The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1912-01-01
A GOOD old YEAR
Last Quarter of 1911 Shows Re.
sources of Country.
Sections Formerly Working ON
Credit Have Money.
PROMISE FOR 1912
Presidential Election Only May
Prevent Breaking Record.
Railroads andExpressCOmpa
Overworked, Holland Says.

| New York, jan From all parts of
the country there came in the closing
days of the year which is just ended
words of promise, hope and even en-
thusiasm for which no parallel can be
found since the beginning Of the year
1906. In this city there seems to be no
dissent from the opinion that, were It
not presidential year. then 1912 would
surely identify the opening OF the new
era of prosperity which so many of the
authorities believe will be unexampled-
1t has been sometimes spoken of In
| coupling houses and in the gatherings
of business men at various clubs as the
most extraordinary feature of the year
1911 that, notwithstanding business
anxieties. a widely prevalent feeling OF
suspense or doubt, an apprehension lest
the Interpretation of the supreme court
in the Standard Oil and Tobacco COM
pany cases should serve seriously TO
demoralize business, in the last two
months of the year expectation has
been stimulated, hope revived and
many visible demonstrations of re-
newed activity in our Industrial ami
commercial life have been observed.
We heard in this city early in No
vember that in the midwest the man
ayers of the railway corporations we're
discovering a revival of trade Demands
that were heavy for transportation
were received at many of the railway
offices These were not fully explained
by the movement of the crops from the
fields to the markets. From manufac-
turerS came many calls upon railway
managers for cars, and in one day the
Michigan Central railroad company at
tempted to secure one thousand empty
freight cars by borrowing or buying
since all of it's own cars of that de-
scription were in use.
From the offices of the New York
Central, and Indirectly from the Penn
sylvania Railroad company reports
came that told of greatly Increased de-
mand for transportation. In New Eng
land the movement of freight Of all
kinds begs II to be heavy late IN Octo-
her, and fer the Dast SLY weeks th New
Haven raikr,szd company has bee,i nut
TO It to oftsras e. lts spfssseugcr tTashs ON
time, since the greatly Increased oper-
alton of freight trains Unless there had
been sixilssu1 management, would have
delayed the passenger trains. although
between New Haven and New York the
road is four tracked.
The Holiday Trade.
The Christmas season has en-
phasized the recent Improvement in
business. Postoffice authorities ali over
the country report that they have never
handled so many packages. The ex-
press companies have made a new
record of this kind. Money has been
shoppers and the evidences of en-
forced economies have been slight.
The state authorities whose work It Is
to investigate and report on labor con-
ditions find that in the latter part of
the year labor and especially skilled
labor. has been in great demand and
our banking department, it is expected
will report early in the year that the
deposits of wage earners in the savings
banks of this state were I'm the year
1911 approximately. at least, as large
as in any preceding year.
AT the Shipyards.
The shipyards along the Atlantic
coast and those which are occupied in
building vessels which navigate our
great lakes were driven to their ca
pacity in the year 1911, some part of
this activity being explained by the
preSumptive vast increase in commerce
between the Atlantic coast and the Pa
cific coast of North and South Amer
lea consequent on the opening of the
Panama canal to navigation. In the
latter part of the month of December
funds in considerable volume came TO
New York from the midwest and even
the remoter west, and these currents Of
money demonstrated the increase of
floating or surplus capital in parts OF
the country where. not more than ten
years ago, much of industry and aRri-
culture was operated upon borrowed
capital. So. too, it was in the last
quarter Of the year 1911 that the first
and steel Industry of the United States
were discovered. These may have been
due to low prices which prevailed but
even if that were the cause the result
made it clear that business in the cotra-
try was only awaiting "A favorable mo-
ment to take advantage If the pro-
ducts of our iron and steel nanufac-
turers- The closing days of the yea,
gave promise of a vastly stimulated
production OF iron and steel in 1912, and
1t was especially observable that not
withstanding the action brought by the
FEDERAL government for the dissolution
of the United States Steel corporation
IN October of last year the demand
made for the products of this corpora
ton increased almost cofncidentaIIy in
point or time with the institution OF
these federal proceedings
The Promise OF 1912
In the early summer of 1907 one Of the
great authorities in the development OF
IRON and steel Industry detected, as he
thought, indications of a reaction from
the prosperity which had attended busi-
ness in 1905 and the early part Of 1907.
The phenomena which he discovered
would have been unobserved by less ex-
perlenced eyes. They were sufficient to
Justify him in sounding a private note
of warning and partly explained the ad-
ly summer of 1907 to the bankers who
were his friends that they should be
cautious about making new loans and
should begin to husband their resources.
w hat this man Of experience discovered
in the early summer or late spring Of that
year all the world knew to be fact by
August or early September. The reaction
had set in from the overestimated pros
perity which has characteristic OF the
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