The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1915-08-02

gregated $1,674 1900, OOO,, q decrease OF
$z19,00O,000 during the twelve months.
These figures left an excess of 81 ,O94,'
100000 in exports, or $623,0O00 600 more
than year ago. They are about what
was expected, and plainly reflect the
abnormal difficulties under which for
eigp trade is conducted. At the NOM
ent the foreign exchange situation is
less acute, but in few weeks the
outward movement of grain and cot
ton will begin and the shipments of
war munitions will continue to expand
for months to come; SO that in the aD'
heavy excess OF exports must be an
ticipated for the remainder OF the
year.
All indications on the stock ex-
change point to reviving activity.
Transactions have been largely trans
ferred to the war group, which now
constitute one-half to three-quarters
Of the daily dealings. The advances
in these shares have been extremely
sensational In some instances they
may be justified on account Of the
enormous and very profitable COZ.
tracts for ammunitions which 1t -
known have been secured. The diff
ficulty of securing accurate informa.
ton regarding these contracts. how
ever, AFFORDS abundant room for ex-
aggeration and MISREPRESENTATION
Naturally the speculative spirit has
been keenly aroused. Some of the
advances may be justifable, others are
undoubtedly exceptional, and caution
Is particularly urged in operations IL
these shares. A healthy feature has
been the widening activity ana
strength of some Of the leading rail-
road issues, which have long been
neglected. At the moment railroad
traffic is still ,elow normal, but indica-
lions point to an early recovery which,
coupled with better rates. will prob
ably prove turning point for the rail-
roads. Dividend rumors, both favor
able and unfayorable, have been cu:-
rent respecting some OF the promin-
ent issues, but the more frequent
movement in net results has impart-
ed decidedly better tone in railroad
shares, and some substantial recov'
cries have already taken place.
The general business situation at
couraging. We are sure of good crops
and good prices. The activity Of the
steel trade which Is now running at
nearly 80 per cent capacity is also
helpful business factor, especially In
view OF better prices. Throughout the
agricultural districts and the manu-
featuring districts there will unques.
tionably be greater prosperity than a
year ago. The purchasing power OF
the people Is increasing. Owing to
the war and its SOLDERING Influences.
economy in both the home and the
shop has become general. Savings are
undoubtedly accommodating. Theaa
would seek investment If conditions
were only more settled and propitious.
The war, however, and its grave pos
sibilities impose decided restraint
upon all new investments and new
enterprises. For the time being in
vestors prefer to place their funds in
securities Of proved stability ami
profit; the exception being the ven
turesome few who are stalking their
chances upon industriais receiving
war orders: Loanable funds are plen-
tiful and easy money with prospects
of its continuance is also a stimulat-
ing factor of considerable Importance.
In the steel trade, although activity
is largely due to war orders, the rail-
roads have been more ready purchas-
ers. So, too, have the building inter-
eSIS, WHOSE nave DcSu uoiA
back in the hope Of securing bedrock
prices. Apparently these were reach.
ed some time ago: hence the outcon-
ing of belated buyers. Reports from
the interior indicate a wider distribr-
ton in all staple products, and the
cotton goods trade has opened tina
season with encouraging results. Mum.
erous strikes occurred in various paris
of the country, frequently ending i'll
concessions to labor which is usual
ly we'll employed and securing an in
crease of prosperity wherever the lat.
ter exists.
The chief object of concern is, Of
course, our relations with German
These are likely to assume a more
friendly aspect. The hope that Dip
lomatic break will be escaped is the
sincere wish of every true Ameri-
can. Everyone should stand by the
president in his efforts to preserv
peace Nevertheless, the situation /,
full of dangerous possibilities, which
at any time might have an important
effect upon the market The Excess
sive activity in the war stocks is an
element of danger The outlook IS
for an active market for some time to
come. Ordinary home conditions ara
favorable to higher prices, but the In.
f1uences at work are so complex and
CO al oil that ovrorffarol