The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-07-09
BETTER TIMES AHEAD.

| Aside from the approach of sum-
mer quiet and the vacation period,
writes Henry Clews, the New York
| banker, and well known economist,
| there are signs of better times ahead.
There is no over expansion in either
the financial, commercial or industrial
fields. The political situation continues
to clear. Each week makes it more
evident that extreme radicalism is on
the wane. The country wants no ex-
| cesses in either conservatism or pro-
gressivism. 1t is evidently going to
select at the next election man who
possesses the happy medium between
these two policies. OF course, in the
battle between two political parties
good deal of smoke and confusion
must be expected. But through the
conflict there is reason to hope that
we are likely to emerge into more sta
BILE conditions than have existed in the
last two or three years. Progressiv-
ism is established; not the kind that
tears down and destroys. but the kind
that builds up and establishes institu-
tfons more in line with the interests
and will of the people than has been
the custom in the era which is now
passing away Capital has been suf-
fering for its past misdeeds. The pen
atty has been severe. In the future
better standards of business conduct
will be imperatively necessary, and so
long as our great financial leaders
maintain a closer regard for public
welfare they are likely to be less sub
ject to the attacks of popular disap-
proval.
In commercial circles more atten-
ton is paid to crops than politics. We
have had another week of favorable
growing weather in nearly all parts
of the country, and the agricultural
outlook has been growing steadily bet
ter for the last three or four weeks.
The confidence thus impaired will
tend to encourage merchants to stock
up for a good fall trade, which is sure
to follow another profitable harvest.
Our fruit crop is large. So, too. is the
hay crop. and prices are high. Both
cotton and corn are late, but their con-
dition is otherwise good and with a
week or two of warm weather a large
yield is almost inevitable. Commod-
ity prices are high and show a general
advancing tendency; chiefly. however,
in metals and products, the cost of
which the consumer only feels very
remotely. In many cases food prod
ucts are considerably lower than last
winter owing to this being the growing
season and quantities frequently abun-
dant Meat is a conspicuous excep-
ton. A slight cessation of activity has
been noticed in the iron trade, but
prices are strong at the recent advance
and steel producers should be able to
make a somewhat better showing than
was possible at the recent low level.
steel prices, however, are still very
much below the high prices of two
years ago. Copper is strong and high
err owing partly to better consump-
tive demand, but largely to the COM
bined manipulation of foreign and do
mestic interests.
The railroad situation shows steady
Improvement. Several roads report
decided gains in gross, although net
results are som etimes unsatisfactory
owing to the large increase in ex-
penses. Probably there will be no
strike on the part of the operators
whose demands for better wages are
now in course of arbitration Bank
clearings indicate larger commercial
activity in all parts of the country
the weekly increases being maintained
in spite of lessened speculative activ-
ity. There has been no abatement In |
the expansion of our foreign trade.
which compared with a year ago con-
tinues to show liberal gains in both |
imports and exports. In the fiscal
year just ended their combined total
was S4,OoO,0OO,0OG a gain of S424.-
100000 over last year. The growth |
of our exports of steel products is ar