The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1911-03-20

A much better undertone has devel-
oped on the stock exchange. Nothing
contributed more to this improvement
than the worldwide ease of money.
Loanable funds are abundant every
where. especially at this center, and
at exceptionally low rates. Some
slight hardening may be anticipated
previous to the April settlements, but
this will be purely temporary and low
rates are to be expected until the ap-
proach of our next harvest. Along
with this plethora of money goes a
material easing of the credit situation.
Good borrowers have no difficulty in
finding all necessary accommodation.
Under existing conditions it pays bet
ter to put money into good investment
paying Az to per cent than seeking
employment for money at one half of
those rates. Many financial institu-
tons recognize this situation and have
been charging their holdings of good
stocks and bonds. While these condi-
tons last it will be difficult to keep
stocks at their present level, provid-
ed misfortunes do not intervene.
A Favorable feature is the steady
improvement of the bank situation as
shown by the last bank call from the
comptroller at Washington. In New
York deposits have gained over $780,
000,000 since the call two months ago,
while the Chicago banks reported a
gain of over S70,OOO,0O0 during the
same period. The loans at New York
increased during this period S124.000,-
900 and at Chicago S30.000,000.
Another important feature of slow.
but far reaching effect is the improved
situation of our foreign trade. Our
exports are rapidly returning to nor
NAL and healthy conditions. In Feb
ruary our shipments abroad of mer-
chandise aggregated $176,O00,000, or
S51 100000 more than a year ago. I'M
portations during the same period
amounted to s121, 10000. a decrease of
So, 400. 900 compared with last year.
This meant an excess of S54, 100000 in
exports as against an excess of 3d.
500, 900 in imports in 1910 and an ex-
cess of $4,000 in exports in 1909.
This is certainly a most encouraging
exhibit and has immensely strengthen
ed our credit abroad. OF the total eX-
ports in February SSS,0OO,00 or one
half of the whole consisted of food
products, mineral oils and cotton. A
year ago these articles amounted only
to S50,000,0O0 in value. The bulk of
this increase however occurred in cot
ton. which was valued at s5S,Ooo.0o
in February, 1911, compared with s24,.
100000 in 1910. Our dependence on
single article. such as, cotton, as an
export is perhaps the least desirable
feature in the foreign trade situation,
because cotton shipments must soon
decline until the next crop begins to
move. Yet the increase in breadstuffs
from 100000 in February, 1910, TO
Sill Zoo. 900 in February. 1911, must be
accepted as satisfactory sequence OF
declining prices: and it is also to be
remembered that our exports of man
ufactures, especially iron and steel are
Still further evidence that the need
ed economic reimbursement is progress
ing will be found in observation OF
the tendency in commodity prices. The
latter show a persistent dropping ten.
dency. Bradstreet's index number has
declined over Il per cent during the
last fifteen months, while index fig