The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1912-07-23

On the contrary, it is more than likely
| that any activity here and consequent
hardening OF rates would result in the
j withdrawal OF American funds now be-
/ ing used in the foreign markets.
Our own financial situation IS
sound and strong. affording excellent
basis for rising confidence. 1t is just
as well, however, to be prepared 70.
surprises In politics. because a CAM
paign of more than three months
duration is ahead of us and the politi-
cal weather-cock is VIGOROUSLY tickle.
Along with the steady elimination of
radical tendencies there is steady
trend OF conservative forces toward
| the reelection of Mr. Taft, whose
chances of success today are probab.
jly better than at any time since the
convention The prospect OF tariff re.
duction is. of course, the most dis
quieting element. and one that cannot
be escaped. Both sides are commit
tied to revision. yet there is no good
reason to anticipate that either party
will assume policy of destruction.
The sooner congress adiourns the
better. We have had further illus
tration of its inclination to mischief
by its unsound attitude on the Panama
Canal. The Hay-Pauncefote treaty
was mutual agreement in which we
freely consented to allow all nations
to use the canal on equal terms later
national treaties are sacred obliga-
tions not to be broken for trifles or
special interests. This treaty was a
price we paid for absolute control and
ownership. It is also similar to the
arrangement which has long existed
between Great Britain and ourselves
regarding the use of the Canadian
canals Once upon time the Cam
adams chafed under similar circum-
stance and sought preferential treat
ment for Canadian commerce on her
own waterways much as we have at
tempted lately. We protested and
Great Britain very promptly recogniz-
ed the justice of equal terms to all
users and the necessity of keepng the
treaty terms. The rule which NE in
sisted upon at that time NE MUST be
prepared to accept today Reputation
of treaty on such light grounds is
unthinkable by self-respecting ma
| ton.
| Complete returns are now at hand
| of our foreign commerce for the fiscal
] year ending June 80. Our total for.
/ eign trade amounted to s21,S57, 900, 900,
which was s2S0,U00,000 in excess of
the previous year, and much the larg
est on record Our exports in that
period were s2.204 100000, also rec
ord-breaking total, and S154,000000 in
/ excess of last year. Importations
broke the record, reaching $1,653, 000..
| 900, or sl2e.00U.000 in excess of last
/ year. These figures leave an excess of
exports over imports amounting to
$3.50, 00O, 900, which was only surpassed
once, in 1908, when the excess was
Is666;ooo,ooo.
J, The outlook is for an irregular mar
1 ket No very pronounced recessions
are to be anticipated and moderate
rallies seem probable. No sustained
i bull movement, however, is to be ex-
pectsd until the vacation absentees re-
turn and the political outlook be-
comes more clear. Leadership is still
I lacking There is good reason for a
confident undertone, but the financial
weather reports suggest rising bar
ometer or fair weather, with occasion
al light showers Investment condi-
tions are satisfactory and choice Sc
curities can be purchased with conf
dence on every reaction.
HENRY CLEWs.