The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1913-01-13

c7>~-~~o
the last half of 1912. There is of
course the lull usual during the clos
ing days OF the year due to the holi-
days and the annual readjustments
and inventories; but underlying con-
ditions remain unchanged and the new
year takes over from the old the in
creased agricultural wealth resulting
from the big crops, the great activity
III the largest industries, especially
iron and steel, the augmented conf
dence in nearly all branches of do
nestle trade, the record breaking for
eign commerce and the full employ
ment of labor at high wages, insuring
large buying power With this legacy
from 1912, the maintenance of salts
factory volume of business, during at
least the earlier months of 1913, is
apparently assured. Further than
that even the most experienced fore
sight cannot safely prognosticate, for
much will depend this year. as always.
On the yield OF the farms and the de-
velopments in international and ma
tional governmental policies. When
it is said that bank clearings during
1912 increased 9.3 per cent over 1911
and &C per cent over 1910, and most
of the gain was made in the last six
months, some idea is obtained of the
immense advantage with which the
new year starts over the conditions ex-
isting twelve months ana twenty-four
months ago. Railroad traffic, more
over. is very heavy, the latest statis-
tics OF gross earnings showing a gain
of SIS per cent in the three weeks OF
December. The usual shut-dcwns In
the iron and steel trade at this season
have been very short because of the
great demand for all products. In the
cotton and wooden trades the seasonal
slackening of business indicates no
fundamental change in conditions, for
the outlook is an encouraging one, in
spite of probable tariff legislation. The
output is practically limited by the
capacity of the plants and the supply
of labor From all the leading cities,
both east and west, the end-of-the-
year advices are satisfactory in most
of the material points and generally
an optimistic spirit prevails. In cot
ton the two balancing factors are the
large port receipts, which confirm the
indications of crop second in size
only to that of the preceding year and
the big experts and domestic trade.
IN the shoe trade, with the exception
OF the holiday let-up, conditions are
excellent and production is near to
capacity. The stringency expected in
money at the year-end failed to mater
ialiZe. comparatively easy terms pre-
yailing both here and abroad. Partly
because Of the easier conditions local
", there was sharp advance in for
eign exchange; yet rates are still CON
siderably lover than last year. The
foreign commerce of the port of New
YORK in the latest week amounted to
S29, 3SS,T74 against s2S,99S. 6C2 in 1911
and S32,s43,648 in 1910. Exports were
larger and imports less than in 1911.
| Operations in iron and steel con
tinue practically at full capacity
There is still an urgent demand ir
I finished lines and premiums are read
lily paid for available material; crude
steel is very scarce, with but small
Itonnages on the open market fer Jan
uary and February. Wire products
ARE being held firmly at the revised
Quotations and heavy buying is noted
for the first quarter. Prompt structur
al material is quoted at s1.6o by var
ious mills. Merchant iron and stee
bars continue in strong demand, witt
contracts closed for the second quar-
ter, and sheets and tin plate ore NOV
ing briskly. There is no apparen
slowing up in railroad buying, add
stjonal purchases of about 25,o00 tons
fof rails being noted this week, to
gether with an export order for $1,000