The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1914-11-16

portant compensation for losses in
our export trade in other directions.
In fact our export trade is showing
very gratifying recovery; shipments
of foodstuffs and cotton abroad being
unusually heavy. The destruction
caused by the war will oblige Europe
to come here for food supplies to
large extent for months after the war
Is ended. This means that the Ameri-
can farmer will secure good prices
for his products, and the great grain
is promised at least another
year Of prosperity from this source
The United States does nor wish to
prosper at the expense of other ma
tons: but it is not in any sense re-
sponsible for the present destructive
war and cannot be expected to do
otherwise than gladly accept any ad-
vantages that may legitimately come
its way as the result OF terrible ca
tastrophe. This country is supplying
horses, blankets. saddlery. boots and
shoes. clothing, auto trucks and many
other forms of war material in
amounts that will run up into the
hundreds Of millions. At present
these are the only bright spots in our
industrial activity. The steel trade
continues much depressed and is run.
NAL capacity. Our textile industries
have been much disturbed by the cot
ton situation, and now the WOODEN in
dustry is threatened by the embargo
upon Australian wool. Our rail-
roads are suffering from the d Mninu-
ton of freight caused by slack bust
ness. The large number Of idle cars
and big decrease In untitled orders on
the books of the United States steel
corporation are unwelcome proofs of
business stagnation in the east. lndf-
cations, however, point to an early
especially in view Of better
money and credit conditions; al
though no very radical improvement
can be anticipated at once.
Congress will reopen with the COM
ing Of December, but the session will
be short one, and President Wilson
is expected to use his great influ-
ence in giving business much need
ed rest from legislative interference.
The railroad problem continues to be
a most urgent one; and unless the in
terstate commerce commission grants
appear to me q miscarriage of justice
at this trying time, as with diminish
in grevenues and an accumulation OF
deferred improvements. their hnan-
cial outlook is anything but encourag-
ing. Sound public policy certainly
suggests that the commission use it's
great power for the purpose of
strengthening rather than undermin-
ing American credit abroad.
OF late there has been much bet
ter investment demand for short
term notes, municipal bonds and
securities. The absorb
ton of these in the aggregate has
been very considerable during the
past two or three weeks, and would
suggest a corresponding improvement
in securities of the next grades With
to war conditions nearly
with confidence steadily re-
viving, with easy money in prospect.
there is good reason to anticipate a
revival in business and
a further recovery in security values.
Great Britain's moratorium expired
on the 4th inst, and without produc-
ing any commotion in financial cir
cles, which now justifies the belief
that there is no longer any cause for
regarding the financial
situation in London or in this country.
is the worlds monetary CEN
ter, hence favorable conditions there
are naturally reflected in New York
States. Call money in London is now
IL per cent and the discount rate in
the open market per cent The
amount of gold held by the Bank Of
England now is $345,OOO, 900, being
the largest sum ever held by that in
stitution. This showing by the Bank
of England, together with the money
rate in the open market while the ma
ton is engaged in a general European
war Involving, it is claimed, daily
of from $40,0O0,O00 to
$50 100000 by the various nations),
should relieve us Of any further I'M
easiness In connection with the finan !
cial situation. If London is SO COM
placant under the circumstances,
why should not business here go on
and with increased conf
dence from one end of the Land to
the other, especially as we are pro
vided by our crops with an abundance
Of all kinds Of food supplies for home
use and for export, and we also have
the machinery for the manufacture
of all classes of goods called for to
meet the requirements Of the gigantic /!
war, which gives us virtually a mon
cccl v0llNn1 !