The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-04-24
= A BOOM INEvITARLEP

Henry Clews is to the business world
what Willis T. Moore is to the weather
From his place in Wall street he n axes
his forecasts of fair or foul conditions
in the commercial sky At this time he
is unable to discern SO much as a cloud
in the business world In the latest is
sue of his weekly financial review he
says.
The buoyant movement continues,
and there seems to be no limit to the
extremes to which the speculative ten
denotes may carry prices The market
has passed beyond the control of colo,
calculating reason. and seems to be ca
reering along at an Intoxicating gait
which promises TO last until accident
or sheer exhaustion brings the public 10
its senses Conditions are certainly IA
vorable to a period of excessive specula-
ton, and this fact must be admitted
Irrespective of the opinions of ordinary
prudence With prosperity general:
with money plentiful at reasonable
rates; with the speculative temper at
high pitch, and WITH larger aggrega-
lions of capital than ever before known
working with all the irresistible power
of a tremendous force, it is not surpris-
ing that values are IN ade to soar up
once it is fairly developed, than the f.
yer of speculation. and. like fevers Of
other sorts, it must run its course.
At the present time much of the buy
ing is based upon the belief that the big
capitalists and syndicates are obliged
to support the market. rather than al
low the various deals which they have
in contemplation to collapse. Let one
or two weak spots Of Importance de-
velop. let one or two important deals
fall through, and the whole bull move
ment would be checked. and the results
or a StlT reaction Just now would be
disastrous Fortunately no weak spots
Of consequence are at present to be de-
tected. There are no signs vet that
speculation has been carried to dan
geFOuS excess, or that financial re-
sources have vet been wea kened If
speculation has surpassed the record it
must be remembered that it is simply
keeping step with record breaking
times. and that in the large majority OF
instances the advances in stocks have
been justified by their increased earn
ing powers and the abundance OF
money
There are now no symptoms Of any
disturbance in the money market, funds
are likely to become still more album
dant, owing to the return of currency
from the interior.
The exports from the United States
continue very heavy, but for the second
time they show a cOnsiderab BILE decline,
the total for March being 1924. 90o. 900
against $l34 100, 600 in 1900, q decrease of
over 100000 In February they showed
decrease of over 5000, 600. Our inn
ports have exhibited a steady decline
for the last eight months, amounting to
ONGL %-rtyVeVtNUu. w ME the larger crop
In imports leaves a favorable trade bal
ance, the change in the current of our
International trade movement is sig
nihcant. Possibly it may prove only
temporary, yet it seems likely that high
prices here and business reaction
abroad have brought about this loss in
exports The diminution in imports can
only be attributed to our having an
ample supply of the articles we usually
import. or that we are more and more
producing them for ourselves We are
SO accustomed to measure our foreign
trade by values only that it is desirable
TO occasionally take account Of quanti-
ties. Much of the increase in exports
has unquestionably been due to high
prices, especially in the case of cotton.
Export prices, however, have latterly
been tending downward, and there is a
likelihood of this movement continuing.
which may further stimulate the vol
uTT1e Of exports. In the last eight
months We have shipped 13 800 coo bush
els less corn than in the same time last
year, 1860, 600 bushels more wheat about
the same quantity of flour. 3O4 GOO bales
more cotton about one-half the guam
Ity OF cotton goods. an increase OF 12f.-
100000 pounds of iron and steel pro-
ducts. an increase of 43. GEO tons of steel
provisions, decrease of 1000 600
pounds OF copper, a decrease of "a. 000, COO
pounds Of tobacco, and increases Of
$4,000 tons of coal. 1000 600 pounds of
zinc and 2s.000000 Of wood pulp. These
figures show much irregularitv. but a.
the total foreign tonnage increased $751;
QUO tons during the eight months re-
viewed, Il IL safe to assume there has
been no general or important falling off
in Our export trade. The United States
IS still on the top wave Of prosperity
while Great Britain and Germany two
of our best customers are Certainly ex-
per1enclng more or less reactions condi-
tons not ideally favorable for the slim
illus OF exports.