The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1914-12-21


working in our favor. At present
gold imports are more probable than
exports.
Much encouragement can be found
in the course of our foreign trade. In
November the merchandise exports
amounted to s205, 100000 against
S194, zoe, 900 in October. In November
our imports totaled s126, 100000, COM
pared with $13s.0oo,O00 in October.
The excess of exports over imports
in November amounted to nearly $780,
100000, comrared with $56.ooo.000 in
October. This striking expansion in
exports was mainly the result Of heavy
shipments of foodstufs. Now that the
cotton embargo has been removed
that staple will go forward much more
freely to all Earts of Europe. Our ex-
port trade is also receiving stimulus
through the supplying of merchandise
formerly supplied by some of the
countries now at war. It wes recog-
nized that the European struggle
would create such an OPPORTUNITY for
American enterprise. and to some ex-
tent these expectations are already
being realized Ore of the chief OBJ
stacles to further expansion of foreign
trade is the temporary scarcity OF
ocean tonnage An enormous amount
of German tonnace has been entirely
withdrawn from the freight market.
and very considerable British ton
mage Is engaged in transport work for
the British government, thus causing
a very important though temporary
curtailment in the supply of shipping
facilities.
The situation at home shows sirns
Of improvement There is a decidedly
better sentiment in both financial
and commercial circles which must
rrecede any material Improvement
Confidence has improved perceptibly
and a partial resumption Of Industrial
activity Is occasionally noted for the
first time In the steel industry the
turn is apparently close at hand. il ii
has not already taken place. Prices
are exceedingly low, so low that
profits have almost vanished. and eth
err higher prices must follow or re-
duction in the cost OF production.
There has been a better inquiry for
pig iron. whic.- is welcome proof OF
better things to come in this basic
industry. Low prices and cheap mon
ey ought certainly to stimulate new
construction work. A somewhat sim
liar condition Of affairs exists In the
great textile industries. Prices have
declined to a point that seems likely
to materially encourage the demand
for staple fabrics. For some time past
the dry goods trade has been exceed
ingiy quiet, mainly owing to lessene7
public consumption. Adjustment to
rev tarin conditions and the ex-
IRENE fluctuations in cotton have also
tended to materially confuse this great
industry Cheap cotton. though un-
welcome to the south, has come as a
boon to the manufacturer and mater
tally aided the solution OF his many
perpIexities, caused by being caught
between high costs of production and
low selling prices.
! From Washington, which for the
past two years has been such a de-
pressing factor in the stock market.
the advices are mc-e encouraging. A
very decided change has taken place
In the attitude toward big business,
and there is no longer any desire to
unduly harass legitimate ENTERPRISE,
but rather to aid tie restoration Of
business to normal activity. This was
evidenced In the favorable decision OF
the interstate commerce commission.
The market is one that will require
close watching and much discretion in
the selectfon of investments. As al.
ready stated, money promises to be
cheap for some time to come, but cap
ital will command high rates because
OF the war Decisive engagements on
land or at sea will cause decided
fluctuations in this market Many Of
our own Industries will profit by the
war. and such securities are likely to
reflect this advantage. All purchases
should be made with close discnmin-
alton, the market still being exposed
I to the vicfssitudes of war; than which
nothing is more uncertain. Securities
with a large International market
should be handled with strict conserv.
atfsm. since too rapid advances will
surely encourage liquidation. Home
industry seems on the verge OF i'm
provement. The winter wheat acre
age is reported II per cent larger
than last year, while the cotton acre.
age will undoubtedly be much cur.
tailed.