The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-05-27
<,prMIsM IN THE AIR.


vaded the New York Stock exchange.
which is accepted by many. and not
without some reason. az barometer
Of the business and financial condi-
lions that prevail throughout the coun-
try. But Henry Clews. the New York
banker. and an interpreter Of recog-
nixed authority OF the conditions that
exist in the world OF trade and finance.
writes in his weekly financial review
that the stock exchange appears to be
anxious to assume q more cheerful
mood. And he continues:
Perhaps the most direct cause OF
this change is the greatly improved
Me~ican outlook President Will
son has. 1t IL to be hoped. succeeded
in avoiding intervention by the United
States; thus saving the country from
wholesale loss Of life and property.
Mexico's real problems-those Of estab-
fishing a stable government and a re-
form in the present feudal land system
ARE still unsettled. They are PROP
lens which Mexico must be left to
hammer out for herself. and not at our
dictation. Huerta's elimination seems
to be only a matter of days, and while
our relations with Mexico will probably
prove q source Of friction and anxiety
for some time to come, the prospects
for armed Intervention now seem more
remote than for several months. An
other hopeful factor in Wall street ID
the plethora Of cheap money. Busi-
mesa inertia and lack OF confidence are
causing money to accumulate IN spite
Of easy rates.
,..The main source Of optimism at
present, however; IL the splendid crop
outlook There are some reports Oh
damage to wheat from the Hesstan ny
and the season generally Is backward
Nevertheless, agricultural conditions as
A.. whole are unusually promising Tor an
abundant harvest, and there 10 ample
,oarpin To allow for customary de-
terioration and stu provide large crops
of both grain and fruit. Coco crops
will prove the most effective stimuius
To business in the west; Will proVioe
larger transportation for the raiifoaos'
will enable farmers to pay their oeOts'
will stimulate the demand for agr1cui-
tural machinery. and do more 10 re-
store sound conditions in the great ag-
ricultural districts than any other one
thing.
"so far M the railroad situation Is
concerned. It would seem as If the
worst had been well discounted. The
ira ffic losses of last winter are now
matter Of history. During the balance
If the wear. transportation Is more
1,kelv to increase than decrease. ana
moderate gain in tonnage would De m
aritelv more advantageous to the roaos
than any gain which they are likely 10
secure through favorable concessions
in rates. The most satisfactory impress
.,or In regard to the attitude OF the
interstate commerce commission Is
this. No great concession in the
.rount az rates is anticipated. In fact
the amount granted may prove olsap-
pointing and be long delayed Out inc
mere exhibition of justice on the part
Of the Interstate commerce con
sion, a disposition to substitute a spiri1oA
fair play for that of prejudice wnlcn mas
long possessed that body. Will DO more TO
restore confidence among railroad man
ayers than any other recent develop
rn.nts Railroad owners and railroad
mana gers would quickly lose mucn OF
their fear and opposition Of government
repu,ation. provided it were -conducteo
N the spirit of justice and showed
v,ll;nsnesa for the railroads to earn
living profit.
"Within a comparatively few weeks
the new banking law will gradually go
into effect. Its influence upon the mon
etarv situation will Of course be bene-
Acial. inasmuch as 1t will facilitate
credit operations and thus stimulate
activity in various directions. Intrinsic
business conditions from the economic
alta ndpoint are sound. There IL little
loverproduction in any important in
dustry. In fact production In many
ses has been SO curtailed. notably in
the steel trade. which il operating only
60 per cent of capacity. that when the
wheels Of industry begin to resume
their normal activity. q positive fam
inc will be found to exist in many mar
cts. There are come lines Of business
In which conditions are really unsatis-
actory. particularly In real estate.
which il nearly always the last to feel
the effects of an era Of depression.
1.-THE most uncertain element in the
outlook is of course the political stu
alton. Nothing has done more to bring
ON the prc:ent reaction than tho con-
ltinued attacks upon business for polit-
ical purposes. It must be recognized
that many of the attacks were brought
IN by past misdeeds Of our captains OF
industry. But, on the other hand. 1t
must be remembered that many OF
these acts could not now be repeated.
The harm has been done. and much OF
II is beyond repair. Let punishment
..u ~ >r. .ra,pas11rneut. IN due and let
such laws a. may be necessary to pre-
went repetition be enacted with az lit
tie disturbance rs possible. but moth
ing Is gained by hampering the recon
lstructive and regenerating work which