The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1913-11-11
IN THE BUSINESS WORLD.

are none Of the latter left In Mexico.
IN THE BUSINESS WORLD.
An interesting discussion Of the
conditions that prevail in the business
world IL contained In The Bache
Review" issued by the banking, house
Of J. 8. Bache 4 Co.. Of New York
City. AZ follows:
THE recession in business which
has. been indicated by decrease In
bank clearings for some time. does
not cover all branches Of business.
but IL now Of 80 pronounced char
acter that It looks like movement
which must take its course before
betterment ensues. The decline in
steel orders has been evident for some
time and the steel corporations vol
ume of operation has fallen on. 1t IL
said, from the high point Of IS per
cent Of capacity to below 80 per cent.
It 10 fair to assume that the independ-
ents have suffered even more. This
falling or will have effect upon earn
ings, of course. It is estimated that
those for October will not show a
great decrease. but that November
poor. How far price reductions will
go. cannot be estimated. but the
higher cost in wages. ETC.. it is said,
will not allow reduction to reach the
low figures of Their depressed per-
iods. Another. fact will act as
| brake to great decline to prices.
namely, that stocks in consumers
hands are so much lower on account
Of the very conservative buying Tor
needs only, which has been practiced
for so long a time. Since October LIST
eighteen blast furnaces have closed
and more will probably follow. In
Germany steel prices are falling as
the result of further depreciation in
the volume of business. This. the
Iron Age says. applies chiefly t.
products not protected by trade or
CARNATIONS. AS prices fall over there
the export demand, it is reported. be-
comes slightly better.
Operations in dry goods are ex-
tremely encouraging, even larger
than a year ago, but it Is estimated
that general trade has fallen of from
the highest level from 10 to 20 per
cent.
1.-THE new tariff has visibly affected
the zinc industry and some producers
claim that while foreign zines have
not yet come into the market, that
they will be able to do so and effect
ton. Senator Clark, in regard to
this, says:
las for zines, I hope the new
tariff will not lower the price to such
an extent that there will be no profit
in the industry. I do not think it
will lower it to that extent. We have
perfected q process we think will
solve the Butte problem in regard to
zinc ore production. We have spent
more than $4,000 on. experiments
and I think the money has been well
spent. for the zinc industry here
means much for Butte
"rhus lower tariff conditions are
already stimulating American inven-
| ton to meet foreign competition by
more effectual production here, and
| this applies to manufactures as well
as mining. Results will be slowly
worked out. but in very many in
stances it will be found in the end
that American versatility. invention
and energy will have won out.
IF any business should show PROS
porous enlargement. 1t is the copper
trade. Here the surplus stock Of the
metal has been steadily decreasing
and is down to a short-time supply.
But that copper business is not BOOM
ing shows that no one trade can pros
per unduly when all other business
is slowing down.
| 1T is a question whether, after all,
our troubles are not still due to the
disturbances abroad. The Paris mar
ket is reported as demoralized by
! the necessity of the governments pro-
viding for a deficit of $3.50, 900, 900 in
! the budget for 1914, and for a new
national loan of $260,OOO.00O. The
continued tension between Greece
and Turkey and the unquieted rumb-
lfngs Of the Balkan problem, keep
all Europe unsettled. German trade
is falling and good securities abroad
can be brought to yield higher re-
turns than our own, shutting Off our
market there. With general caution
here as new tariff conditions are be-
ing worked out. with the Mexican
problem. unsolved. and q great cur
rency measure still to be perfected,
it is little wonder that the prices of
securities are low and the market ir-
regular
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