The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1901-04-26
SPECULATION AND TRADE CON
DITIONS.

DITIONS.
Former Controller of the Currency
James Eckles does not take the view
Of business conditions that some do,
and has no fear that panic may en-
sue as a result of the large speculation
which has been going on. He says
business matters in all parts of the
country are in most healthy condi-
ton. Henry Clews is much of the
same opinion though he says there
are conditions connected with the
speculative spirit that will bear close
watching. There are close signs
though, he says, that speculation has
not been carried to dangerous access,
or that financial resources have weak
ened. If speculation has surpassed
past records, he says, it must be re
membered that it has simply kept step
with our record breaking times. Re-
ferring to the business situation and
especially to the export and import
trade, Mr.. Clews says:
"The exports from the United States
continue very heavy, but for the Sec
ond time they show considerable de-
cline. the total for March being 1924,
900, 900 against 1884, 100, 900 in 1900, a
decrease of over SO, 600, 900. In Feb
ruary they showed decrease OF over
So, 600, 900. Our imports have exhibit
ed steady decline for the last eight
months, amounting to over $40, 900, OOO
While the larger drop in imports leaves
favorable trade balance, the change
in the current of our international
trade movement is significant. Pos
sibly it may prove only temporary, yet
it seems likely that high prices here
and business reaction abroad have
brought about this loss in exports.
The diminution in imports can only
be attributed to our having an ample
supply of the articles we usually i'm
port, or that we are more and more
producing them for ourselves We are
so accustomed to measure our foreign
trade by values only. that it is desir-
able to occasionally take account OF
quantities. Much of the increase in
exports has unquestionably been due tc
high prices, especially in the case OF
cotton. Export prices, however, have
latterly been tending downward, and
there is likelihood of this movement
continuing, which may further stimu-
late the volume of exports. In the last
eight months we have shipped Is, 800,
600 bushels less corn than in the same
time last year, 7, 800, 900 bushels more
wheat about the same quantity of
flour, 304, 900 bales more of cotton,
about one-half the quantity of cotton
goods, an increase of 121, 500, 900 lbs.
of iron and steel products, an increase
of 43, 900 tons of steel rails, a decrease
of 81, 600, 600 lbs. in provisions a de,
crease of Is, 900, 900 lbs. of copper, g
decrease of "a, 900, 900 lbs. of tobacco,
and increases of 612, 900 tons of coal,
Z, 600, 900 lbs of zinc and 80, 900, 900 lbs
of wood pulp. These figures show
much irregularity, but as the totaI
foreign tonnage increased S57, 900 tons
during the eight months reviewed,
it is safe to assume there has been nc
general or important falling off in oul
export trade. The United States is
still on the top wave of prosperity,
while Great Britain and Germany,
two of our best customers, are Ger,
tainly experiencing more or less reac-
ton conditions not ideally favorable
for the stimulus of exports. -