The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1914-12-15
country's Finances Now Adjusted
Safely to the New Basis and Bet
ter Times Are Expected
to Follow.
EASIER LEGISLATION
Administration Indicates That capi-
tai Will Not be Harrassed by
Flood Of AntasonIstlc
Legislation.

NEW YORK. Dec. 12.-The stock
exchange has made another important
lstep toward complete resumption.
Dealings are openly restored on
stocks. with these restrictions: No
sales below minimum prices of July
both, dividend adjustment included;
and open trading only in the list OF
stocks specifically named. Dealings
will be permitted in nearly 200 out OF
the 565 shares listed on the New
York stock exchange.
This action marks the almost COM
plete mobilization of American finan-
ces on a war basis. Our financial
markets have at last successfully
emerged from perhaps the most criti-
cal period in history; and, thanks to
the sound and firm policy of the stock
exchange, the country has escaped
any serious financial distser. There
is no longer any danger OF panic, and
the future of prices must now he gov
erned by influences open to judgment
OF the public. Let us consider what
those influences are. The war natur-
ally remains the paramount consider
alton, but its effects have been amply
il not fully discounted. Indirectly its
course must have a decided influence
upon values; yet, until peace pros
rects become much more definite,
discrimination will have to be exer-
cised in the attitude toward securi-
ties. There is vast mass of Ameri-
can investments which are practically
beyond war Influences. These have
weathered the storm safely, and must
be among the first to recover from
late depression. Our neutrality and
our distance from the conflict are in
estimable advantages that should not
be forgotten.
Taking the war at, its fair value,
home Influences must be regarded as
the most important measure of intrfs-
tic values. The whole country, and
especially the west, is now feeling
the advantage of a good harvest. This
is particularly true Of the great wheat
tait, where the farmers are reaping
profitable prices for an enormous
yield Undoubtedly the war has
brought prosperity to the west, not
only in good prices for food products,
but also through liberal contracts for
army supplies in which the east has
very considerable share. The south
has been hurt by the war more than
any other section, owing to the low
price of cotton and the temporary
stoppage of exports. These condi-
lions, however, are being gradually
rectifed; the south is less dependent
upon a single crop than ever before,
and the problem Of financing the huge
16, 900, 000-bale crop is being surely
solved, and there is every indication
that before long consumption will be-
gin to recover the losses of the last
four months. There will be big sur
plus left over for next season, which
will necessitate a reduction Of acre
age in the coming crop; nevertheless
from the agricultural point OF view
the country as whole is sound and
prosperous.
AS to the Industrial situation, that
is still somewhat confused. Much Of
the current depression is due to lack
Of initiative on the part of our captains
OF industry. Their confidence has
beer severely shaken by the food Of
antagonistic legislation which swept
the country far and wide for several
years. Capital has most assuredly
been driven into hiding; enterprise Is
checked, and the number of unemploy-
ed consequently vastly increased. For
tunately, there are signs Of turn in
the tide in this respect. President
Wilson has wisely called halt; hav-
ing realized the harm Of such oppres-
sion. Henceforth the policy of the
government is to be helpful to bust
ness, and not detrimental With one
accord the entire country will look
forward eagerly to the fulfilment of
this promise.
A very important factor in this
problem OF "the government in bust
ness" Is the forthcoming decision Of
the interstate commerce commission
1t is an old story-the impairment of
railroad credit; the stoppage of i'm
provements, and the cramping OF pub
lie facilities-and argument is now
useless 1t is the decision that is
wanted. The president has made it
known that he favors more consider
ate policy to the transportation lines:
and there is reason to hope that, with
public opinion and fair play so heav-
fly on HIS side, some concessions will
be allowed the railroads.
Attention should now be turned to
the great steel industry which has al
ways been among the very best of
trade barometers. Production for
months has been running at less than
half our national capacity. This means
that al, railroads and all other large