The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1915-03-22
1t is the Most Striking and Most As
suring and All Features are
Working Out in Salts
factory Manner.
EXPORT BUSINESS BIG
Confidence Slowly Reviving and While
the Home Business Is Depress-
ed, There are Indications
Of Improvement.

NEW YORK, March 20.-The most
striking, also the most assuring, fact
in the outlook, is the remarkably
strong financial position of the United
States. Our fiscal affairs are thor
oughly modified upon "a war basis.
Nearly all the emergency currency Is
sued in the form OF Aldrich-Vreeland
notes or clearing house certificates has
been retired. Our banking system is
exceptionally strong; and the federal
reserve sy~tem, with minor excep-
tons, is working very satisfactorily.
Our gold supply is simply enormous,
reaching about $500, 100000, which
is vastly more than necessary for our
requirements. There is consequently
no need of our importing gold, al
though foreign exchange rates favor
such an influx. Our merchandise ex-
ports are upon an enormous scale
and promise to so continue FOR
months to come. AS imports are do
Ginning the trade balance in our favor
is steadily rising. To some extent,
the void in imports is being filed by
return of securities;> but much of the
balance remains on this side in the
form of foreign credits which are
steadily growing in Importance and
volume. New York for the time being
is the chief open money market in
the world, and all, or nearly all, of the
belligerents have established large
credits in this market to be used
chiefly for the purchase of munitions
of war. Until the war ends, COIL
tingency unhappily not yet in sight,
this situation will probably be main
tanned. The war Is still the dominat-
ing influence in our financial affairs,
and the United States is the only
country thus far receiving any Offset
ting advantage whatever from thu
staggering waste of life and property
now devastating Europe. Spring has
arrived and the struggle will now be
waged with renewed bitterness anl
vigor: no end being in sight at this
writing, except such as must develop
from exhaustion or breakdown.
The home business situation, while
far from satisfactory. shows improv-
ing tendencies at work. or course
business is depressed; that could not
be otherwise, circumstances consida--
ed: but the same policy is to make
the best of things and steer steady
course between blind optimism and
deadening pessimism. Confidence is
SLOWLY reviving. Many industrial
activities will resume with the COM
ing OF spring. Building operations are
already on a rising scale. The steel
trade is expanding slowly but surely,
and is now running on a 60 per cent
basis. Unusual quantities of manu-
featured steel are being exported;
also large quantities of war mater
falls. American ship owners are en-
joying positive boom, such as they
have not witnessed in years. Imple-
ment makers are beginning to feel eff
fleets of the prosperity enjoyed by
American farmers. which has done SO
much to Offset industrial depression in
other parts OF the country. Our cot
ton industry is working under better
conditions, thanks to 1essened uu-
certainty regarding raw materials and
labor. Our railroads, however. are
Still seriously hampered by diminish
ed revenues and Increased expendi-
lures, SO that the dividend outlook is
stin q problem for weakened lines
Nevertheless. It would seem AZ Il the
worst concerning the railroads had
already been experienced; md verv
important factor regarding their future
is the steady subsistence Of p0puIa-