The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1910-08-22
WALL STREET NEWS
Extensive Exports RESPONSE
BILE for Active Market.
CONDITIONS ARE REVIEWED
More Than Million and Half of Ex-
port Business Has Given Impetus
10 Lines That Might Have Been
Dull Under Stress OF Changing
Politics the Past Seven Months.

New YORK, Aug. A-Pubncatlon or the
government trade figures for July has
directed attention anew to a most unfav-
orable feature OF the business situation.
In that month as had happened on
three previous months OF the year. I'M
ports exceeded exports In value and the
compilation for seven months OF the
current year showed an excess Of 81. $685.
600 in exports over imports. as compared
with favorable balances OF $4,000, 900 last
year. 1872 00o.0o0 in 1908. Sl9S, 900 in 1907.
and more than S174.0Oo,OO0 in every pre-
-ceding year since 1897.
What is called the unknown balance
OF trade. represented principally by ex-
penses Of tourists abroad. remittances of
foreign laboring men employed IN this
country and interest and dividend pay
ments on stocks held abroad. as COM
pared with similar disbursements by
foreigners here. runs very heavily against
this country. and the disagreeable fact
IS obvious that in the first seven months
Of tne year this country was a debtor
nation
And the circumstance is all the more
conspicuous because in the first three
months OF the year q tendency toward
an unfavorable trade balance was so
pronounced that imports exceeded ex-
ports by more than Si0O0O.0OO and be-
cause in the following three months the
tendency was in the opposite direction.
and IL seemed 70 be taken for granted
that this favorable tendency would con-
tinue
disappointed by July Figures.
Such an expectation Is disappointed by
the July figures. tor in July. though ex-
ports were very heavy. imports exceeded
exports by nearly $S,Oct, 600. In the early
months Of the year the remedies sug-
gested for the unhealthy trade condition
were. in default OF tariff revision or
drastic reductions IN commodity prices,
such wide economy as would result in
a heavy decrease In Imports. or else an
increase in exports Of manufactures
which might neutralize extravagance in
the purchase OF foreign goods and In
foreign travel Nothing much more prac-
teal is suggested now as a measure OF
Immediate relief. The hope Is entertained
that agricultural exports. which in July
fell S62oo,oo0 short Of the agricultural
exports ia July last year, will greatly
increase.
An idea that purchases OF Injuries has
begun finally TO diminish greatly is en-
couraged by the sluggishness in an i'm
portant department Of trade. There has
been a slight decrease in commodity
prices resulting in largely increased ex-
ports OF manufactures in July But
though the cOuntrys corn and cotton
crops are certain to be much more val
liable than last year. the wheat crop is
much smaller. and an increase Of agri-
cultural exports can therefore only par
TALLY relieve the difficulties Expendi-
lures for Injuries have not sufficiently
decreased to reduce imports and the de-
crease in commodity prices is as yet in
considerable. An Improvement is conf
IDENTIFY expected in August but nothing
on the surface justifies the belief that
the country will not continue for some
time 10 provide one Of the best markets
in which TO sell and the worst In which
20 buy.
Politics and Commerce.
Controversies among the countrv's
statesmen and politicians are vigorous
enough and sufficiently verbose but none
OF them is concerned with the condition
Of the countrys export trade Crimina-
tons and recriminations seem the order
of the day among them and personal am
billions and personal animosities to be the
inspiring motives. There IS this much
satisfaction to be taken from that cir
cumstance: For the moment the attacks
have been diverted from men and cor
porations engaged in business to particu-
lar politicians and factions There is. of
course, some discussion OF the tariff, but
In the dominant party even the tariff dis
cussion is overshadowed. or. perhaps, in
spired by the contention as 10 which
faction is 10 control Congress and dis
burse its patronage. Business men take
only a languid interest in all these per-
sonal chickering's, seem to care very little
which faction or which party controls the
next Congress. and express over politics
no greater dissatisfaction than an i'm
patience over the arrival OF that time
when the faculties and energies Of men
in public life will be directed toward pro-
noting the country's prosperity
Meanwhile sentiment among business
men has become more confident because |
Of Improvement in the prospect in the I'M |
mediate future. No one expects business
as active as II was last fall. but every
one realizes that many Of the apprehen- |
sions felt early in the summer have since 1
been dissipated by the consistent and ex-
traorNnary Improvement in the money |
situation and by the assurance Of more !
abundant crops than were expected I'D to |
very recently