The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1906-07-23
WEEKLY FINANCE LETTER.
1Rx Henry Clews. Bankerl

New York, July 22.-General bust
ness. apart from real estate specula-
ton, is satisfactory. The iron trade I
continues active, and while preva- I
lent sentiment is hopeful there is a
notable absence of unreasonable or
TOO optimistic expectations. The tex
tlIe trades show considerable i'm
provement, merchants taking hold
With more confidence owing to good
crop prospects ami more settled
outlook as regards cotton and labor
Euth clearing house returns and rail
road earnings continue to testify as
10 the general activity Of trade. We
have had another week of good
growing weather and very shortly the
hsrvest will be under full swing.
There has been no diminution in the
prospects for large wheat yield and
the condition of the crop remains eX-
ceIlent. Cotton is also progressing
we'll. with the prospects Of an ample
crop of good quality. Corn seems
10 be somewhat backward, hut me
plant is in fine condition and ready
20 respond to a period OF warm
weather. which is all that is needed
to give us a large and profitable
Yield. Agricultural prospects, as a
whole. are better than usual and
have only once been exceeded in the
history of our country. AS result
Of good agricultural conditions, as
well as continued development or
cur national resources, there is a
strong and hopeful feeling amongst
business men in all parts of the
country, tempered, however, with
more or less conservatism, arising
from the fact that signs of overriding
ire occasionally visible, also recogni-
ton that expansion has been going
ON for a period of unusual length
and must sooner or later run its
course.
Our export trade is highly salts
factory and one of the strongest ele-
ments in the business situation. The
total merchandise shipments in June
amounted TO almost $125, 900,
the largest June on record and S4,-
100000 ahead of the same month in
1905. The June imports were also
the largest on record for that month,
the total being over 100000, 1000,
or S1O,00O,000 ahead of the same
month last year The excess of ex-
ports for the month was $24,000.OO0
compared with s30,000,000 a year
| ago. During the fiscal year just
closed our excess of exports was the
heaviest on record, amounting to
over s517,000,000 Our net imports
/ Of gold during the same period were
| S57,600.00O, which considering that
/ the United States is a large gold
producer shows a heavy increase in
our holdings of the precious metal
The great banks of Europe may be
able to hold on to their present
stocks. but the chances are that the
i United States will be able to draw
to itself the bulk of new supplies by
better interest rates and in payment
for exports.
I In all probability our breadstuffs
and cotton shipments will soon begin
on a liberal scale and provide an
ample volume of exchange, thus ia
eilitating gold imports. This week
We secured s2,500,000 gold and more
is likely to follow in spite of the
RanK of England's efforts to retain
the precious metal. Unless develop
ments in Russia interfere, our bank
ers are in "a position to exercise a
powerful influence in the exchange
market and the situation warrants
their using that power for strength
ening the local position. Recent stock
market liquidation suggests a much
greater contraction in the weekly
loan account than appears. Funds
have been returning from San Fran
cisco and government operations
have resulted in a gain to the banks
We seem justified, therefore. in look.
: ing for a better bank statement this
. week.