The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-07-07

BUSINESS TURNING THE CORNER
That business il reaching the turn
in the road whit will lead to q
larger activity with IT. complement OF
prosperity IL the opinion of Henry
Clews. the New York banker. He
writes in his weekly financial review
that the stock market. which many
deem the proper barometer for the
measuring Of business conditions, ap-
pears to be on the verge Of awaking
from its lethargic sleep. and this in
spite of the many unfavorable factors
which still remain. Evidently. con-
t.nues Mr.. Clews, these have been
literally discounted. Such shocks as
the Claf1in failure. the assassination of
Archduke Francis Ferdinand. and
fresh railroad receiverships are almost
ignored. For come time past 1t has
been self-evident that this market was
thoroughly cold out after nearly
twenty months of steady liquidation.
It's technical position. as has been fire.
quently pointed out, is steadily inn
proving; and only some developments
of a convincing and promising nature
are needed to infuse fresh life and
hope into the local market. In some
circles the occasional strength Of the
market was credited to anticipations
of a favorable rate decision. This,
however, was pure guesswork. as the
dictum OF the commission has been
still further delayed and their opinion
as a body is still kept in perfect Sc
crecy. There is good reason to hope
for at least a moderately favorable de-
cision. simply because of the justice
Of the claims of the railroads. But on
the other hand the commission is ap-
parently body, lacking probably suf-
ficient practical experience, hence slow
and hesitating in vastly important far
reaching decisions such as now con-
nected with the railroads, as they are
still under a fire of severe criticism
for misdeeds and extravagances that
are now a matter of history. In any
event the commission is obliged to
move cautiously in the matter of
rates, the regulation of which Is a task
of tremendous magnitude, only appre-
ciated by those intimate with railroad
management. Consequently it would
be safer not to expect any very liberal
concessions to the transportation COM
panies at the start, but rather an op-
portunity for the latter to further
demonstrate their neec by first effect
ing all practical economy and then
waiting to learn the effect Of an inn
provement of business. which is now
more confidently expected. The posi-
ton of the railroads was well de-
scribed recently in these words: 1.-THE
private individual furnishes all the
cash, the government does all the reg
ulating and the owner carries all the
responsibility" Certainly the inter-
state commerce commission has been
given powers never before equalled in
history.
THE railroads are likely to get
more real help from business improve
ment than from any concessions
through the interstate commerce COM
| mission. The splendid outlook for
| nearly all crops throughout the west
and on the Pacific coast is by far the
most encouraging element in the
whole situation. Here is genuine
wealth newly created. Our wheat
crop is simply phenomenal. and prom
Uses with its yield Of over 9O0,OOO.O 900
bushels to add fully $7O0.o00,0OO of
new wealth within the next five weeks,
the harvest being we'll advanced. Our
railroads are already bringing out idle
cars for the purpose of marketing this
vast crop. Bankers and merchants
in the grain belt are exceedingly opti7
mistic, knowing full well that the
| farmers with well-filled Golfers will be
free spenders. The big jobbing houses
! of the west are openly confident. The
agricultural implement concerns are
looking forward to a good business
and a free payment of farmers loans
which had been accommodating. Low
priced automobile concerns are also
expecting large sales to the farmers.
i The fruit crop is good in almost all
sections, and the corn crop is pro-
crossing satisfactorily under favor
able conditions. in spite of the absence
of warm weather. Current estimates
are for a .-op of $500. 100000 BUSH
els, which would be the largest crop
on record except that of 1912, which
amounted t 3.124,0O0,O00 bushels
The only important crop not doing
really well is cotton, the condition OF
which was reported at 1876 against
81.S last year, but the acreage is large
36,9OO,OOO, having been exceeded but
once, last year, and the latest advices
say the crop is now growing well. AL
lowing for the usual deterioration in
July and August. there is still time fol
more than average crops OF both cot
ton and corn, and the agricultural
outlook as a whole is one that affords
the soundest available basis for en-
couragement. One good authority
estimates that our agricultural prod
| ncts this year including animals, will