The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-10-14
NO HARD TIMES IN SIGHT.

/ likely to be affected by the crops and
| the tariff, Henry Clews, the New York
| banker, evidently sees no reason why
the hard times should arrive that some
of the pessimists are predicting. On this
score he writes as follows in his cur
rent weekly financial review:
while the harvest as a whole has
fallen behind expectations, especially
as TO corn and cotton, the grand re-
suit in the United States has been
about an average yield, and the money
value of our crops will probably be al
most as great as, if not equal to. that
of last year. There has been no crop
calamity; and our farmers as a class,
backed by several successive good
years, are, generally speaking, pros
porous. The losses of corn in Kansas
and Oklahoma were largely compen-
stated for by the big wheat crop; and
the loss of cotton in Texas and Okla
homa by a larger yield in Georgia and
other states and the high prices OBJ
tanned for the staple. OF course the
heavy crop losses in certain districts
must result in a spotty business stu
alton, which has already been reflected
by smaller merchandise orders, as
well a decided shrinkage in the de-
mand for currency in those sections.
The south, as a whole, however. has
not been injured On the contrary,
the high prices now obtained for cot
ton, together with the large crop in
certain states, promise to result in a
period of exceptional prosperity in
that section of the country. The yield
of cotton may exceed 100000 bales,
and some excellent authorities esti-
mate the value of the crop at fully a
billion dollars-an unprecedented to-
tai. AS to both cotton and corn, It
should be remembered the government
is apt to underestimate the final yield. |
There is, therefore, no serious reason
for business apprehension SO far as the |
crops are concerned, even allowing |
for earlier disappointments.
'rIn the new tariff schedules there |
is nothing that was unexpected. A re-
duction in duties was a foregone con-
clusion ever since the election eleven |
months ago. Business men gradually |
prepared for the inevitable. Unfortu-
nately, a few concerns in the cotton
and wooden Industries will be hard hit.
But these will prove very few, and in
most cases the injuries will be con-
fined to establishments that were be-
hind the times in efficiency and equip
ment Our great steel industry is in
splendid shape to meet new conditions.
Possibly small amount of European
steel might be landed on the Atlantic
or Pacific coastal markets, but such
will cut no serious figure in
our total trade. OF course in the event
of our markets being active and the
foreign markets depressed ex-
ceptional occurrence in these days of
close international relationship in
lux might temporarily amount to
but such a movement
would soon automatically correct itself
1y rising prices abroad and conces-
;fons here. Besides, European mills
will be slow to make any raid on this
market, which could yield but tenn
oorary results. because they are not
likely to recklessly invite retaliation by
Americas industrial giants. American
teel manufacturers, though naturally
verse to losing any tariff advantages,
ire abundantly able to take care of
themselves in the worlds markets, in
which we are rapidly becoming more
nd more important factor. Our ex-
,ortS of steel are destined to show
marvellous growth during the next few |
ears not to speak of a growing do | .
nestle consumption; because the COM
ination of our enormous resources, 1
ur modern equipment and our native
kill, which foreign competition will |
imply sharpen, cannot do otherwise |
han command for US a much larger :
hare of the worlds business. The
ew tariff, then, can effect no injury
o any industry of Importance. Its 1
for a time will inevitably g
ause confusion until it's effects can
e more closely measured and until
usiness has had more time to adjust :
self to new conditions. Some lines
f business will be promptly stimulat-
d by lower rates. Others will be c
hecked. In one respect at least the I
ill will be Immediately stimulating. Y
is over and the vacuum v
aused by an accumulation of deferred
riders will have to be promptly filled, t
ecause consumption among the
masses shows no cessation. In an T
Their respect the tariff will be a dis
inasmuch as it will not :
reduce the cost of living.
Iany factors enter into the high price q
roblem, and so small an element in
otal cost as the tariff will be slow to '
each the consumer. High prices rule
II over the world, even in free trade l
ountries, and their cure rests in de-
reasing cost of production and in t
reasing supplies of raw and finished
roducts. One of the most important
auses for high prices has been the
UNIVERSAL advance in wages and the
horter hours of labor y
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SPELLING "REFORM."
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