The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1914-09-16

light, there seems no reason to sup
pose that the recovery that will In
evitably follow the current depression
that has been forced upon this coun-
| try by causes over which It has had
no control. will be rapid and substan-
tial. The governments report on the
grain crops which was published this
week Is certainly suggestive OF this
rapid recovery since II forecasts such
great prosperity among the farming
interests. which are the backbone OF
this country. The wheat crop has
virtually been harvested and final re-.
turns will show very close to q total
Of 9O000O,OO0 bushels II indeed that
unexampled mark is not exceeded
when the governments final harvest
returns are published In December.
Not only have our farmers an un-
precedented wheat yield, but as re-
suit Of the war they are to combine
the unusual factors of large yield at
high prices. There seems slight
reason to doubt that Europe will re-
quire every bushel OF wheat that We
can spare and will be willing to pay
correspondingly profitable prices to-
our farmers Meanwhile the corn crop
lis making good progress and is well
up to the average. although not q
record-marking one. The same may
be said Of the minor crops and in all
instances there is the same favorable
feature Of high prices. Cotton unfor-
tunately is necessarily depressed by
the war and must await the resump
ton Of business abroad before 1t can
be expected to move with normal free
dom. But the agricultural outlook as
q whole Is an excellent one-a fact
that should not be lost sight Of in any
analysis OF conditions that are likely
to attend the formal reopening of
stock exchange business.
Even should the war be carried on
for an extended period there are IA
voring features that are worthy OF
consideration. The Arst shock OF the
conflict has been experienced. World
wide efforts in governmental as well
as banking circles are in progress
looking to the resumption OF business.
There is now slight reason to expect
the destruction Of commerce by hos
tile ships as the seas have been clear
ed by the fleets OF the allies. Thus
the transportation problem for exports
and imports. of merchandise has been
very largely solved and efforts are
now being centered on the problem OF
providing the financial facilities nee
essary for a free movement OF foreign
trade When the latter has been ac-
complished a long stride will have
been made in the direction OF reduc-
ing the interference OF the European
conflict with stock exchange business.
In brief, the general situation may
be said to be working out favorably
for a resumption OF business on the
New York stock exchange on the.
basis OF safety and profit. The date
when business shall be officially re-
sumed can very properly be left to
the managers of the New York stock
exchange, who may be depended upon
to authorize a resumption of business
the very moment that the grave con-
Separations that are prime factors In
the general situation will permit A.
feature clearly needed in the work Of
construction Is the confidence OF In.
vestors in the soundness Of securities.
Railroad executives have this week
had a conference with President Will
son on the necessity OF securing adj
ditfonal revenue If they are to per-
| 41l ~
them in the direction of furnishing
adequate transportation facilities for
the country's proper DEVELOPMENT
The railroads In the nature Of things
must make constant demands for new
capital for extensions. But they cam
not obtain this capital unless they
can show a sound condition financial
purchase securities on a fair basis.
1t is to be hoped, therefore, that the
president and interstate commerce
commissioners will recognize the me-
cessities OF the railroads and permit
proper profits to be derived from the
transportation of merchandise. Pros
perity among the transportation lines.
will soon spread to other industries.
They are, for instance. by far the
largest customers OF the steel mills.
Hence, any ability to buy new mater
isl for extensions or improvements
could hardly fail to be reflected In the
steel trade. Railroad prosperity spells
general prosperity for the country and
should be encouraged by all who have
ap,r {nf,ioncA h0wavar great or email
The eastern roads obtain partial re-
lief in the recent rate decision. But
the relief was not sufficient. More
should be granted to include the rail.
road situation as whole. ~
After the experience of this devast-
a4ing and brutally cruel war on life
and property, no permanent peace can
be effected unless 1t provides for dis
armament Of all the nations involved,