Audubon Republican. [volume] (Audubon, Iowa) 1894-1925, 1914-09-24
BUSINESS OUTLOOK
NO OCCASION FOR ALARM IN THE
PRESENT SITUATION AS TO
CONDITIONS OF TRADE.
MORE COOPERATION URGED
National Association Of Credit Men
Sends Out General Message of As
surance to Public That Should AlIay
All Fears Of strinsency.

Des Misunderstanding commercial
and financial conditions present no &C.
casion for alarm, but there is every
reason for the exercise OF steadiness
and cooperation, according to mes
sage OF assurance" sent out from the
headquarters of the National Associa-
ton Of Credit Men. The association is
confident that all situations arising
from the European war will be met
successfully and that the integrity and
stability of the nations credit will
be maintained.
1T is natural to compare signs and
| tendencies now prevalent in our COM
merce with conditions that existed in
1907 and just prior thereto" says the
message. 1T is obvious, however, that
the present situation in our financial
| and credit relations is due to cause
very different from that which result
ed in the depression of 1907.
THE strain of 1907 repeated the
history Of every serious financial pam
&c in our nations commerce by follow
ing a period of unwise credit extern
sion and the imitation Of certain com.
modities beyond a safe point or a
| reasonable value. There has been no
| such period of extension and imitation
| since 1907, therefore, one of the fun
damental causes of strain or panic is
not to be reckoned with in the present
situation.
Stocks of merchandise generally
have been below normal for several
! years; commercial Indebtedness has
also averaged low; the security mar
ket has been stagnant and we have
no large amount OF undigested secur-
tiles to take care Of Therefore, even
ness Of merchandise production, dis
tribution and Indebtedness and slow
moving securities offer barren field
for that rapid contraction which in
duces alarm, fear and panic.
"In 1907 we had no means Of issu-
ing emergency currency. AS alarm
spread throughout the country, it was
accompanied by the boarding of mon
] ey, and very soon much Of what was
needed for the ordinary daily ex-
changes had disappeared. To meet the
situation certificates representing
merely promises to pay were resorted
to and passed current in some COM
munities until confidence was restored
and money returned to the usual chan
nels.
There can be no repetition of that
situation for under the terms Of the
Aldrich-Vreeland act, approved May
I Cd fha fnIo
reserve act and the act of Aug. 4, 1914,
there can be issued 1,441,951 900 OF
currency through national currency as
sociations to the members thereof
upon the security OF state, county and
municipal bonds, similar securities
and commercial paper.
No Convict Farm At Wall Lake.
Favorable consideration OF a plan
to keep the lands which may be secur-
ed by the drainage of meandered lakes
and swamps as sites for possible state
institutions has been discussed in
formally by Governor Clarke and the
state executive council. Governor
Clarke declared that he knew nothing
OF the rumor that he would suggest
to the next legislature the establish
ing Of convict farm at Wall lake in
Wright county. People OF Wright
county have been worked up over the
report that IL the lake is drained ac-
cording to the wishes of farmers liv-
ing on it's borders, that a custodial
farm will be located there.
Should the state decide to have Gus
todial FARMS" declared Governor
Clarke, 81 see no reason why we
should not use land already in our
possession instead of paying such high
prices as in the case of the epileptic
colony site at Woodward. have new
er given public utterance to any such
policy but it has been discussed in
formally by myself and other members
OF the executive council.
|
Iowa Crop Prospects.
Section Director Chapel of the
local weather bureau is not as op-
timistic regarding Iowa's prospects for
bumper corn crop as the United
States department OF agriculture.
The crop bulletin issued at the local
| SIdllOu 6SllihdlcS tue tOEH CIOp az
320,000,00O bushels. The governments
estimate is 365,0O0,OO0 bushels.
DIR. Chappeps forecast is based on
present conditions and an area of 81
$4,000 acres In making its estimate
the government placed the acreage at
a higher figure. which accounts for the
great difference in the two estimates.
Other estimates made by DR.. Chap
pei are: Oats, 165,0Oe,00a bushels;
winter wheat, 100000; spring
wheat, 100000; barley, 1900, 900;
rye. 100000.
Convict Returned to Fort Madison.
The state board of parole brought
back from Saltwater penitentiary in
Minnesota, John Mantell, who has
three years more to serve in the Fort
Madison penitentiary, having broken
his parole. Mantell was sent up for
FIVE years from Poweshiek county for
horse stealing. He was paroled, but
Immediately broke parole and went to
Minnesota, where a few days later he
was arrested for forgery and sent to
the penitentiary. He was released
from Fort Madison about six years
ago.
Patents for lowans.
The following patents have been re-
| Gently granted to Iowans: