The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-09-09
BUSINESS AND FINANCE,

An interesting resume of the condi-
lions in the world of trade and finance
is made by Henry Clews, the New York
banker, in his current weekly financial
review. 1t presents the unfavorable as
well as the favorable aspects. And
while there are number of the for
mer, conditions as whole are not
nearly black the pessimists would
paint them. Indeed they are much
better than might be expected, consid-
-ering everything. and indicate in Ro
way the approach of hard times. Mr..
CIews writes:
THE business situation in many re-
spects resembles the financial situation.
Conditions are decidedly spotty- In
some sections business is good and
even exceeding the volume of year
ago. In other sections the results are
disappointing and the volume of trade
is shrinking. Clearing House returns in
many cities show declining percent
ages, although this may be partly at
tributed to a shrinkage in speculation
or to lower commodity prices rather
than to any diminution of legitimate
trade. In the great textile industries
there have been signs of renewed ac-
tivity; and. tariff uncertainties ex-
cepted, the outlook was decidedly more
encoura ging. This. however, has been
checked by the violent rise in cotton, as
well as advancing prices for nearly all
textile raw materials. Reports in the
steel trade are somewhat contradic-
tory. There has been some slowing
down of deliveries; but on the other
hand new orders have been coming in
freely, and the month of August shows
a fair increase over the same month
year ago. August is usually a period
of dullness in this industry; yet reliable
reports from Pittsburg say that the sit
uation is exceedingly encouraging and
lower prices are stimulating liberal
increase in ORDERS The chief difficult
ties encountered are the high cost of
new capital and tariff uncertainties,
which may affect our ability to COM
pete abroad and also lead to larger i'm
portations of certain steel products. 1t
remains to be seen what effect recent
crop injury will have upon general
business. 1t will of course be detri-
mental i'm the sections most affected,
though other sections where crops have
been good will continue their onward
progress, and will benefit from higher
prices. AS a result of smaller crops
than expected the anticipated demands
for money Will be correspondingly re-
duced; so that the chances of financial
stringency this fall are still more re-
mote.
, AT home and abroad the monetary
situation is growing more satisfactory.
Of Of m rlar n
is remarkable. and a decidedly better
sentiment prevails in financial circles
in London The same is true on the
Paris Bourse. and in both markets
there is an encouraging return of in
vestment buying. While the Balkan
situation is gradually settling down to
a quieter basis. the financial problems
resulting from the war still require So
luton; and the borrowing on foreign
account has only been restrained by
fear that any financial aid to the for
mer belligerents at this time might
stimulate a fresh outbreak of HOSTILE
ties. Mexican affairs at this writing
seem to be progressing favorably, !
though it is necessary to be on guard
against any sudden outbreak in this |
quarter. At home financial conditions |
are generally sound, and the outlook is
encouraging apart from the slackening |
of business here and there, and the oc-
casional necessity for further liquida- |
ton or going slow. AS a result of po-
litical, monetary and crop uncertainties
the country is still moving slowly This |
was emphasized by the new incorpora- !
tions in August. which amounted to
only s11S 600. compared with $212.-
S95, 500 a year ago. Here is a very de- |
cided slackenino of enterprise; a ten |
dency which is not entirely welcome |
but is necessary and is positively cura- !
tive in it's ultimate effects"