The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-02-03
That Makes Business Poor, but
Rather Business
Which Causes Agitation in Pol
tiles, Holland Says.
THE BANKS ARE WELL FIXED
Business Conditions Showed
Development Last Year.
But Some Men Declare Outlook
Is Not Bright.

New York Feb 3-Important fea-
lures of the business information which
was made public in the month of Jan
uary just ended were, nrst that the
volume and money value of the experts
from the United States are maintain
ed ana seem to be increasing, and, sec
ond. that in the single item of auto
mobiles there we're exported in the year
1911 cars of the money value of at least
20 millions. This is the official state
ment but some of the manufacturers
of automobiles are certain that the hg-
ures are too low and that the money
value of these exports was nearer ~
millions than 20 millions These hg-
ures tend to Justify tine predictions that
the United States is to lead the Wofld
as an exporter OF motor cars
In the next place American capltal
was invited III January to participate
in the imperial German and IN the
kingdom of Prussia loan. TO what ex-
tent this invitation was accepted IS
matter of surmise. Some part OF the
national loan Of Austria was also o1ef-
| ed in this country in that month. Not
1 the least important information made
public N January is that which tolo
| of the condition of the national banks
| of the United States. Whatever may
be the defects of our national banking
system or however strong the tendency
/ TO concentrate money capital into the
! control Of a few powerful groups. the
| condition of the national banks of the
| United States is apparently one OF
soundness. Moreover, it is observed
that more and more these national
banks are disposed to build up their
/ surpluses, not needing the counsel OF
| the controller of the currency at WASH
| ington, who goes so far as TO recon-
| mend that all national banks, so Tar
1 as practicable, that are hereafter or
4 canized start with paid UP capital ana
| paid up surplus equal in amount
/ Of the United States as a whole IS
! revealed by this January statenenII
! dealing with bank SURPRISES Almost Al
| of the larger banks and many OF lhe
! smaller ones would be able TO meet
! considerable losses without impair
| ment of capital by the utilization o.
surplus. This demonstration makes IL
clear that the national banks OF ny
United States, a whole, are pelns
managed under government supeFVi-
sion, with wisdom conservation anu yet
without timidity.
tanned in reports made public in Janu-
airy is this: Many of the Leading men
of larger affairs, at least. especially IN
the east, seem to have become sole
| What discouraged in regard 70 business
conditions since the first of the year
The common report in this city mas
been that the active members OF the
Rockefeller family do not flnd any
great announcement in the business
Ioutlook One of the great railway
managers in the United states IN
January attempted to explain, IN part
the reduction of the dividends OF MS
railroad company by saying that buSl-
ness had been poor in the past year
and that the outlook was not parLlc-
ularly good for 1912. Some or the
managers Of the great manufacturing
corporations have been saying, not
complaining exactly, but by way OF
explanation, that, while the volume OF
their business has been fairly good
the domestic markets for some xmas
of manufactured cOmmO ditleS are so
narrow that it has been necessary to
shade prices down to the narroWest
: margin above the cost of manufac-
turing. If there is a high cost Of
| living for the necessaries of life, that
is not true of manufactured commod-
tiles which enter into railway and
other businesses
} On the other hand, there come re-
ports especially from the west and
: south, of a fairly good increase in
jobbing business, the explanation of
? this being that the retail stores of the
country have about exhausted their
stock and have been compelled to re-
plenfsh
A Gradual Change of View.
But perhaps the most striking of
: the experiences of the month of jan
uary just ended are the gradual
changes of view which many of our
; business men are taking SO far as the
, cause of the prevailing business de-
preston is concerned A year ago 1t
was the common opinion that politics
: had been the bane of business and
that if political agitation or legisla-
i tive activity were to cease business
would speedily resume the activity
which characterized it in the year
1909. 1t is now. however, beginning
to be said that politics is not the
cause of prevailing business condi-
lions. but instead that business con-
ditions are. to a considerable extent,
the cause of political agitation.
: Very likely conditions which pre-
vail in other parts of the world have
tended to change the views of our
own business men. They have heard
that in Great Britain business appre-
tensions are greater than they are in
inforna ton has been received by our
own business men indicating that
British capital is in large volume de-
parting from Great Britain and seek
ing investment elsewhere.
Our business men have been inform
ed, too, that a smoldering volcano may
at any time become violently active
and is almost certain to do that within
the next five years upon the continent
of Europe The difficulties between
Turkey and Italy and between France
and Germany are spoken of as really
two monitions of the greater disturb
ance which is imminent. The gigantic
and probably successful rebellion in
China, the presumable advance of
Japan and Russia, wher=by through
between themselves the northern Dor
ton of the empire of China, is a world
influencing event.
The Production of Gold.
It is only recently that soma of our
leading business men have given any
more than passing attention TO the
statistics which tell of the world pro
dIlcfion of new gold That the United