The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1902-08-18
drawing unnecessary sums from the

drawing unnecessary sums from the
market. Gold imports are not at all
improbable in case of severe stringency;
for the three great banks of England.
Germany and France are all well sup
piled with gold, especially the Bank of
France, which is carrying the largest
amount in its history, and if the prec-
iOuS metal is needed here it will quick
ly come in spite of our present increas-
ing Indebtedness to Europe. The latter,
there is excellent reason for believing,
we shall soon be reducing by payments
in grain and cotton. AS for liquidation
by any of the great syndicates now in
operation, that is a puzzle beyond solu-
ton. Some of the securities so held
may be gradually distributed, thus re-
leasing important sums; but it must be
mendous railroad deals in progress
which tie up enormous sums of money.
to say nothing of the Northern securi-
ties case, which is an important though
silent factor in the market How far
the stock market magnates may be
able to increase the supply of loanable
funds when they desire, it is impossible
to estimate, but it is not believed that
they will choose a time when crop and
business demands are at their highest.
I look, therefore, for a firm money mar
ket without any ap-prehensions regard
ing the future, provided misguided, too
previous bull enthusiasm is only held
firmly in check In fact. high rates
for money would prove a wholesome
restraint upon many of the questionable
schemes which are now being foated,
and which bankers owe it to their trust
to seriously discourage by every legiti-
mate means at their command.
The actual results of a good harvest
are difficult to accurately measure Just
now. Our crops will not be entirely free
from danger by frost for another three
or four weeks; and this being an excep-
tionally cool season such contingency
is the more imminent. Some diminu-
ton of the splendid Indications of the
last government crop report, however.
need cause no surprise should it come.
According to the August government
report the outlook is for the largest
crop of corr on record, the second larg-
est crop of wheat, a big oats crop and
a large cotton crop. the yield of many
other crops also being above the aver
e If we have crops of $50, 600. O0(
bushels of wheat and $780, 600. 600 BUSH
els Of corn. there will be enormous
traffic in store for the railroads.; the
corn crop in the form of live stock, etc,
alone bein a big item in the freight
billsS But the armer are likely to
benefit even more than the railroads:
and, allowing for declines in prices OF
injury by frost. the owe of wheat
ceive $500, 900. 600 and $500, 900, 00t
/ more this year than last for their crops
What will be the effect of such a har-
vest upon business?. Inevitably it mus
IOB a - all0 Oh
accounts from the west are noticeable
| for confidence and expectations of an.
| other year of prosperity Unfortunately
| these prospects are not fully shared il
the east, where strikes have checked
| improvement, and in the south progress!
| is less pronounced. Yet there is a larg'
home demand for foodstuffs. and W,
are likely to find a good export inquir,
for our corn and cotton, though Europ'
is not in as great need Of our wheat al
| last year.
The stock market appears to be in
sound and strong condition Effort
may be made by minor cliques or spe
ulators to put up prices, but buyer
should wait to ascertain the movement
of the real eaders. who will prObabl.
their time for the most favoFabl
opportunities. Until the monetary out
look is more assuring. selling on all tn
sharp rallies IS the most advisabl
course. Squalls may thus be safel.
avoided.