The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1921-09-18


~ August. indicating substantial increase
proved one of the main features Of the busi-
ness world during the past week Exports Tor the
month were estimated at $37soooooo as compared with
s32Ioooooo in July and $57sS26oI for August OF last
year. Imports for the period totaed $Io4.oooooo as
compared with $I77,oooooo in July and $sIarII4SS IN
August, 1870.
The departments figures showed the gradual
growth in the volume of foreign trade in the past few
months to the August total, the highest Inquire since
March, when exports amounted to $3SooSo,34o. Ex-
ports in April toaled $34o364Io6 May $37o,7oo,s79,
June $336sos.6o6 and July $32o.7ooo74.
The gain in the country's balance of trade from
August foreign trade operations was estimated at
the of exports imports for the
month For the eight months ending with August
the gain in the balance of trade was estimated at
SL53688 2os8, against gain for the period last
year of $I,48o,S74,66o.
Exports for the eight months ending with August
totaed $323oo87,22I, compared with $5r475,3o3so3
for the eight months last year The volume of imports
for the period amounted to 1908 against
e5oo472s,o33 last year.
The volume of imports for August also the
highest since May. IN May the total imports
s2o4orI,ls6 in June $ISs7SIo34, in July $I7s6367I1
From January to June the volume of imports ranged
from $2oo,ooo,ooo to $25oooo,ooo.
Gold imports in August estimated by the
department at $86238o2o as compared with $64 100000
IN July WitH IeCeiPts III august vi 'a9t SS~i ~
sIs3777o4 For the eight months ending with August
the total imports $so2349s3I. as compared with
$I5o646,7so for the period last year.
Exports of gold for the month totaled $67I,652,
against $3735ooo in July and $24,oS6.IS2 in August
last year. while for the eight months period gold
ports toaled $II,oo7,r4s, against $24a,lo2s3s for the
same period last year.
Big Issue by Joint Land Banks.
The joint stock land banks have authorized the
issue Of $4,000 in ten to thirty year bonds with
interest at 81 per The first offering of these
bonds has just been made to private investors in
Chicago for the purpose of feeling OUT the market.
Within the ten days, it is reported here large
block of the 100000 bonds will be placed on the
market through group of bond houses.
It is reported that the bonds will be put out for
two purposes:
I. To provide $I2yooo,ooo with which to Gquidate
loans that have already been made farmers by the
commercial banks and
T. To raise $I8oooooo additional to loan to the
farmers. -.
During the closing hours of the last session of
Congress a bill was passed raising the maximum
interest payable farm loan bonds and joint
stock land bonds from to 5H per cent. This action
is expected to make easier for the banks dispose
of the bonds through the group of bond houses
lower interest rates have not proved to be attractive
Predicts Better Southern Trade.
Better conditions throughout the South during the
winter be expected according to Secretary Mellon,
result OF the recovery of cotton. The South's
purchasing power, he believed would be sustained at
least until spring and lessen the credit needs there
Mr. Mellon declared however, that the rise in the
price of cotton would have been generally bene-
fetal had it been due greater demand rather than
the decreased supply, but that the effect upon the
South for the present would be good
While the effects of the rise in cotton in other
sections of the country would be beneficial ncverthe-
less Mr. decIar fbere of