The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1914-06-22

down so per cent Of its product inden-
nitely when rails, rolling stock and
other products are wearing ont under
ordinary use. Cur textile mills cannot
for ever keep their product below the
normal when consumption IL voing
along with little II any con.ractson-
The whole country has been UNDERGO
ine 4 procee Of semi-starvation. and
the exhaustion OF supplies Will ere,
long compel renewed activity In the
grain districts there il already feel
ing OF more or less buoyancy owing 20
the MAGNIFICENT wheat crop nov being
harvested The corn crop also prcnts-
es well: for, while there has been no
important increase in acreage and the
crop IS little backward as usual. the
condition is reported fine Fruit crops
are also satisfactory. The one import
ant crop which 1t present does not
promise well il cotton. the CONDITION OF
which is not entirely satisfactory
Furthermore the foreign demand for
this staple is likely to abate because
Of the depression In the British IN
dustry and the falling OF Ia Asf
nous exp0rt trade Our large expoteE
of gold. aggregating about $4,000 GOO
since the first Of January. have excited
some concern ON this side: much more
than Is necessary, for the outgo is not
much in excess of previous years, and
considerable OF this gold is likely TO
return later in the season when need
ed Further but not heavy shipments
are anticipated because OF our decreaS-
ing exports and increasing imports. al.
so because of our meeting many ma
turtles abroad Ia the form OF short
term notes and ether obligations Ere
quently at this season OF the year the
United States is borrower abroad In
the form of advance commercial bills
This feature Is absent this year, and
the bulk of our gold exports has been
taken by Europe to strengthen the
great banks over there. The Imperial
Bank OF Germany and The Bank OF
France have increased their holdings
very largely as result Of gold ship
ments from this side. Germany and
Russia have been building up their
supplies Of gold possibly as war
and the forthcoming Paris
ian loan Of 100000, 900 frs no doubt
has mad much to do with the large
shipments to that center. whittier most
Of the American gold has recently
gone. The financial situation in Paris
has greatly improved owing to better
political conditions, and London also
seems more cheerful, although that
center naturally feels more keenly
than any other the reactionary ten
denotes shown in various parts OF the
world, also the effects Of over-borrow-
ing by some Of the British colonies.
notably Canada which finds difficulty
In borrowing at that center and seems
to turn to New York. Slack
trade and easy money in Great Britain
will tend to check gold exports thence.
The local money situation has not
thus far been disturbed by gold ex-
ports. the only effect being slight
hardening in rates, chiefly In long
date obligations, July dividends are
estimated at over $26S. oO0. 900. de-
crease Of over $4,000. 900 compared
with a year ago. This decrease is
very unusual, and mus. be attributed
10 the passing or reduction of divfd-
ends by certain railroads and indus
trial corporations Another significant
ITEM is that the transactions on the
Stock Exchange since the opening OF
the year have been only $4,000, 900
shares against 100000 shares in
1913; while .he Stock Exchange trans
actions in bonds amount to about
e3500OO. 900 since the first Of January
Is against &270,00O,O00 a year ago.
HENRY CLEWS