Pine Bluff daily graphic., 1917-10-14
CLEW,S REVIEW OF TRADE.
Our Foreign Trade Is Returning to
 More Normal Conditions.

In the review of the last week in
 financial and trade circles, Henry
 Claw & Co.,, the New York bankers,
 say in part:
 "The downward trend of values continued another week with but slieht intermissjon. Explanations are
 profuse all, or nearly all, havlng their origin in the war and it's ef- fects. Derangement of the money market is the inevitable and most conspicuous influence. It is almost
 superfluous to remark that billions of money cannot be diverted from productive channels to destructive purposes without serious disturbance anG extensive readjustment. The lat ter process is now going on at a rapid pace, although much confused by unnumerable conflicting currents.
 There are number of encourag- ing influences which for the time
 being are disregarded. Our magnifi-
 cent and extraordinarily profitable harvest is striking instance. The country has been favored with 9 bumper crop of corn. of 3,21O,O00,00O huehelc, which compares with the previous high record Of , 124 ,000,00n bushels. Our wheat crop vas 659.- 0G0e00 bushels, CT -000D,O0o buGhel' in excess of last year, but consider
 ably below the record. The quality of fhe wheat is exceedingly fine, and l every bushel that can possibly be
 spared will be required by our A.
 lies.
 For wheat, corn. oats and cotton the prices are extraordinary hlgn, and our farmers will revel this sea-
 son in a prosperity never before
 equalled or even dreamed. The to- tai agricultural product Of the coun try is fairly estimated at abont $17,- 000 900 900 or S1S,000 100000. as against an estimate of s12,000, 900 ,00o made ia midsummer. The significance of these figures rests in the fact that the agricultural classes will be liberal ependers during the next six months. the effect of which will be to stimu- late the demand for all products con- sumed in the home.
 This prosperity will be distribut-
 cd throughout the West and the South. The Pacific Coast is also enjoying great business activity:
 while in the East the pressure upon
 industry to supply war materials and
 the high wages received in many de-
 partments of la Dor also insure q large consumption to meet domestic re- quirements. High prices will of course restrain demands in some quarters. falling as a positive hard ship upon those whose incomes lave not correspondingly enlarged The
 process of adjustment however is all ready at work. and will slowly de- Yelop more normal relations between
 supply and demand; probably by
 partly lowering prices and partly by advancing in wages.
 Our foreign trade is at last re-
 turning to more nolmal conditions.
 The exports in August aggregated s49n 000, 900, T decrease compared
 with last year of s2o,000,O00 due in part to the embargo placed by the
 government upon exports to neutra! countries. The imports during the
 same months were $27000G ,000, an increase of $71 100000.
 ''The decrease in exports and in crease iu imports will, if continued aid in placing our foreign trade up-
 on a more normal basis and improve
 the foreign exchange situation; though the latter must remain under the domination of huge foreign bor-
 rowings until the close of the war During the past eight months our
 exports aggregated $4,153, GOO ,0o0,
 while cur imports amounted to only
 S2,o490o0.0eo, leaving an abnormal
 end not altogether satisfactory ex- cess of experts"