The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-10-22
PROSPERITY IS A FACT.

A review of the financial and trade
conditions throughout the country by
Henry Clews, the New York banker,
| shows them to be most satisfactory
and stable. This would scarcely be
! The situation were not prosperous
| times a fact, and not a mere dream as
some of the political pessimists insist.
! AS Mr.. Clews says, American prosper
| ity is based upon a rock. And that
rock, of course, is the wonderful crops
that have been produced this year in
these United States. WritinL on these
topics. Mr.. Clews says:
Monetary conditions continue an
! important factor in the stock market.
The west appears to have made more
than ample preparations for the pres
ent crop movement, the inability of
The railroads to handle the grain crops
having reduced the demands for
money to smaller proportions than ex-
pected. Southern demands upon New
York have not thus far beer excessive.
1t is again to be noted that each year
the interior becomes more and more
able to finance its own seasonal re-
quirements. Nevertheless. an active
demand for money is assured for
some time to come. Crop demands
must of necessity exceed all precedent,
and an inevitable trade expansion will
also impose a heavier burden upon the
monetary supply. It is somewhat I'M
fortunate that gold imports should
have been arrested by the foreign
situation. We have been obliged to
take back SIS, 100000 to $30,OOO,0O0
securities in place of god. In all
probability, however, the inf1ux of the
precious metal is only temporarily de-
%Iof oil icic IN
Europe is about over there will be less
difficulty in our purchasing of gold.
Our foreign trade balance is running
largely in our favor. Our exports of
cotton and grain promise to be heavy
and we are still shipping unusual
quantities of manufactured articles;
the activity of trade n foreign coun-
tries stimulating the demand for
American manufactures, in spite of
high prices. Moreover, Europe will
probably buy back a portion of the
stocks recently sold, now that the
Balkan outbreak is likely to be re-
stricted by the great powers, and also
for the reason that American securi-
Ties are in a stronger position and offer
better returns than any other available
in the foreign markets.
American prosperity is based upon
a rock. w e nave the nneSL harvest on
record No class in the country today
IS enjoying such general prosperity as
the farmers In nearly all sections of
the country and for nearly every
agricultural product large yields and
high prices prevail. To such an ex-
tent is this true that a great deal of
jeaIousytoward the farmer is already
developing, and he is becoming more
and more accused of being the chief
cause for the present high cost of l1v-
ing. Doubtless he will receive more
blame than he is entitled to; although
he is guilty of no crime beyond secur-
ing the best price under free compe-
'ition for his product that he IS able
to secure; a right claimed by every
producer. In due season this condi-
ton will no doubt correct itself. AL
ready there is a movement back to
the farm, and those already in the
field are seeking to incr their
product by better and more scientific
methods of agriculture. This is the
only true method of lowering the cost
of living, viz: more product and less |
waste Not a few products have al
ready declined considerably in price. |
which should somewhat moderate the |
present high cost of living. Meat !
products, however, continue high. |
mainly because of actual scarcity of /
cattle, which will require a year or