The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-10-07
IN THE WORLD OF TRADE.

X
| Discussing the agricultural, business
! and financial conditions in the coun-
| try in his usually interesting and in
| structive way, Henry Clews, the New
| York banker. has this to say, in part,
| in his current weekly financial review
| "Our crops are now practically be-
| yond serious danger and fair general
| results are assured. Farmers are GER
| tain of securing profitable prices for
| their products, and while this may not
be entirely satisfactory to, those who
are seeking reduction in the cost OF
| living, the fact that an important class
| of our industrial producers is 10 have
| a fairly good year is an element or
much Importance in the prospective
demand and distribution of merchan-
disc. Besides, our farmers have mad
several successive years of prosperity
and are abundantly able to stand any
local losses in crops without serious
financial impairment. As for lower
prices for food products, they can only
be attained by a large production and
a better cultivation, as well as by
more economical methods of distr1bu-
ton: all of which objects win require
time for accomplishment.
'Our monetary situation also shows
little change. There is still very
strong cautionary spirit in banking
circles at home and abroad; and the
fear of an autumnal crisis, though di-
minishing, has not entirely passed
away. In the United States the situa-
ton has unquestionably been much
relieved by the treasury offer, about
half of the promised s50,OOO,000 gov
eminent deposits having already
reached the banks. The full require
ments for crop and fall trade have not
vet been met, and these may be ex-
pected to expand for some weeks to
come Nevertheless, our banks are in
a more comfortable position than ex-
pected, and this particular element of
distrust is gradually disappearing.
Local bankers are discriminating as to
loans and show a disposition to re-
strain all forms of undue activity; the
tendency being to encourage contrac-
ton rather than expansion of loans
In short, money is not abundant, but
banks are taking care of their regular
customers at easy rates.
General trade shows some signs of
recuperation, but no special activity
There is more cheerfulness among
distributors than manufacturers be-
cause the former are less hampered
by tariff and general Industrial prob
lens than the latter. The mercantile
classes as a rule are more free of such
difficulties and. they anticipate a good
distribution of goods for the reason
that stocks are small and the con-
sumptive demand for necessaries con-
tinues undated. 1t is chiefly in
Iuxuries that contraction has mani
fected itself. Manufacturers affected
by the tariff are taking the situation
more cheerfully. 1t is acknowledged
that some damage may be inflicted by
the new rates; but confidence in
American ability to face the new con-
ditions and meet foreign competition
is asserting itself. 1t is safe to say
that the i'll effects of the new tariff
have been fully discounted; and that
while its results will have to be work
ed out, the restraint from paralyzing
uncertainty is now practically over.
There has been some slackening of
orders for steel products, due to a
spirit of caution. but the leaders of this
industry feel quite confident of the
ability of American steel mills to fully
hold their own. The same is true of
our cotton manufacturers, who also
take a more cheerful view of the out |
look than they did six months ago. |
The wooden mills will probably feel
the new schedules more severely than
any other. The progress of the cur
rency bill has been slow; and the ten
dency towards further government in
reference with business affairs at
Washington exercises restraining, if
not discouraging, effect upon enter |
prise in general. Many of the new
political ideas are distinctly discour-
aging to business initiative; the latest
example being the proposal to take
over the telegraph and telephone, for
which there is no valid reason. The |
service is already much better than |
could be supplied by any govern |
ment.'