The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1912-08-13
BUSINESS OUTLOOK.

plausible explanation is lack of s,lf-
ncfent courageous leadership. MANY
operators are absent on summer vaca-
tions, and Notwithstanding improved
political conditions considerable
portion OF our Industrial leaders re.
main fearful of coming legislation af-
fecting the tariff and trusts. In this
connection, however, it is highly as
surfing that candidates Of the two lead
Ing parties, one of which is sure to
De elected, are both moderate in their
ideas. Republican and Democratic
alike are agreed that tariff revision
/ downwards is imperative, but both
parties are committed to a moderate
treatment of the subject in order to
avoid disturbing consequences to bust
ness. Moderate action is also prom
Iised by both candidates in the treat
ment OF large corporations. Neither
party favors trust smashing. There
Is every reason, therefore, to antici-
pate the handling of these two great
problems In a manner that will be
least disturbing. II these promises
are faithfully fulfilled. it should mean
decline of extreme radicalism, which
proved such serious drag upon bust
ness enterprise for the past year or
two. In the west the disposition to
cut loose from politics Is much more
/ pronounced than here. This is be-
cause that section of the country is
more largely dependent upon crops
than the east, which relies chiefly up-
on the initiative of capital. AS soon
as business men understand upon what
lines to operate we may expect fresh
revival of enterprise Among the
timid there will be more or less hest
tation until after the election. or
even until the new congress assem-
bles in December, 1913.
Crops are now Of vastly more i'm
portance than politics. Each week
strengthens the outlook for a large
and profitable harvest Wheat is turn
ing out much better than expected,
/ the estimates of yield varying from
7oo,00o,000 to 750,o00,oo0 bushels. If
the latter results are obtained the
crop will exceed the previous high
record of 735,0o00Oo bushels in 1906.
For corn the outlook Is at least q
100000 bushels, and some estimates
predict that the crop of 1910, which
amounted to 2,SS6,00O,O00, will be sur.
passed. Corn, however, is somewhat
late and still in danger of early frost.
So that overconfidence In this respect
Is somewhat premature AS for cot
ton, the latest advices suggest yield
of about 100000 bales. This will
compare with 100000 bales last
year and 1867 600 bales in 1904, the
second largest crop. In addition we
have big crops of oats, hay, apples
and fruits generally. AS already stat
ed, the agricultural products Of the
country this year will probably reach
$4,000 100000, Or fully 100000, 900
more than year ago. No better
foundation for continued prosperity
could be desired.
General business shows tendency
towards increased activity. This is
particularly true in the northwest.
Dry goods jobbers are purchasing
more freely in anticipation of agri-
cultural prosperity In the manufac-
turing sections, particularly those de-
pending upon the steel industry. there
are also signs Of increasing business
expansion. Even in New England
where strikes in the textile industry
have caused special disturbances, the
outlook is improving. July bank
clearances in the United States in.
creased nearly s per cent In New
York City the increase for the month
was only Z per cent, financial in
activity having kept the gain smaller
than would otherwise have been the
case. At Boston, Chicago, st. Louis,
San Francisco, New Orleans and all
other trade centers there were salts
factory gains for the month In Can
ada bank clearings in July increased
more than % per cent over 1911.
In the third week of July forty-one
roads reported an increase of over S
per cent in earnings, and railroad
managers are confidently expecting
still better results in August and Sep
TENDER. Some of the less fayorably
situated railroads are making very
: poor net returns-the Hartman lines,
: for instance lbut when traffic in
creases. as now seems certain. these
losses should be reduced if, indeed,
they do not entirely disappear. There
is likely to be hardening of money
rates arising from increased trade
: and crop requirements. From now on
the latter are sure to extend For
tunately the European markets show
easier tendencies, which will of course
tend to keep dow interest rates. and
no injurious sfringency is in pros
pect Our balances abroad have al
} ready been considerably reduced.
Among investors there is decided
tendency to seek investments pro-