The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1912-09-11
Henry Clews and Business

NEW YORK. Sept. 1o.--Money,
crops and politics dominate the stock
market. While the west, encouraged
by plentiful harvests ia boldly pre-
pairing for active fall and winter trade,
the east is timilly bordering over In
creased money requirements. the pos
sibiiity of killing frost and continued
unsettled political tendencies.
All indications point to an active
money market this fall High but not
stringent rates may be anticipated,
crop and trade requirements alike
being mountaineering. Interior banks
are already we'll loaned up. and east
ern banks find their reserves much
reduced at the beginning of the sea
son. For some time past large sums
of Canadian money have been on de
post In New York, but these are being
Withdrawn for similar reasons to our
own. Hence the recent exports. OF
gold to Canada, which may be follow
ed by other shipments. Local money
conditions induced decline In for
eign exchange and larger offerings OF
finance bills. Very shortly larger
supply of cotton and grain bills will
be in evidence, SO that Europe will be
| in position to aid our seasonal finan-
cial requirements. Gold imports are
already in prospect. Germany is not
likely to get much financial aid in
! New York this season. Higher inter-
est rates are also having the effect
of inducing banks to lessen their
holdings OF high grade bonds. All
| things considered. the monetary out
| look is satisfactory Current demands
are merely for the purpose of satisfy
in legitimate requirements, not unde-
sirable speculation. and lenders at
least will secure more profitable
rates.
Advices from the interior are in
creasingly encouraging. bank clear
ings for August showing a gain OF
over 9 per cent compared with last
year Mercantile houses with scar
cely an exception report an active
demand by consumers for both neces-
stiles and Injuries. Railroad earnings
also testify to trade expansion, thir-
Ity-seven roads reporting for the third
week of August an increase OF s per
lcent over last year. Better results
should come later. Importations con-
tinue very heavy; the increases being
in raw materials for American manu-
features and also in articles of lux
ury, such as precious stones, etc. The
dry goods trade at the interior is I'M
usually active, and jobbers report
satisfactory distribution in all classes
of clothing, both cotton and wooden.
/ There Is no abatement in the activity
4 OF steel. Orders at first hands are
Il somewhat less urgent, but many OF
the mills are running at about 50 per
cent of their capacity. They have
n orders for railroad and construction
enterprises that will keep them full,
occupied for months ahead, and this
week a stronger demand and higher
prices developed for semffinished
steel products. The steel trade con
tinues to lead all others in point Of
activity. Nevertheless, other lines Of
industry are generally well employed
This is demonstrated by the satisfac
tory profits reported by most OF tbs
large industrials, not to speak OF thu
extra dividends which many of then
have lately declared.
The crop outlook is still a mattel
of first consequence, for the two mos
important items, corn and cotton, ar
not yet beyond the reach Of uncertain
lty. Corn is somewhat late, and mus
face the dangers of frost. Septembe
Is is the usually earliest date for kill
/ ing frost, but this only touches tn
!, northernmost and comparatively IN
! important producing sections. Tn
zone OF greatest danger from frosts /
, that covered by Iowa, Wisconsin. Mir
. nesota, Nebraska and South Dakota
which states combined raise nearl
, one-quarter OF the crop. In this dis
j trist frost does not generally appea
until tuS i4diL "a oCPttLhpCA
: hence it will be another three week
Z at least before this section will b
entirely out of danger The presen
: outlook continues for a bumper GRO
t of 1000 000, 900 bushels, but no sui
/ prise should be created II some Sigh
l deterioration occurs during the pre-:
E ent month. Cotton is now facing it
( most critical period The government
T report showing decline of IL pc
d cent was about as expected. Septen
:. Der Is universally month OF deter
q ioration, the average decline in SET
TENDER for the last ten years bein
$ 62 points. Last September the deter
! ioration was only 1.8 points; the mex
government report may compel som
: modification Of recent optimistic e,
y pectations, which have gone consic
: erably beyond the 100000 bal
mark. The present situation for CO
). ton and corn is highly satisfactory
: but 1t will be imprudent to ignor
: the possibilities of considerable deter
:. ioration during the remainder of tn
season