The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1914-08-17
OPENING WATER WAYS
Will Have Important Bearing on
Trade condltions-Unlted
States Only Country
Free From Curse.

y
basis. The initial shock to business
has been safely passed without grave
disaster on this side, and as a peo-
pie We are now gradually resuming
such activities as can and must be
carried on in spite of the war The
strong efforts to steady the general
situation emanating from leaders in
the business world are having their
benef1cent effect. Courage. considera-
ton and cooperation are working
wonders In restoring or readjusting
trade movements. The most import
ant relief thus far obtained is the
announcement that Great Britain has
communication. with the prospect
than other avenues Of sea transport
may soon be reasonably safe for COM
merce. We will shortly be able to
ship our surplus wheat and cotton.
for which we need the proceeds quite
as much as Europe will need the
products. There has also been con-
siderable relief in the foreign ex-
change situation, although that
branch of commerce is still badly de-
moralized. The establishment Of the
moratorium abroad leaves interna-
tional transactions in a state of de-
plorable confusion: but these are the
best exigencies Of war and must be
faced as best they can for some time
to come. Financial London has par
TALLY recovered its equilibrium, and
the reduction of the Bank of England
rate is decidedly reassuring symp-
from the appointment Of the commit
credit agency at Ottawa will be ma
terially helpful both here and abroad.
The resumption of the London Stock
Exchange for business however is re-
mote; the impossibility Of closing up
transactions with many Of the prin-
cipal centers of Europe being prob.
There is no immediate prospect OF
opening the New York stock ex.
change, but much relief will result
from the appointment Of the commit
tee Of five to pass on the buying Of
securities for cash at not less than
the closing prices of July 30. This
will allow the completion Of many
legitimate contracts. and will prevent
any decentralization in security values
through excessive trading. Practical"
~ it means that this market will be
sustained at about the last prices Of
the 3Oth Of July when the New York
stock exchange closed. Extensive eff
forts have been made to safeguard
the money situation. and our bankers
are of course all exercising unusual
precautions in credit operations.
happily this country is in splendid
position to stand the strain imposed
by vast European war. It is but
reasonable that we should now place
fair estimate upon the offsets.
This country possesses an incalcul-
able advantage since It Is the greatest
civilized power entirely removed
from the possibility of being drawn
into the malestrom. Europe and the
rest Of the commercial world are
looking to the United States as never
before. While Europe cannot expect
the United States to finance the war.
we are quite likely to give important
aid in the matter Of extending credit
and relieving foreign bankers OF
their usual seasonal financing Of
American products We may even
find it to our advantage to aid finance
the war If such funds are used to pay
for our wheat, cotton, etc. Our sur
plus food supplies will be sold to
Europe at handsome profit The