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Show REVIEW OF BUSINESS. "The most important single element of improvement of business," busi-ness," says Henry Clews, "is the positive assurance of a bumper corn crop. As a result of the big corn yield, our Western farmers and merchants have each put on a spirit of renewed confidence, so that already the business outlook throughout the gTeat corn belt is showing show-ing real improvement. Pessimism, never so deep in the West as in the East, is now rapidly disappearing; for the farmers will be able to meet their obligations, and land speculation has received a wholesome whole-some quietus through the timely efforts exerted by interior bankers. Incoming advices from the West are all of a much more favorable nature na-ture than a few weeks ago." Hie New York banker, in reviewing the business outlook and commenting on influences at work to aid or retard industry, says : "Among the favorable political indications are the moderating of public hostility to corporations ; the belief that the Supremo Court will not destroy property rights, and the expectation that the railroads will secure reasonable treatment in their request for advanced rates. All of these considerations have combined to stimulate stim-ulate a revival of confidence in security markets. A somewhat better bet-ter demand for bonds has also recently developed. This is partly an indication of increased confidence, is partly 'due to accumulation accumula-tion of funds seeking investment and partly to a realization of the fact that bonds are really not endangered by any probable action which the Interstate Commerce Commission may take on the rate situation. President McCrea's thoroughly sound and temperate argument ar-gument in favor of better rates created a strong impression ; not only in investment circles, but also among shippers who are fighting all advances, among political leaders at Washington and among the petty politicians who have been ignorantly assuming that clubbing the railroads was good for vote-making. Everything now indicates that the railroad problem will be solved along lines of recognized rights of both railroads and shippers, and that justice will be dealt out as evenly a3 possible to each and every interest. "Our foreign trade is showing a very remarkable and satisfactory satis-factory change towards more normal conditions. In September our exports were valued at nearly $169,000,000. This was nearly $15,000,-000 $15,000,-000 in excess of last year, and was probably the heaviest September on record. The increase was partly due to heavy cotton shipments. Imports during the same month amounted to only $117,000,000, a decrease of nearly $4,000,000 compared with last year. Tho net result for the month was an excess of exports of $51,000,000, compared com-pared with $33,0000,000 in 1909 and nearly $41,000,000 in 190S. This change in the tendency of our foreign trade is wholesome and significant. ' ' The financial outlook is quite favorable as there is evidence of less stringency. "All anxiety about the local money market has now disappeared," says Financier Clews. "Temporary stringency may occur between now and the first of the year, and the importance of the advance in the Bank of England rate should not be overlooked. It. is a warning that must be heeded. If all reports are true, considerable con-siderable amounts of American finance bills have been placed abroad, and should Europe liquidate American stocks with any freedom we might find ourselves shortly exporting gold at a season when imports are customary. On the other hand, funds withdrawn for crop moving mov-ing purposes will soon begin to return from the West, and with" lower prices for commodities and the lessened activity of business there should be no scarcity of loanable funds. The excess of loans over deposits in some sections of the country is an indication of unsatisfactory un-satisfactory conditions which in time will probably right themselves. The fear of a local crisis which hung over this market all summer has now quietly disappeared. General business continues quiet, and it will be some weeks, if not several months, before the full effects of a good harvest display themselves, especially as the process of readjustment to new conditions is not entirely completed. After the elections it would not be surprising if a moderate resumption of activity was to occur. The improvement in the security market will undoubtedly act as a stimulant." |