The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-10-21
BUSINESS sCARY AGAIN.

In explaining the recent further
depression in the value of the securi-
ties that are traded in on the stock
market, which is held by many to be
a sure barometer of the business and
financial conditions of the country,
Henry Clews, the New York banker, is
of the opinion that the present tense
ness of the Mexican situation is an
important factor.
Another rather serious though
less conspicuous element of weakness
in the stock market" he writes in his
weekly financial review, is the gov
ernment's unfriendly attitude toward
corporations. The announcement that
Mr.. Wilson is to pursue a vigorous
antitrust policy during the next ses-
sion of congress is, to say the least,
disquieting. Much has already been
done toward the dissolution of the
most Objectionable monopolies, and the
feeling among intelligent and fair
minded business men is that unless
this subject is handled with delicacy
and patience great harm may result.
The tide of monopoly, which ran with
full force for over fifteen years, can
not be arrested and undone over
night. Under present conditions it is
pOSSlDIe IOT DuSlUSSS men 10 II1dhC
calculations entering into the future
with this threat before them. Enter
prise is checked, capital hesitates and
labor sooner or later will find a less
ened demand for its services unless
the necessary remedies are more gen.
thy applied. The hostile attitude to-
ward corporations is further exemp1i-
fled in the agitation for the govern
81
phone lines. The public, moreover,
has not yet forgotten the harsh treat
ment of the express companies; nor
the silent refusal of the interstate
commission to grant the re-
quests of the railroads for moderate
advances in rates as compensation for
the concessions which have already
been made to labor. Among the
events which will be awaited with
more or less concern are the arbftra-
ton of the trainmen's demands for
higher wages; also the case of the an
thracite coal railroads now before the
supreme court. Both of these deci-
sions may be shortly expected. I'm
der such conditions capital and enter
prise are sure to hold back
Still another disbursement has
been the delay and political feeling
developed in the efforts to pass the
bill There should be no
petty politics in a measure so vitality
the welfare of both the bust
ness community and the public in gen.
eral, although the latter seem but
slightly interested in the discussion.
The present bill, while excellent in
many respects, still has features
,ooI1ira onoandDoeDf and If will
be far better to move slowly and Sc
cure those amendments by deferring
action until the next session of con-
yress, rather than accept a makeshift
now There is noSmonetary crisis in
sight; hence no need for hasty action. |
To many lines of business the tariff
S still a source of uncertainty for the
reason that time will be required to |
est its working results. This prob |
EN-, however, is chiefly one of adjust |
nent to new conditions, which will |
axe time.
Our foreign trade in August show
ID an increase of more than $20,000,-
100 over last year, while imports were
100000 less, the latter decline be-
ng probably due to the tariff. Now
hat the new rates are coming into
# foreign goods. We may also have
o get over the fallacy that interna-
ional prosperity depends upon an ex-
ess of merchandise exports; since
eVeral of the richest countries in the
world, notably Great Britain, -regu-
arly show an excess of imports. All
he items of International commerce,
UGH as freights, commissions, secu-
tiles, remittances, etc, do not appear
n the monthly trade statements; and
Without these an exact knowledge of
fairs is impossible. 1t must be TAX
n for granted, however, that foreign
rade is strictly matter of barter, and
hat in the long run it balances itself
nd is profitable or it woulT not be
ontinued. One satisfactory feature
n our exports is the steady growth
f manufactures, which now consti-
ute about 35 per cent of the total.
his compensates for the loss in food
roducts, which because wanted at
lome only form % per cent of the
otal.
THE home monetary situation is
airly reassuring. AS just said, there
no danger of a crisis such as was
some months ago. Bust
ess has been slowing down some
that. and this in conjunction with the
ssistance afforded. by the treasury for
moving the crops has averted all dis
ster Europe, however, is not in as
omfortable a position from the mon
tary point Of view as ourselves