The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1909-08-23
WESTERN REPORTS
ARE OPTIMISTIC
THE HARVEST HAS BEGUN AND
REPORTS SATISFACTORY.
Cereal Prices Decline n Little and
Offset Higher Prices of Other
Commodities.
HENRY CLEws ON CONDITIONS

New York, Aug, 23.-Reports
from the west are very optimistic
and the belief in trade Improvement
strengthens rather than weakens. The
harvest Is now begun in many sec
lions and results are reported as sat
isfactory. II is still too early for any
satisfactory data as to corn. August,
1t must be remembered, usually be-
ing a period OF deterioration New
ertheless, the expectation still holds
for 5000 900 900 bushel crop
Along with this wave of optimism
however, is note of caution. West
ern buyers. Il Is TO be noted. are TAX
ing hold OF textile and other manu-
featured products very cautiously
fearing the present high prices may
check consumption and leave them
stranded with large stocks OF high
priced goods. Since the tariff agita-
ton was settled, a decided sense of
relief has been felt In many manu-
featuring circles. and prices in num-
erous cases have already advanced I'M
consequence. There must. OF course
be limit 10 the level TO which values,
can be raised. and. apparently. that
limit will not be reached until the
point Of exhaustion: or until the con-
sumer through sheer inability must
refuse 10 pay. A favorable develop
ment has been the recent decline In
cereals to more reasonable prices
+ This viii tend TO somewhat Offset the
high cost OF living by providing cheap
er food. II should also facilitate a
much needed increase Of exports. The
liberal gains In recent railroad earn
ings confirm reports OF improving
I business; for. though rates are fire.
lquently better than a year ago. the
gains without this additional revenue
are large enough to demonstrate a
very considerable enlargement OF
ttrafic.
The continuance of easy money
seems probable for several weeks
longer at least, owing 10 the abund-
ant supply OF loanabie funds. Firmer
rates, however, are noticeable. par
ticularly in time money This was
partly due TO increased interior de-
mands for crop moving purposes: and
to gold exports. the latter having
been renewed by a partial withdrawal
of Japanese and Canadian balances in
this center There was also re-
newal OF gold shipments TO Argentina
on London account. In Europe
money Is plentiful and rates very
low. Since May over $4,000 900 gold
has been shipped TO japan. and the
probabilities are that considerably
more viii soon be forwarded. Bank
loans are still lowering about the
high record. while reserves are stead
| lily declining. Last week the surplus
was reduced to s23 ,005 900. compar-
ed with S34 Loco. 900 July 18th. and
compared with $4,000, 900 a year
ago.
Our foreign trade returns for July
were not satisfactory. The total inn
ports for the month amounted 10
SIP. 900 900, an Increase OF over
s25, 100000 compared with the low
figures OF last year. Imports have
not been excessive. though stimulated
by business Improvement and anticl-
patton OF the tariff. Our exports dur
ing the same month were sfO9. OOO, =
900. a very low figure. yet Sc. 0DO.-
900 larger than a year ago. The re-
suit OF the months commerce was
very unusual. showing an excess IN
imports amounting to s2,SO0 900
against an excess OF over SIG, 700 900
in exports last year. IL Is to be
hoped that with larger crops our ex
port trade will revive, but the net
result OF our international trade ball
ance largely depends upon the infiu-
ence OF the tariff on imports. The
golde movement OF the seven months
OF the calendar year has also been
exceptional. We imported duringi
that period s23OOO,O 900 and exported
$4,000. leaving an excess OF exports
in seven months OF $57 900 900 |
which is $4,000 900 more than tho
same time in 1898. This contin-
ued loss of the precious metal at a
time when our paper currency Is ex-
cessively redundant, is a factor that
is worth attention.
HENRY CLEwS.