive demands for new
capital which were chiefly responsible
Tor exhausting our monetary supplies,
have abated because of, the universal
restraint placed upon such demands
by bankers at home and abroad. This
conservative policy by banking inter
ests has probably saved us from dan
gerous reaction, and 1t, should be ad-
hered to unfalteringly until our A.
naaces, Industries and commerce have
been once more placed upon sound
basis. 1t Is not too much to say that
we approach the second half of the cal
endar year In much safer condition
than we did the first half. There Is far
less distrust now than at the close of
1906. Then the high level of security
prices and the scarcity and extreme
rates for money induced general ap-
preheniston that financial upheaval
was IN prospect. There was also
much uneasiness concerning the polit-
ical outlook and the universal social
discomfort. In all three Of these direc-
tions there is a. distinct change for
the better. The March collapse dis
tinctly cleared the financial atmos-
phere; while recent efforts toward re-
FORM are doing much in lessening the
dangers In the political situation. Wall
Street has, OF course, been more or less
disturbed at. some Of the extremely
srad4calal legislative. proposals; x but tiH0
and discussion are proving that many
of these appre Extensions are unfouDd-
ed; because the only reform which is
likely to be successful is that which
Guns on. the. lines of a square deal"
beneftting all interests alike.
& Business conditions continue salts
factory There Is a large demand for
all commodities, except lux,1ries, and
no signs of important diminished out
tut or demand. The extreme conserv-
etism which began in banking circles
has extended itself to the heads of
mercantile and Industrial establish
ments For one reason or another
there has been a halt in new projects,
engagements and all forms Of expan-
Sion This is fortunate, inasmuch as
u gives time to- ascertain whether our
means of product ton have or have not
outrun consumptive requirements 1t
will also give time to demonstrate
whether the present scale Of consump-
ton can be. maintained or whether
commodities must recede to lower
and more normal level. Whatever
views are taken of the present outlook
they are extremely varied; yet there
is little or no reason for extreme pes
simfsm. All that is needed is patience
and caution, which should save us
from further disaster Caution is es-
pecially needed in the real estate
field. where there has been much over
doing In the development Of new sec
tions-not only in the vicinity OF New
York-but all over the country and
particularly In some portions Of the
west.
And Mr.. Clews does not believe that
good business season is altogether
dependent upon good harvest. He
says while it is certain good harvest
will be beneficial to business, 1t does
not follow that moderate or poor har-
vest would cause any serious setback.
Important as are the harvests, Mr..
CleWs asserts we are less dependent
upon agriculture than formerly. as it
must be remembered that much OF the
country's growth during the past ten
years has been due to the develop
ment OF natural resources and the In
crease Of population. and no one can
tell how far the impetus thus gained
will carry US.
Mr.. Clews' views are shared by the
great bulk of the people. The men who
take every opportunity to emit a ca
lamity howl are those who want bet
ter than square deal and who imag.
Inc the country is, being pinched be-
cause easy money for them is not SO
easy as it has been.
CAN YOU ENJOY