The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-03-23


of last year that there should be a
| falling Off in our exports of agricul-
tural products as compared with like
exports a year earlier. However, the
| money value of the exports of agricul-
| tural products, which showed falling
! off in 1911, as compared with 1911,
represented the very low price of cot
ton. We were exporting a greater
! amount of cotton than we did year
earlier chiefly because we had great
er amount to export But the total
| money receipts from the early fall of
last year up to February this year for
! our cotton exports were less than the
amount received a year carrier, not
withstanding the fact that the quanti-
| tY of cotton exported in the earlier
year was much less.
A striking change was observed.
! however, in February of this year. The
amount of cotton exported was much
! larger than was the case in February,
| 1911, while the money received for
| this cotton was greater than was the
! case in February of a year ago.
| There is something very impressive
to the careful student of our interna-
tional commerce in the reports which
came from Washington on "Wednesday
of this week which showed that in the
month of February we sold to foreign
nations commodities so much greater
than our imports that the apparent
balance in our favor was siXty-four
the month of February then represent
ed q favorable balance for the United
States of a little over two million dol
lars for every day of the month of
February. That favorable balance was
five millions greater than was the
handsome balance reported for the
month of January.
There is no reason to apprehend
any falling off in our foreign trade in
the three and one-half months which
remain of the present fiscal year. The
chances are that it will be increased.
These considerations constitute some
of the factors upon which are based
the estimate that our visible interna-
tional trade balance for the current
fiscal year will be in excess of six hun
dred million dollars.
The Real Significance.
Behind these figures are to be dis
covered some of the reasons for the
very gratifying feeling which now pre-
walls that we are on the eve of bust
ness revival. We did an enormous
business last year in Am erican manu-
features. The statistical department
a Washington, which bases its figures
upon authoritative reports 1t has re-
ceived, has just stated that the money
value of the commodities manufac-
tured in American factories in the
year 1911 was approximately twenty
billion dollars. That is just twice as
much as the money value of manu-
featured comm ODDITIES ten years ago.
Figures of that kind do tend to the
belief that not a little of the com
plant of business depression is un-
justified.
1t is due in no small measure to our
international trade that the United
states now possesses an aScendencY
over any other nation so far as the
worlds money markets are concerned.
We still continue to send gold to the
Argentine republic. and We do that be-
cause our money market is the best in
the world. We have sent out of the
within few months, a little more
than one-half of which has been taken
by Paris. Our bankers have been this
week and viii probably next week be
in negotiation with European bankers !
for the marketing of loans and, on the |
same day in which the estimates from
Washington OF GU international trade !
balance for the current year were |
made it was reported that American |
bankers had within q few hours sold |
a million and Il half of the notes of !
one of the smaller municipalities of |
Europe. and it was also reported, ap- |
parently authoritatively. that our |
bankers were in negotiation with the |
Chinese government for the purpose
of furnishing the new republic Instant |
ly With much needed money.
The Railway improvements.
1t was reported in this column a |
few days ago that information had |
been received from bankers of the far |
west that the railway managers of the |
pending many millions for improve |
ments of roadbed, equipment, straight |
eninS curves and leSsening grades. !
Tending to confirm this report is the |
news just received from Minnea polls |
that the officers of the Chicago, Mil |
waukee & st. Paul railroad contem- |
plate the expenditure of at least five
millions Immediately in improvements, |
a part of which is to be utilized in |
double tracking four hunderd miles of |
the division between Minneapolis and |
the Missouri river. The recent agree |
ment made by the officers of the Chi |
cago & Northwestern with the Union |
Pacific, and also by the officers of the |
Chicago, Milwaukee & St. Paul with |
the Union Pacific, by which new and |
through trains from Chicago to the |
Pacific coast will be operated is re- |
garded here as one of the most impor- |
tant indications of great business ac- |
tivity in the far west and of the dis |
position of railway managers to begin |
at once improvements upon a large |
scale. The enormity of our foreign |
business. the large credits which we |
are building up across the sea, will, it |
is believed, serve to make it com para
lively easy for the railroads to get |
money which they need for these i'm |
provements.
One of the smaller developments of |
the week now ending is the report of