The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-07-29
FINANCIAL. TENSION RELAXEs.

FINANCIAL TENSION RELAXES.
During the past week or ten days
there has been an encouraging relaxa-
ton of the tension in banking circles,
both at nome and abroad writes
Henry Clews, the New York banker,
in his current weekly financial review
and he continues. Both call and time
money are easier, and good borrowers
now find less difficulty in securing accom-
mediation than for two or three months
past; although bankers are still in
very conservative mood and inclined to
impose a decided restraint upon any
undue optimism. At the west there has
also been some diminution of none
tary pressure, and there is no longer
any fear of inability to meet necessary
demands for crops and trade during
the approaching autumn All fear OF
a monetary crisis the coming autumn
has now been safely passed In Eur
ope the situation is also better, al
though there is still much need for
caution. So eminent an authority as
Sir Felix Schuster, of London, has esti-
mated that the recent losses of the
Balkan war amount to 81, 200, 900, 600.
This is a fabulous loss for so short ana
relatively insignificant a struggle, and
is eloquent testimony of the tremend-
Gus cost of modern warfare. The same
high authority also predicts rapid
recovery from recent depression ana
very emphatically says the greatest
danger now confronting the money
market is too great a rush of new
securities. There has been a very Sc
we're and wholesome curtailment of new
capital applications, but many have
been only postponed and are still very
urgent. 1t is incumbent upon bankers
to firmly delay these requirements as
far as practicable, yielding only TO
those demands which are most neces-
sary and imperative. This, of course,
means a further slowing down in some
lines of trade, also a temporary con-
traction of new enterprises. This is
unwelcome, but is the only preventive
of disastrous consequences after per-
iod of prolonged over-activity.
THE home business situation is
gradually improving. At this period OF
the year the crops are most import
ant factor. In this respect the situa-
tiCn is somewhat spotty, as during the
past week some sections of the in
terror have suffered from excessive
heat and drouth. Remembering that
the conditions on July l were some
what better than the government re-
port indicated, the prospects at the
moment are for crops decidedly above
the average. The present outlook is
for a 10000, 600 bushel wheat crop,
yield of 5000, 900 bushels of corn
and a heavy cotton crop. The next
week or ten days, however, will be a
critical period for corn and other grain
crops; hence it is premature to assume
too much confidence regarding the out
come. Our merchandise markets are
generally in sound condition. Prices
have frequently declined, firm money
having forced more or less liquidation.
This is the period of summer quiet, and
MANY mills are taking advantage or
such conditions to partially close for
overhauling and repairs. The steel in
dustry shows more activity than might
have been expected, considering the re-
cent financial depression. The great
textile trades are of course somewhat
embarrassed by the prospect of tarlH
changes. There is a steady and salts
factory inquiry for all classes of fab
rics, yet neither importers nor manu-
facturers are able to make future plans
until tie tariff is finally adjusted"