The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-08-26
SIGNS OF BUSINESS REVIVAL.

stock market to realizations prompted
by the damage to the corn crop and
disturbing Mexican rumors, Henry
CleNs. the New York banker, dis
cusses. in his current financial review,
the crop outlook and the conditions
which prevail in the financial and ausi-
ness world. They not only appear to
be stable but also augur we'll for la ger
and more prosperous activities in the
future.
The damage to the corn crop is
evidently serious" writes Mr. Clews.
''one authority placing the total crop
as low as $3.50. 900 coo bushels. This
estimate 1 think will prove extreme. es-
pecially in view of improved conditions
in the northern corn belt and the fact
that recent rains have aided The bal
ance of the crop. The effect, however,
was chiefly one of disappointment ~
expectations which had risen to a
8 O0O, O00. 600 bushel level for the corn
crop. Fortunately the crop damage is
by no means a calamity. Even in the
states most affected other crops, such
as wheat alfalfa, etc, have been suffi-
GENTLY good to largely offset the loss
in corn. Higher prices for the latter
article will also come as DOB TO
many growers who will benefit by the
losses of others. When the harvest is
finally gathered. it is quite likely that
in money value it will closely approx
mate the returns for last year, which
were estimated at about S. SOC, COO, 900.
The Mexican situation has naturally
disturbed confidence, and more perhaps
than is necessary. President Wilson
has strong grip upon the government
and a very exceptional influence upon
congress. 1t is known that he is reso-
luteIy opposed to any such thing as
war with Mexico, and his quiet. pa
tient but firm manner of dealing with
the problem is more likely than any
other course to lead to a peaceful and
satisfactory solution. In general bu*i-
ness there are symptoms OF revival.
Some of our largest distributors both
in the west and in this city report
business fully as large in volume as
they expect. A conservative mood still
prevails among all classes CT business
men. chiefly owing to tariff and cur
rency uncertainties also to the general
political tendencies of today. October
is now set as the date for passing the
tariff bill, and the currency bill al best
cannot be secured until some weeks
later. The currency measure at the
moment is much confused by opposi-
ton, but here again the sound rea SON.
ing and calm resolution of the presi-
dent is an element which may have
much influence in securing favorable
results. 1t is altogether too early to
give up hope of securing n reasonably
good currency bill before the present
congress adjourns..
There has been further improve
ment in the money market. which is
best illustrated in the freer offerings
of commercial paper at lower rates. In
some cases considerable sums have
been placed at as low as 514 per cent
for four months. Bankers, however,
are still discriminating as to borrow
ers as seems desirable in view of the
statements produced by the last bank
call, which in some cases showed that
loans had not contracted as much as
had been expected while reserve items
had actually decreased. There is 20
reason. however. for uneasiness re-
garding the monetary outlook, which
has been made practically safe by the
positive and liberal policy of Secretary
McAdoo. We will soon be in the height
of the crop-moving season, and the e.
ficacy of his course of action will be
more distinctly felt.
zone of the most satisfactOry fCa-
lures in the monetary situation is the
check upon new issue. Returns for The
month of August promise to show Il
material decline in this respect, both at
home and agroad. Meanwhile divi-
dends continue on a satisfactory ba-
sis. the distribution at the end of this
month, according to published re-
turns. being over So, 900 900 in excess oe
last years figures. AS there has been
no material check upon general pros
perity and the disposition in all dircC-
lions has been to spend more carefully,
it would seem as if public savings were
increasing and that new issues of a
more desirable sort should find Il Oct
ter market later on. Something, how
ever, must be done to restore the con-
fdence of investors, whose interests
have in many cases been severely
shocked and injured by the unreason
able and hostile attitude to capital
shown so frequently by legislators aad
government officials. This tendency if
continued will inevitably tend to drive
capital out of the country or into more
congenial occupations"