The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-09-17
NO STOPPING PROSPERITY.

There is no reason on the face of
the earth why Wall street should have
the blues. 1t is the opinion of Henry
Clews, the New York banker, as ex-
pressed in his current weekly finan-
cial review, that any calm, compre-
hensive view of important conditions
whose influence promises to be exert
ed on the market for securities can
hardly fail to contribute a feeling of
distinct optimism And he points out
why this is so, and incidentally shows
that a fine prosperity is at hand, as
follows: General business through
out the country is already responding
in a significant manner to the many
sided benefits that can confidently be
expected to spring from year of such
bountiful crops that are now so clear
ly in prospect. 1t is still possible, of
course, for frost to require a revision,
of estimates of corn as well as of cot
ton, which are our two greatest pro-
ducers of new wealth. Even this con-
tingency, however would merely re-
suit in modifying present highly fav-
orable estimates. Meanwhile a total
wheat crop closely approximating
1905 100000 bushels is now reasonably
assured, which is a total that has but
$4,000, 600 bushel yield of 1906 and
the 74S, 10000 bushel harvest of 1901.
Spring wheat this year is making a
magnificent showing, being estimated,
on the basis of the governments re-
port of Monday last, at 3OO,00O,0OO
bushels, which compares with a yield
of 190,6S2, 900 bushels in 1911. This
excellent showing more than cOmpen-
safes for the poorer showing of the
winter wheat crop, which resulted
from the unusually severe winter of
1911-12 Oats and hay are far in ex-
cess of yields of earlier years. which |
will, of course, release for export a |
considerable amount of corn that |
would otherwise have been required !
for feed on the farm. Cotton cannot |
be expected to approach the pheno- /!
menal yield of last year, but according |
to present promises and with an aver |
age date for killing frost will proba- |
bly, not fall far short of 100000 |
bales if indeed it does not exceed that |
total The significant feature is that |
these satisfactory agricultural results |
are no longer in a broad sense mere |
promises; they are, with the two ex-
ceptions I have already named, tan
gibIe results and the mercantile and |
industrial no less than the financial |
activities of the country are justified
in preparing in the practical way that
they are now doing to take advantage
of this fact.
Our railroads have in sight a great
er volume of business than their
equipment can readily handle; there
will not alone be the large movement
IF agricultural products to market, but
there will be the increase in the eX-
port demand which in turn means a
greater haul to the sea board. Beyond
his we must not forget the active re-
urn movement of merchandise, repre-
senting purchases by the agricultural
districts of the products of our mills
a condition that invariably follows a
season of bountiful harvests at high
crease in production, it is significant
hat wheat at Chicago is about Toe a
lushel higher than a year ago and
,orn about &c higher, while cotton at
he southern markets is ruling at vir-
ually last years prices. This indi-
greater, especially so far as the west
s concerned, than is suggested by the
mere volume of production.
THE increasing activity of indus
rial pursuits is emphasized by the re-
ports that are so general in all see
ions of the country of the scarcity of
abor."