The Paducah evening sun. [volume] (Paducah, Ky.) 1906-1929, 1910-10-17


reasonable treatment for the rail-
roads.
Money.
The money situation Is much bet
ter than expected: the striugency
anticipated this fall having thus far
mot materalized. The surplus reserve
of New York hanks IS now down TO
a rather low level. but regular trade
demands are less than usual. and
bankers are persistently discOurag-
ing undue speculation. IL Is quite
possible that firm spells may be ex-
perienced between now and the first
of January. but no Crisis is antici-
pated. Perhaps the worst feature in
the situation Is the excess of loans
over deposits observed in recent
bank statements In various parts OF
the country. This is a significant
development and will bear watching.
Money Is firm In Europe, which will
tend to discourage gold exports 70
this country. Our foreign trade.
however, is assuming more normal
proportions, and our exports OF agri-
cultural products especially are in
creasing noticeably. In September
they We're ahead Of last year. and Il
would cause no surprise II in October
they would also exceed last year in
value. Cotton shipments have been
rushed forward I'm anticipation OF a
deadlock over the cotton bill con-
troversy. After October 81 British
bankers will discontinue guarantee
ing cotton bills. unless some agree
ment is made with bankers on this
side. OF course some settlement Is
inevitable; for Britain is just as
much in need Of our cotton as We OF
her money. The latest project is
the creation OF a corporation 10
guarantee cotton bills upon terms
agreed to by both side. Neverthe-
less, n deadlock or trial OF strength
may happen before reaching a settle
ment. and the rush movement OF cot
ton which is now going on is no
doubt to enable the British bankers
to take a firmer stand, II necessary.
Business.
General business Is Quiet and
smaller in volume than a year ago.
There has been a large shrinkage IN
bank elearings. amounting 20 16 per
cent In the month OF September.
This. however. is explained by a
OF 26 per cent In the
clearings at New York. which alone
more than half the entire
clearings OF the country. In this city
the loss in clearings was. Of course,
very largely due to diminished specu-
lative activity. IN other leadingI
cities the decline for the month was
much less noticeable For instance,
Philadelphia showed a loss of 5 per
cent, Boston 5 per cent and Chicago
4 per cent. while Baltimore showed
an increase of 16 per cent. Kansas
City S per cent. Minneapolis II per
cent. San Francisco 10 per cent. Los
q. per cent, St. Louis 2 per
cent. New Orleans 4 per cent. Gal
weston. 80 per cent and Atlanta / 3
per cent. Taken by sections. the
Middle States showed a decrease In
OF % per cent, New Eng
land per cent and the Middle West
ern States only per cent, while
other Western states shok an In
crease of 9 per cent. the Pacific
States an increase of 3 per cent. Il
will thus be seen that New York Is
still the great center of depression;
that the further away one travels
from this city, the less the reaction;
and that in many cities. especially In
the West and South. the volume OF
business is still considerably ahead
Of last year. When comparing clear
ings some allowance must be made
for the fact that values are generally
on a lower plane than a year ago. In
the iron trade recationary symptoms
are still observable owing to much
Of the present capacity being unem-
ployed. and lower prices are needed
to stimulate orders. Somewhat more
activity is observable in cotton
goods, due rather to buyers recog-
nlzing. the scarity OF cotton than 20
any increase In consumption OF cot
ton fabrics.
The present situation as a whole
more cheerfulness. The
is still passing through a
period of readjustment, evidently
not entirely completed. In all prob
ability it is going to be a quiet win
ter for trade at large. The disasters
so long expected, however, have not
occurred; and the outlook for a
solution of some Of the
graver economic problems Of the day
Is more encouraging than has been
the case for many months. Industry
Is taking a compulsory rest after a
prolonged period of excessive &C
tivity. Under the new conditions we
should ere long be accommodating a
fresh supply of capital. Investors
have withheld from the market for
so long a period that funds must be
accumulating. Undigested issues
must be in process of assimilation.
Banking opinion may still be divided