The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1903-08-31
LOOKS TO FARMERS.
Henry Clews Says They Will
Tide Country Over Crisis.

Henry Clews says in his weekly
letter:
Diversions. such as yacht races, va
cations. ETC., have materially checked
these interferences, it is evident that
the big leaders are postponing opera
lions until crop and monetary condi-
lions are beyond uncertainty. Still an
other cause of inactivit. is that the
street has not yet fully recovered from
the severe fit of pessimism by which
it was attacked a few weeks ago; while
the public. as usual. awaits some posi-
tive indication of leadership before Ven-
turing with any freedom after such ex-
periences as recently witnessed Never
theleSs confidence is steadily reviving,
and after period of sufficient rest it
is reasonable to expect both a more
active and a stronger market if unfa-
Vorable developments do not interfere.
1t is important to remember that nearly
all the forces now at work are either
conservative or corrective; queS tiOna BILE
financing being at an end. Recent
liquidation has left the market in a
somewhat lame and exhausted condi-
ton. but the injuries were local and
conditions are daily becoming more
favorable to recovery. Wall street, in
It's final accounting, depends upon ma
tional prosperity; and this. fortuna tely,
has not been seriously interrupted by
financial excuses. Indeed. the Wall
street collapse. serious as it has been
in some quarters, has had a distinctly
beneficial effect in other quarters
through forcing a spirit of conservatism
in mercantile and industrial circles that
was much needed. and without which
we might have ere long run into more
serious setback than Wall street expe-
rienced. Fortunately, bankers. mer-
chants and manufacturers in all parts
of the country took early warning from
the storm signals sent broadcast from
the stock exchange, the result being
that general business is in an excep-
tionally sound condition, free of over
doing and overexpansion to an unusual
degree. so that were it not for the ill
effects of labor agitation and the re-
straining effect of high costs of pro-
duct1on, the business outlook would be
unusually roSeate.
In spite of drawbacks, however. bust
ness prospects are encouraging. Labor
agitation is subsiding and coming back
to reason. Capital is likely to make
smaller profits, but the volume of bust
ness promises to be large, and our in
dustIies are all well employed. Should
prices of manufactured products decline
to more normal figures the effect would
be advantageous, inasmuch as consump-
ton would be stimulated while excessive
new competition would be discouraged
by more normal profits.
The agricultural situation promises to
carry the country safely beyond any
crisis The farmer-whether he grows
cotton, corn, wheat. hay, live stock or
dairy PRODUCES sure of profitable
prices for his output Apparently this
is not to be a year of big crops. but our
agricultural products are ont increaing
as rapidly as the demand for them, the
consequence being high prices and good
profits to the farmer. Very likely COM
bines and speculation have unduly en-
HANGED the costs of meat and cotton,
but they could not have done this were
it not for the gradual overtaking of sup
ply by demand, the effects of which
they simply exaggerated for their own
financial advantage. 1t is many years
since the American farmer enjoyed such
prosperity as he is having today, and
there is every prospect of his having an
other year of the same sort. This means
much for general business.
The monetary situation is still sub
ject that excites attention. Good rates
for money are likely for some months 10