The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1915-05-04
HENRY cLEws AND BUSINESS.


lin this direction has been much too
slow to satisfy the impatient; never
theless, there has been steady Tor
ward movement which cannot be over
Hooked, and the turn for the better
has really come This is clearly ex-
pressed in the new spirit Of confidence
|begotten by a reaction against polit-
icaI radicalism, by the more reason
able public attitude toward business,
by the establishment of the federal
reserve banking system, by the ad-
iustment Of our finances to a war
basis and by the unquestioned slim
illus of big war contracts.
As usual, the spirit OF commence
first manifested itself in the west,
where the bulk Of our $1o,0oo,ooo'ooo
of agricultural wealth and large
portion of our $2,000.OOO.000 mineral
wealth is annually produced. rms
vast section of our country possesses
in the soil an unfailing source OF
prosperity every year, and this season
that prospect is greatly enhanced 2Y
the certainty of securing good prices
fer all food and mineral products.
Western bankers. though still wiseiN
clinging to a large degree OF caution,
are daily becoming more and more
candid in their expressions of optlm'
ism, and advices all the way from the
Pacific coast to the Alleghanles are
almost uniformly hopeful. So, too.
are the reports OF travellers returning
from the California eXposltlons, I'M
pressed with the magnificent resources
of their own country. Not the least
of benefits to the United States from
the war, will be the spread of sucn
knowledge among our own people
American travellers and American IN
vestors will become better acquainted
with their own country, and for some
time to come will distribute their
srara funds at home instead OF
abroad: thus affording another new
stimulus to home industry which can
not be indefinitely held back. For
the frs. time in many months bank
clearings are showing an increase.
Last week the gain at all cities was
nearly ) per cent. Railroad earnings
are also exhibiting better results. sew
eral systems having shown encouras
ing gains in recent reports. Should
trade manifest the expected improve
ment, decided gain in net earnings
will develop as a result OF the better
rates now obtained.
Perhaps one Of the most significant
developments is the slow but sure i'm
provement In the steel trade. This at
first began as the result of heavy war
contracts. A healthier feature. how
ever, is the symptom of revival in the
demand for railroad material. 1t is
known that the railroads have been
making careful inquiries with view
to placing important equipment
orders. The Pennsylvania road has
already taken the initiative. This is
a natural, healthy and much more SAL
isfactory development than the de-
mand for war materials, although the
latter are vastly more profitable, and
have run into several hundred mil
lions. In consequence of these
changes, there has been much bett n
demand for pig iron, and sales OF over
100000 tons have been reported i'll
the last few day; in the Pittsburgh
district It would be erroneous to
create the impression that prosperity
has arrived in the steel industry;
neveTth eless, the point of extreme de-
preston has been passed and there
are the best of reasons for anticipat-
d
being in the right direction. In the
cotton goods trade signs of improve
ment are also visible, and manufac-
turers are securing better prices owing
partly to the rise in cotton and partly
to an actual increase in demand. The
cotton situation is still perpleXing, the
south feeling severely the restriction
upon exports imposed by the war. The
-,,1 i,,
acreage, although the incompleteness
of planting prevents any accurate est.-
mate at this time.
Our foreign trade continues active.
the heavy orders for munitions Of war
tending to Offset the declines II
breadstuffs and cotton which are usual
at this season of the year. There has
been some recovery in imports, the
result being that the excess in exports
at this time is running less pronounc-
ed than several weeks ago. IT is Qui'e
easy to attach too much importance
to our foreign trade, although it Is
a very vital factor in regulating prices
and providing a market for our sur
plus products. Let us remember our
imports and exports aggregate about
$4,000 100000 annually, compared with
s12 600. 900 600 of agricultural and
mineral products and $4,000, 5000 in
railroad earnings. a due sense Of
proportion is essential in reaching in
telligent conclusions. Securities have
been returned more freely this week,
particularly from London, and this will
tend to restrain imports OF gold. SO.
too. will the diminished expenditures
of tourists abroad which are always q
factor Of importance at this comm 3
| season.
| The monetary situation IN New YORK
is satisfactory. Rates are relatively
easy and the situation is such as to
stimulate imitation rather than con.
traction OF security values. One good
| feature of the market has bee, Nh I.