The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-11-25

denceS OF trade reaction on every MANU.
it is surprising that security values are
SO well maintained writes Henry
Clews, the New York banker, In MS
current weekly financial review; ana ne
continues: Possibly the almost m
Vulnerable reactionary tendencies AZ
work are scarcely appreciated Bank
clearings are showing steady decnnes.
Railroad earnings. gross and net are
making increasingly Unsatisfactory
showings. The steel trade Ii runnins
at only a little over 60 per cent OF III
capacity compared with high tide IN the
early part Of the year. Business iaal-
ures are increasing at home ana anroao.
Real tie has been overdone, ana
building operations are on q mucn re-
duced scale. The Mexican situation. the
necessity Of adjustment to the new
tar:ff. the delay in currency legislation.
legislative hostility to capital ana rear
Of a renewed antitrust campaign are
all exercising depressing influences
Added to these rather serious draw
backs are reports from all parts OF the
country Of a slowing down OF trace
as well as reactionary trade influences
abroad: and we have a conglomeraaoh
Of obstacles sufficient to hold any mar
ket in check. That they have not
forced a still further shrinkage in val
mes IL eloquent testimony OF the gen.
eral soundness Of the financial situa-
ton. It is premature to assume tnat
turn for the better is close at nano'
Nevertheless, it must be recalled thae
the stock market has already very
largely discounted all OF these un-
toward factors, and Is in q position
to promptly respond to any encourae-
ing influences. Its technical position Is
sound. and a fair short interest exists
which would prove an element OF sup
port in case of a further decline.
Before very long the market should
feel the influence of easier money rates.
Curative forces have been quietly az
work for some months past. and cnieI
of these has been the conservative
policy persistently followed In banking
circles, Our banking situation. though
not entirely satisfactory. today 10 bet
tor than six months ago. Reserves are
being strengthened; loans are maoe
with increasing caution, ana we nave
an annie credit balance abroad from
whence we could readily draw gold II
necessary. This incipient improve
rnent in the monetary situation. though
not very conspicuous. Is Fundamental
and should continue. The demands IN
in the interic- for crop purposes nave
been more easily met than expected
owing to the assistance onereo ou'ans
the autumn by the treasury.
zone Of the most encouraging 1o@-
tures which has escaped notice In the
face of 80 many ANNOUNCEMENTS ID
the excellent growth of our Foreign
trade. In the first nine months OF the
current year our exports OF FOOD stuHs
increased $17.0oo.000. while our snip
ren+. Of finished manufactured prod
nets increased $s7 .ooO.o 900. 1t 10 in the
latter direction that the results are
most gratifying; for. as we nave less
and less food products to spare inc
necessity Of shipping MANUFACTURED
products will become the more impera-
tive Thus far our importations OF 1or-
eign goods under the new tarin nave
fallen below expectations. because our
own markets have declined 20 rapidly
as to shut OF the opportunities OF 1or-
eien producers. The workings OF the
new tariff, however, are still an un-
solved problem. Should the foreign
markets happen to decline more sharp
w than our own, there is no doubt but
that we should have an important In
fink of foreign goods, which would nat
ura,lv tend to further depress our own
merchandise markets and anect our
manufactures accordingly. Textiles are
already beginning to come in more
freely: but our steel prices are much
too low to tempt foreign competition.
"Among the favorable influences OF
the week was the successful financing
of New Ravens requirements. The
discussion of the railroad rate problem
now going on promises to have good
ERECT. The request Of the railroads fol
better rates is 80 conspicuously In line
of fair treatment that public opinion
is sure to come to their support. and
it seems inconceivable that the inter
state commerce commission will COM
nit 30 glaring an injustice az to re-
fuse SO reasonable an appeal Some
disappointment naturally follows delay
at currency legislation. which may bt
deferred until the middle Of January OF
later: but discussion here. too. Is hav'
ing its favorable effect. and no harm
but gain will come from two or thret
months additional waiting. provided
that out Of the present confusion a rea.
sonably satisfactory banking bill cal
be constructed"
| CAPTIVATING.
It sounds very captivating to tall