The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-12-23
CONFIDENCE Is NEEDED.

General business continues quiet
~ - usual in tho closing weeks Of the
year." writes Henry Clews. the New
financial review. ana he continues:
This tendency II aggravated by q
general lack OF confidence. arising
largely from disturbed political condi-
tiona Nothing has done moro to
bring on tbs present stats Of semi
paralysis than the political attitude
toward business In general. Because
| Of the glaring misdeeds Of q few cap
tains Of industry some OF our political
leaders have Jumped to the foolish
conclusion that private management
Of corporate enterprise has failed and
that only government l. -nagement
be imagined. Nevertheless, our rail-
road credit has been seriously weak
ened by the attitude Of the interstate
commerce commission, and tho great
industries Dependant upon railroad
patronage have been seriously Grip
pied by inability Of the railroads to
expand their facilities. The securities
Of all express companies have suf-
fered a tremendous shrinkage through
the Introduction of the parcel post,
and now comes q movement for tho
government to take over the telegraph
and telephone lines which is already
beginning to unsettle confidence in
those securities. 1t is time for secur-
ity holders to make an effective pro-
test against this trining with business
and credit, and their protest should
embrace the millions of indirect
holders Of securities who are fire.
quently unconscious that their inter-
ests are being attacked. There are
and holders Of life insurance policies
whose interests are being vitality in
ju-ed by the present disturbing polit-
zeal activities.
1.-THE great steel industry contin-
ues much depressed and production
has been cut down to almost half ca
pacity. while prices have dropped to
nearly the costs of production. Such
extreme contraction is. Of course i'm
possible to last, for it means starva-
ton among steel consumers. An in
the steel situation is nevertheless very
unsatisfactory. General business,
however. dull a. 1t may be. is not un-
sound and the country at large ia -el-
atively bare Of merchandise. If con-
ndence could only be restored the
coming year would witness q wide re-
vival of activity; and there is nothing
to prevent this except, as just said.
political agitation.
The home monsy market il in q
f--irly comfortable condition. although
there are problems to be faced which
will require sxilfu1 plotting during q
+. rthcomil.., year. In all probability
the new currency bill will become a
law within a few days. Most OF the
features have been elm
mated and the bill promises to be
fairly satisfactory, although not all
that could be desired. Much will de-
pend upon the character and -bility
of the men appointed to represent the
government on the regional reserve
boards, for 1t will be OF paramount
importance to keep these institutions
entirely free Of political influences. |
The tariff question is now practically |
out of the way, although occasionally |
some doubt is in evidence pending re-
to new conditions. At
present there 10 little or no chance for |
any serious foreign competition for |
either our steel or wooden Ellis. which !
were more vitality affected by the new |
rates than any other important in |
duatriea.r