The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-09-02
..TARIFF sCARE. 4 BOOZE.

wJrst," writes Henry Clews. the New
| York banker and broker. in his cur
rent weekly financial review, mo
| calamity has occurred, but only
| disappointment in early hopes, which
will have to be taken into considera-
| ton in estimating future operations
Two effects will be, to bring better
prices for these staples to growers in
other sections and to lessen the de-
mand for money to move crops in the
| injured districts; also smaller trat-
! fic for the railroads"
Mr.. CIews also presents some facts
and figures on the country's export
trade and discusses the present con-
ditions in the business and financial
world in a most interesting manner.
He shows that the tariff scare" is
! considerable of boyle. On these
matters he writes as follows:
July exports amounted to $780,
100000, or s11,70O,0O0 more than
year ago; the increase being mainly
in grain and manufactures. Imports.
however, were only $3.50, 100000.
s9,40O,0OO more than year ago. This
left an excess of exports for the
month of over s2O,OOO.OO0, compared
with only 100000 last year and
So 900, 900 in 1911 Here is a very
satisfactory addition to our credit
abroad Some interesting develop
ments may be expected in our for
eign markets during the next few
months. Exports should expand be
cause of our bumper wheat crop. OF
course, there is steady contraction in
meat and mineral oil shipments
owing to growing demand and
scarcity at home, but this prom
ises to be offset by our steady
growth of exports of manufactures,
particularly of steel products. The
most important influence in our for
eign trade, however, for the next few
months will be the tariff, the reduc-
ton of which will tend to at least
temporarily encourage imports. Quite
possibly these will not be as large as
expected, as the amount of goods in
bond Is now unusually heavy. On the
other hand our manufactures have
been energetically adjusting them
selves to the new condition; so much
so, in fact, that foreign manufac-
turers show little enthusiasm over our
tariff changes and do not expect to
gain any permanent foothold for
their wares III tnIS HlsiIkel. oL 1iiO
contrary many of them, as they see
our manufacturers vigorously adjust
ing themselves to the lower sched-
ules fear that before long they will
be obliged to meet a keener American
competition in foreign markets. A
few interests may be injured by ex-
IRENE cuts. but these will be infinites-
imaI compared with those affected by
1 l. ..l, ~
low and which will crafty many thus
far not heard from. American skill
and enterprise will surely give a first
class account of itself in the long run,
and tariff scares may now as we'll be
eliminated in business calculations of
the future.
THE financial undertone shows
steady improvement. although the
week has been a quiet one and prices
unsteady. In this, as in all the for
eign markets, monetary Improvement
is steadily improving. and a decided
" better investment demand is spring
ing up, which is quite as much in
evidence in the foreign markets
it has been here. Speculative oper-
atoms have, of course, been re-
strained by monetary limitations on
the markets of the world are unusu-
ally sympathetic and in close accord.
The demand for new capital though
urgent is still held in allegiance, only
the most important needs being salts
fed. New issues in August will prob
ably show a decline, and consider
able proportion of those made were
devoted to providing for current ma
turtles Secretary McAdoos plans
for relieving the money market are
working out highly satisfactorily. At
east and west there is no longer any
fear of monetary stringency; and
trade beyond the A1leghanies though
spotty, is showing general improve
ment. Both trade and industry show
symptoms of revival. Railroad earn
ings have been more liberal. though
traffic at the moment is affected by
tendency to hold grain for higher
prices"