The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1914-07-28

The United States is large producer
Of gold, and is quite able to stand
considerable efflux without particular
strain. In the twelve months ending
June our excess of gold exports over
imports was s70.o0o.Oo0. This seems
like large amount. but It is not
much more than half of our annual
production. The gold has gone where
it was most needed in order to
strengthen weak spots.
Our foreign commerce returns for
the fiscal year ending June are not
without their encouraging features.
Our exports were valued at $2.364, 0OO.-
900, having been exceeded only once
in our history in 1913 when they
amounted to $2,465,o0o,o 900. Our i'm
ports during the twelve months
amounted to 1854 900. 600. beating all
records. the best previous year being
1918 when the total was s1,S13.O0O, 0oo.
The increase in imports was, OF
course, largely due to the lowering OF
the tariff, which made itself felt with
increasing force during the first six
months Of 1914. The loss In exports
was mainly caused by the shrinkage
IN agricultural products, which In
turn was partly result OF smaller
shipments and larger consumption at
home, thus lessening the surplus for
export. 1t would not be surprising II
our foreign trade soon turned hack to
normal conditions. which through low
er prices are becoming more favorable
to exports and less favorable to I'M
ports. It is estimated that we shall
hare fully 100000 900 bushels Of wheat
for export this year, or practically
three times the amount shipped
year ago. Heavy engagements for ex-
port-est imated at about 100000
bushels-have already been made this
week
The foreign situation is not entirely
satisfactory. Europe is still goins
through an economic reaction, al
though it does not promise to be very
severe or of extended duration. Like
ourselves Europe is suffering from dis
turbing political activities. The Bal
kan problem is still matter OF anx-
iety, and the Berlin and Vienna
bourses have been scenes of consider
able speculative activity for the de-
cline in consequence. This was no
doubt In anticipation of the threat OF
Austria against Servia. Paris has al
so been temporarily unsettled, partly
in sympathy with Berlin and partly
by the tend ancy of capital to leave
the country as result Of excessive
legislative hostility. London too is
in rather sober mood owing to the
Ulster difficulties and trade depres-
sion but conditions there are constd-
cred generally sound.
The outlook for this market is de-
cidedly confused. Were it not for the
las.k of confidence arising from lesis-
lative uncertainty. continued probing
OF certain large corporations and the
general slackness OF trade. this mar
kst would undoubtedly show more
resiliency as a result Of big crops and
cheap money, two factors which usual
! " act as a powerful stimulus upon
/ security values. 1t would certainly
seem as if the country is on the eve
! OF a change for the better. but it
would he imprudent to assert .nat the
turn Of the tide has yet come Mean.
while caution will be necessary in all
! financial operations, especially as Eu-
rope is showing signs Of alarm at the
severity OF treatment accorded our
railroads and other corporations. Con-
siderable selling Of American stocks
has occurred on this account during
the last few days.
These remarks of President Wilson
in connection with the Jones" incl
! dent are highly significant:
/ II believe that the judgment and de-
sire of the whole country cry out for
new temper in affairs The time has
come when Determinations against
particular classes OF men should be
absolutely laid aside and discarded as
unworthy Of the counsels of great
people.
THE effort for genuine social JUS
tice. for peace, the peace which Is
founded in common understandings.
and for prosperity, the prosperity OF
cooperation and mutual confidence,
should be unit without partisan pre-
JUDGE or class antagonism
at is only of such just and noble
elements that the welfare OF great
country can be composed. We have
b-eathed already too long the air OF
suspicion and distrust. The progress
of reform is not retarded by generos-
ity ane fairness"
These words are opportune. Ger
tatnIv the country needs "a new tenn
per in affairs and we have too long
breathed the ''ai- of suspicion and dis
trust"
HENRY CLEWS