The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1908-06-08
HENRY CLEWS INDICTS
OPTIMISTIC EPISTLE
Banks Strong and Financial
Situation Shows Steady lm-
pTOVement Each Week
Special to Daily Leader.

Special to Daily Leader
New York. June S.--Although stock
market values have now had consld-
\ lerable advance notwithstanding easy
money, good crop reports and inl-
lproved business prospects are com
bination which retard any great down
/ ward reaction of importance for the
lpresent at least An important in
lfluence in the situation is the none
ltary outlook. In spite OF large gold
lexports, ami heavy Withdrawals OF
government deposits, there is big
lsurplus Of loanable funds IN the
banks that is likely to await employ
ment until the fall crop demands as
/ lsert themselves and general business
becomes more active. Even then there
lis no prospect of stringency, as Is
shown by the low rates for SIX
months time money. Such ease, ct
course, reflects post-panic conditions,
Land is thCf consequence of a lessened
lvolume of business and lower prices.
I our banks, however, are in an exccel-
Iingly strong position, and the financial
situation shows steady Improvement
each week. The most important finan'
lcial event OF the week was the pass
iage OF the currency bill by congress.
iMhile 1T is not satisfactory as per
manont measure. and can only be re-
gardea as a temporary expedient, 1t
viii. nevertheless, have steadying
Influence in financial affairs. The
aeperally recognized fact that in an
efoargency $500 900 600 Of new money
is ohiainable by the banks and can
De put into circulation at once VIII
rreseat widespread and serious panies
occurring hereafter. II, therefore,
such panics are thus prevented the
emergency currency law may serve
its purpose without the money il auth
orlzes being called into use. IL being
nMly understood that S5O0,OO00O can
be obtained when absolutely neces-
sary. the probability is that il viii be
seldom. If over. wanted. When
originally suggested the fundamental
pari OF this measure, i had that idea
in view as ] have felt that IT was a
burning disgrace to the nation that
money could be 3 per cent in Wall
street one day and l50 per cent the
next. This has worked most disss-
trously to permanent business conf
dence with our merchants and finan-
ciaI institutions. and the general pros
perity of the country. The new Bill
certainly win serve the purpose Of
bridging over until a better plan cen
be secured have favored this
emergency measure because was
convinced It was the only thing this
congress could possibly be influenced
Ito pass during this session, its sim
plicity being It's chief recommends
tion.
Considerable announcement can be
derived from crop conditions Thus
far the season has been exceedingly
favorable. the injury from excessive
rains having been inconsiderable. The
latest reports show that cotton Is
about 10 points better in condition
chan a year ago, and that there has
been no reduction in acreage In spite
Of agitation to the contrary AS 10
winter wheat the prospects are excel
lent, conditions being better than
year ago and acreage larger Kan
sas. which last year raised 64000,000
bushels, reports condition much high
er than a year ago. Spring wheat Is
also doing finely; and Ia Minnesota
and The Dakolas, which raise the bulk
OF this crop, prospects are high enough |
Il
in jury does not prevent Corn Is
backward, owing to excessive rains; |
but the latter have left the soil in a
good condition, and corn Is crop I
which makes time rapidly when hot 1
weather arrives. Nearly all other /
crops are doing well. especially tho /
hay crop. and our farmers are as sure /
Of an ample harvest and good profile (
as they can be at this stage Of the (
season. Moreover the danger Of dam /
age from dronth has been largely /
by recent abundant pre-
and the general high condi- /
lion Of crops
General business shows signs OF I'm 4
prOvement The volume OF transac- i
tions is still far below normal, bat /
buyers are taking hold and mills arc I
resumlng in a manner thar Is encour- /
aging aud proves that the recovery 3 I
actual and not aginary. Some very
liberal orders for both cotton and /
woolen goods have been placed this I
week; and the iron trade iH being /
stimulated by lower prices In spite OF I
recent official announcements that 4
quotations would be maintained. It'll
would be idle, however TO expect too /
sudden or pronounced n revival A pc /
Rod OF midsummer quiet Is close a.
hand. and ~ VIII be some time before /
business ia resumed on the forfnor /
scale, ana then q viii be only upon a /
lower level OF values and costs. O4rl
railroad situation "a still unsaHsfae. (
tory earnings showing heavy losses