The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-03-07
Industrial Sky Is Clearing Since
First of Year.
Only Politics to Hold Up Pros
perity Wave Now.
CONFIDENCE is AWAKENED
Corporation Men Believe Pub
lie Is S"FOr" Them.
Good Beginning = tUses hopes
for Spring Revival.

New York, March 7.-One of the
comparatively small number of men
who, although intimately associated
with the securities market, living
daily in the atmosphere which sur
rounds the New York Stock Exchange,
nevertheless think sometimes profound
Iy and always with the intent to think
correctly, recently said that there is
something pathetic in the present long
drawnout lack of prosperous business,
although the situation is not so distress
ing as is the real misery of hard times
The experience of hard times we have
escaped. But now for several years
industry has been as constant as is
possible, yet it has not received the
compensation which it should. There
has been persistent expenditure ot
honorable energy and time and yet there
have not come the profits of accumu-
lation Of surplus which should have
come.
This condition is properly described
as almost pathetic, especially because
there seems to be no just cause for ii
1t is spoken of by those who have given
the condition careful study as one due
chiefly to lack of confidence and to the
comparative chaos with which the
larger business interests of the Uni
ted States that are of corporation form
are perplexed, not knowing exactly
what is safe and lawful to do and
what may at some time be declared un-
lawful
Yet since the first of January of this
year the evidences of Improvement have
been on the whole somewhat crafty
ing. The very immensely of the domeS-
tic business needs of the people of the
United States and the persistent pres
sure Of business against the obstacles
which doubt or lack of confidence, have
raised will, it is believed, ultimately,
sweep these obstacles away. The hints
have been considerable in number
since the first of February that this
onward movement is now well under
way and would be much farther ad-
vanced were it not that always the
politics and campaigning of a press-
Dental year tend somewhat to limit
business activities.
Some of the Evidences.
Some of the evidences of this ad-
vance are furnished by the invitation
TO the public to absorb large issues of
securities behind which stand unques-
toned credit and, in many instances,
the approval of the regulating or SUI
pervising commissions of the states.
In one day last week there were Of
feringS of securities of this character
aggregating 81 million dollars, all of
them representing industries or trans
portatiOn properties upon the Pacific
slope The mere fact that such offer
ings are now made is sufficient proof.
first, of real industrial and commercial
activity in our Pacific states and, sec
ond, that the people of those states
are looking ahead not in doubt, but in
perfect confidence of what the future
is TO mean for them in the way of
material prosperity. 1t is the impress
sion that the people will speedily alb
serb these Pacific slope securities and
they will be prepared to make invest
ment in other offerings, provided those
have high credit behind them and the
moral support of the state authorities.
This, however, was a single item, a
one days record, Of appeals to the
public to absorb high grade securities
traction, industrial and railroad
representing interests on the Pacific
coast. But the month of February
has been able to make q new record
not surpassed in any previous years,
even in those years between 1899 and
1904 of vast industrial promotions and
expansions when governmental super
vision, state and national was much
less rigid than it is at present. In the
north Of February of this year rail-
road and industrial corporations of the
United States were able to finance
securities Of the aggregate value of
26S million dollars in round numbers
It is true that some of this financing
tends to reflect the prevailing timidity