The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1912-11-18
HENRY cLEws AND BusINE SIS.

Stocks appear to be awaiting the
further outcome of current events be-
fore making any decided movement
in either direction. This weeks
fluctuations were largely the result
OF strong local manipulation. and net
changes were unimportant In intrin-
sic conditions there we're practically
no changes. Tho country is still feel
ing the stimulus Of tremendous crops,
and from the Atlantic to the Pacific,
as from Canada to the Gulf 4 Mexico.
some encouraging reports OF domestic
trade expansion. In many cases the
reports are exceed ng.y optimistic,
and beyond doubt the United States
Is enjoying the widest degree Of trade
activity In Its history. It cannot be
said that profits are universally nber-
al Some concerns, 1t is true, ere en-.
Toying the greatest prosperity in their
history; while on the other hand
some establishments are not getting
their full share. The fact is that ow-
ing to the increased cost Of doing
business many large concerns are not
getting their quota OF prosperity.
This applies partially to the rail
roads. Their gross earning show
most gratifying gains. but net results
are not by any means corresponding
| " satisfactory owing to the tremend-
GUS increase in expenses In brief,
while the country is enjoying great
prosperity. the results are more I'M
evenly distributed than usual.
The European situation, which has
| long been a vital factor in this mar
ket, shows decided Improvement. The
Balkan war appears to be practically
ended, and diplomacy may safely be
| depended upon to work out its re-
suits without serious difficulties be-
tween the great powers Temporary
| friction may ensue, rut 1t Is very evil
dent that England. Germany, Russia
and France are strenuou II opposed
/ to war. Calm consideration of the
| problems to be seived plainly shows
/ inadequate occasion for any such
calamity; and it should not be for
gotten that all the great industrial
nations of Europe are so preoccupied
with Industrial activity and national
| Development that war is altogether
1 too serious an inter. upton 20 receive
serious consideration. The great
bankers of Europe are in 10 way dis
posed to finance a ruinous European
war, and they are likely to control
the situation, for upon them depends
1.-THE raising of the sinews of war.
AS a result OF more peaceful ten
ldencies conditions have improved in
i the international money markets.
! There is Tess fear of financial disas-
tier and the situation has been ma
4 terially strengthened by the liauida-
tion of unwholesome speculation.
Firm rates are ruling in all the for
leigh money markets. the great banks
/ being disposed to maintain present
high discount rates; an attitude which
of course, discourages the possibility
of gold exports to the United States.
a better feeling, however. has result
ed from Europe's repurchasing some
Eof our stocks sold month ago. In
the local money market somewhat
more comfortable conditions prevail.
GOOD rates are likely to continue for
some time to come, but no stringency
/ is In sight, at least before the usual
preparations for January disburse-
ments.
/ In two weeks congress will reas-
lsemble. 1t will be but short SEES
lsion, and no important legislation af-
lfecting business is to be expected.
/ The business world has had enough
of trust-busting" and 'tariff-smash-
ling" Reform may be necessary in
both these directions, but it should
come gradually and not violently
/ Systems and tendencies which have
been at work for years cannot be or
erturned in day without injury to
all concerned. Some effort may be
attempted at banking reform, which,
If carried out on sound and non-sen-
sational lines, should be encouraged.
We have had altogether too much
trlfling with banking institutions for
PCllliSoi VilSNtt pio VIC soOAOA OAA
politicians learn the danger of play
ing with credit the better for all con-
cerned. Nothing Is more sensitive
than credit. The tariff problem viii,
of course, remain for adjustment by
the incoming administration. Presi-
dent-elect.
Tariff revision is certainty, hence
manufacturer and merchant alike de-
sire to know when and how far re-
vision will go. If Mr.. Wilson's wishes
are obeyed revision will be moder-
ate and of character least disturb
ing to established industry. II this
be the case, the sooner the change
tho better There is genera scar
city of merchandise throughout the
country, which the restraint upon
production and importation imposed
iby uncertainty will simply aggravate.
When our manufacturers know what
ITO expect they will be free to go for
ward with plans for engagements
and new enterprises. Until that deci-
sion is reached all important opera