The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1913-01-20
cLEW,s TRADE REVIEW.

/
cLEW'S TRADE REVIEW.
NEW YORK, Jan. IS, l9l3.-The
financial horizon is still obscured by
occasional shadows 4 hitch In peace
negotiations in Europe and an uncer
Il tain political situation at home serv
ed to impede the improvement In
Wall street that should have followed
easier conditions in the local money
market. Among the incidents having
decidedly restraining effect upon
business in general are the nossibili-
TIES connected with q coming change
i in the administration and the disclos-
ures made by various public inyesti-
1 cations. Adverse supreme court de-
cisions have long ago been cheerful
~ accepted, and our great corpora
tons are doing their utmost to con-
/ form with the law. The tariff has
been and will be source OF restraint
until 1t is definitely known what
changes are intended. but the feeling
Is growing tina. no ruinous reductions
/ in the schedules win be attempted
Some of President-elect. Wilson's re-
cent public utterances, which were
rather vague and threatening. came
as shock 10 business men, but II is
quite possible that they caused more
fright than is necessary. Mr.. Wilson
has since announced that he will vel
come all classes of business men in
conference while at the while house,
and if he proves as satisfactory
president as he has governor of New
Jersey there will be no cause for
alarm, Most public men talk more
freely out of office than in, and it
should not be forgotten that after all
congress makes our laws and not the
president; howsoever much POWER he
may have in crystallizing public opin-
ion.
A somewhat HI pochondriacai state
of the public mind Is one OF the I'M
pleasant features of today. The coun-
try has become so accustomed to self
introspection that it is abnormally
sensitive and pessimistic We are in
danger of losing cur self-poise and
warping our judgment. Ii Is high
time that public sentiment returned
TO the normal and recognized. no mat
ter what our current ills are, that
curative influences have been silently
at work for some time past, that
laws have already been passed which
would prevent the recurrence Of
many of the misdeeds now coming to-
the surface, and that the standards
OF business have yisibiy risen in CON
formfty with the change in public
opinion. Let It be remembered that
he prevailing tendency of the times
is for the evil to quickly come to the
surface. and that the disposition Of
sensational politics and journalism is
to exaggerate such affairs. The
sound things and the good things in
business life, as in home life, are ac-
cepted as q matter of course and at
tract TO attention, although thesI
largely predominant.
Trade condi ions at large are salts
factory. Occasionally there are symp-
toms of slowing down in business
much of which is customary at this
season of the year So far as the
merchandise markets are concerned,
there are few if any signs of oyerpro.
duction. The buying power Of the
country has been enormously enfan-
ced by the grea. crops of 1912, and
this stimulant has not by any means
exhausted itself. Our mills as rule
are still running full time. and are
frequently unable to make deliveries
promptly enough TO satisfy dis.ribu-
ters- The iron trade continues ac-
tive. and the outlook is for another
year Of large production. Bank clear
ings are heavy and still running about
10 per cent ahead of year ago Rail /
road earnings are well maintained
and showing increases OF consider /
ably more than 10 per cent over last
year. Our foreign trade is also in ex-
ceilent condition. exports and i'm
ports continuing large, although some
cessation has been anticipated In the
later owing to impending tariff re
auctions.
There has been further relief
monetary stringency- Funds have re-
turned freely from the west and cas-
Ter rates prevail The gtringency in
Paris has also gbsided, partly as a
result Of aid obtained from American
gold exports. and the ST nation there
Il now on a much sounder basis.
Whether more gold will 20 10 Europe
or not deDeadg Upon early develop
ments. II has beea estimated that We
should send At least s1o,000.0oo. Eu-
rope, howe7er, Is a large debtor 10
the United States. and any additional
exports Of gold would practically
amount to q further loan IN London
money rates are again hardening. The
foreign situation is Of particular in
terest 10 this market at present be
Cattle 0, these conditions, and II re
mains 70 be seen whether Europe will
send ~ merchandise. securities or
gold Ia settlement Of her current IN.
r-r4 =