The Washington times., 1901-10-20

been published in The Times heretofore.
The Henry Clews weekly letter has this
TO say Of foreign and home trade:
Foreign trade continues on very
satisfactory basis, September exports
showing an excess over imports amount
Ing to $9, $4,000, against S56,355,y 900 the
same month last year. Ii is worth noting
that several times Curing the past twelve
months our exports have not only fallen
below last year but that our imports arc
steadily increasing as result of the diff
ference IN trade conditions here and
abroad The decreases in exports have
been chiefly in cotton, copper, breadstuffs
and steel manufactures, the outward
movement of which could be readily in
creased by lower prices, provided Eu-
ropes buying capacity was not further
impaired. In these days OF close inter-
national commerce the differences In pros
perity and adversely between Europe and
the United States cannot long endure.
they must in time approach a closer level.
and as this comes about we may look for
a reduction OF the excessive trade balance
which has heen such a feature in cur
foreign commerce during The last three
las to home trade. that is in eminently
sound condition. There has been no over
expansion of credits or buying in general
business, and our merchants have GER
tainly not been swept OFF their feet In
the wave of speculation which surged
through Wall Street some months ago.
This was shown by the steadiness with
W
ley's death was received in business cir
cles where no such defensive arrange
meuts were possible as those carried
through by New York bankers. OF course.
the latter sustained the merchant, yet IL
Is noticeable that there was little or no
curtaiment of buying after the sad event
The loss OF the corn crop and Its effect
upon live stock will, of course, enforce
economy in certain districts, but TINS
drawback is not general and there are
other sections enjoying unusual prosperity y
as result of good wheat crop ana
great industrial activity The worst that
can be said about general trade is that
profits are not so large as in the boom
year; still a large and satisfactory fall
trade is in sight, and there is little good
reason for being oVer-pessimistlc- Inc
iron trade continues to show eXtraordi-
nary prosperity and there are number
of industries that could relinquish a
goodly share of present profts and yet
be doing handsomely. II is both unrea-
sonable and undesirable to expect the
boom Of 1900 to continue indefinitely, and
moderate reactions will tend to prolong
and not shorten our prosperity.
The bank statement figures were poor
Yesterday. 4 loss Of nearly Sl5O0c0 was
shown in cash. and an increase in leans
of 81 OO0. .Ct1. Deposits Increased nearly
81 500 coo. AS a r. suit, there wss a de-
ci ease in surplus reserve OF szJ0j.py. ne
figures were disappointingly bad, but they
are not likely to have much effect on the
stock market, as the people IN control OF
the market fully realize that the monetary
outlook is good for the remainder OF the
year. The figures were as follows:
Reserves. decreased. 81 0lI 900
Loans. increased d..........--........ 493s. JlV
Specie, decreased d.............-...... $4,000
Legals decreased. sed..........-......-. S5l.OU)
Deposits. increa scd as, 200
Circulation, increased. .-........-.... 5szopJ
Dun's review says: While the West
has practically ceased to withdraw funds
from local Institutions there is still a
movement to the South. wnich may con-
tinue up to the end Of the month because
OF the late crop. Funds sent South are
slower to return than money taken by the
West but the large surplus reserve OF
the associated banks makes comparative
ease in the money market assured 90 long
as there is no violent activity In the stock
market with heavy expansion OF loans
Treasury operatiOnE ARE not fe3vily
against the banks. excessive receipts be
ing partially balanced by bond purchases
which are about concluded. Secretary
Gage favors leaving a larger part of thr
surplus funds with the banks, ard gis' .
tion to that effect may be enact this
winter Lower ias-s are also noSsihi",
so that the outlook for permanent ease
in money, or no serious strinStney, IS
most propitiCus. Higher prices FOR gold
abroad and less favoraDle foreign condi-
tions do not promise speedy imports of the
precious metal but there Is no need hsre,
and balances on merchandise account may
very profitably be left abroad.
Call rates ranged from 2z TO per cent,
with the bulk of loans at about to 312
Time money has been ample, with much
offered from out Of town. Demsn nd Is
light. and AZ per cent was a fair figure.
with loans on less satisfactory collateral
about 5 per cent
Railway earnings continue to increase
I'm most satisfactory manner, and de-
spite all the bear talk Of the effect of