Las Vegas optic., 1914-10-20

| lprOYement made In London finances
is greatly aiding progress here. The
Lancashire cotton trade must also be
gin to resume ere long. The world
outside of the war will still want vast
quantities of cotton goods, and the
present paralysis cannot continue in
definitely. British exports in August
fell to 924,OO0,OO against e44,OO0,-
900 year ago, while imports dropped
in the same period from e56OOO.OOO
Ito e42,0OO, 900. In September, how
ever there was an increase of nearly
e3 100000 in imports and E2,5O0,O0O
in exports compared with the preced-
ing month. German foreign trade has,
however suffered severely owing TO
the practical elimination Of her mer-
chant marine. RUSSIA and Austria
have also lost much of their foreign
trade. Ultimately the war will greatly
stimulate American foreign commerce.
Commercial conditions at home are
far from satisfactory The shock to
credit resulting from the war has en-
forced very material contraction in
business operations. Consumption Of
both luxuries and necessities, espe-
cially the former, is being severely cur
tailed by the necessity for economy
in family expenses. AT the same time
prcuction is also beng curtailed be
cause Of the check to new enterprises
and the scarcity OF orders arising from
the contraction Of credit Thus the
circles of diminished employment and
diminished consumption is exercising
it's baneful influence. Decreasing
bank clearings and railroad earnings
are further testimony which cannot
be ignored Of business reaction. The
ircn trade continues very dull, and
advices from Pittsburg report that the
INDUSTRY will soon be running at be-
low 50 per cent normal. Building per
nits in September we're fully one-third
less than a year ago. Such evidences
OF depression could easily be multi
Piled; but they are not very cheerful
reading, and it is just as well to re-
member that it is impossible for such
severe contraction to continue for any
very lengthy period. AS soon as the
credit situation becomes more normal
and more closely adjusted to the new
conditions brought on by war, i'm
proyement will follow. This may be
some weeks, or even some months dis
tant, and a period of depression more
or less severe may still have to be
endured, but the end thereof cannot
be far distant Conditions in this
country. it can be emphatically as
serted, are intrinsically sound. There
is little or no initiation. Liquidation
has eliminated all important weak
spots This years splendid harvest
has placed the agricultural classes of
this country in an exceptionally sound
condition. The south is perhaps
temporary exception, owing to the
fact that the market for its chief
staple. cotton, has been seriously inn
raired and upset. Even this is tenn
rorary matter, and if this years crop
car be successfully carried until Eu-
rcpean and domestic spindles more
nearly resume their tormer activities,
the crop will undoubtedly be saved
from sacrifice such as now threatens.
It is also to be noted that there was
a decided fall in commodities, as de-
by Bradstreets index
number which stood at 9,2416 October
frst. compared with 9.7577 for
month ago. Of the list of articles in
cluded in this index number, 50 re-
ceded, only 10 advanced and 40 re-
rnained stationary. The decline In
food stuffs was conspicuous fea-
ture. Textiles and metal products
also declined, and while up to this
date reactions have been confined to
the wholesale markets, there is no
reason why in due season the mar
kets should not feel the advantage
Of lower prices and a cheapened cost
Of living when retailers fall into line