The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-03-17


weekly review and analysis of the con-
ditions that prevail in the worlds of
trade and finance: and he continues:
This Is not only true of the United
States, but of all Of the great CONNER
cial nations. Germany continues in the
midst Of reactionary period. Sc
curities there are declining; railroad
receipts are falling; imports are
shrinking. and Industrial reaction il |
general. In Great Britain there are
also signs OF. commercial recession;
the volume of shipping is decreasing.
and efforts are being made to lay up q |
large amount of tonnage of vessels in
rates. The more important British and !
German steamship lines are still pay
ing good dividends. but these represent |!
past conditions. and it is doubtful IL
the shipping profits of either nation in |
1914 will equal those Of 1913. because !;
OF the tendency toward contraction in |
their foreign trade.
'At home there are reactionary
symptoms. though 1t is doubtful i'll
these have been so severe as In Europe.
In January and February the total
clearings in the United States were es-
eAAA10SC0 ~ $ASs x1VpVVVsVVVs u uGCIca86
of less than SD compared with the
same period last year. The largest per-
centage Of decrease was in the New
England states. to $50. In the other |
geographical sections the falling off
was about the average named. In New
York city the shrinkage was only sec.
In Philadelphia hess than geo; in Pitts
burg 1870; in Boston nearly 1919; in
Chicago and st. Louis less than go,
while New Orleans showed a gain of
1870. These figures Indicate that there
has been no general contraction of
business in the United States of impor-
lance. Railroad earnings, It is true.
have been unsatisfactory, the January
total being about SO less than a year
ago. while In February the losses have
been somewhat heavier, largely owing
to the interruption Of traffic from
storms Western railroad officials,
however. are by no means pessimistic.
On the contrary, they are expecting q
steady improvement In business with
and following the coming of spring.
Our foreign trade is only fairly we'll
sustained. In January our exports
were about 100000. 900. a decrease of
$23.000.000 compared with last year;
while our imports aggregated only
1854 100000. a decrease of about So
100000. This left an excess Of exports
approximating $5O,00O.00O as against
an excess Of $64,000.0O0 a year ago.
Our foreign trade has Of course been
temporarily affected by tariff changes
and diminishing exports Of foodstuffs.
THAT the much desired recovery in
business il slow in Undertaking. il due
to widespread uncertainty. Next to
the worldwide economic reaction and
our own reimbursement to new legal re-
quirements the Mexican problem Is of
large importance. There is no doubt
that. the prevailing sentiment in this
country is against any armed intervene
ton in the affairs of Mexico. Never
| theless. it is recognized that the long
period of irritation, produced by at
| tacks upon American and foreign per-
sons and property, for which this gov.
eminent may be held responsible. is:
producing a dangerous situation; and:
| in the present state of public opinion a
| relatively small spark might easily;
start a conflagration.
"Our railroad situation continues ex-
ceedingly unsatisfactory. A number
Of trunk lines have reported very dis
couraging gross and net returns for the
past two or three months. Revenues
are fallins away. while expenses stead
| lily rise. The necessity for some COM
pensation in the matter of increased
rates to meet increased charges IL be-
coming more and more insistent. and
the seemingly prejudiced attitude of
the interstate commerce commission
is stimulating the rising tide Of criti-
cism. The forced reduction of express
rates was symptom Of this prejudice.
The efforts to pass a new series of
antitrust bills are also discouraging
to new enterprise and initiative, which
in turn aggravate the reactionary ten
denotes in business. The unfriendly
attitude of congress to business and
large corporate interests in general re-
mains one of the most depressing fea-
lures in the situation. Protests from
successful business men Of high char
lacter appear to have little or no effect
upon the national legislature. Sue
cess seems to be regarded as a crime.
1t il high time that the public at large
were taught the injurious effects upon
themselves of these blind and unre-
lenting attacks on capital and vested
interests. 1t il not generally known
that there are between 100000 and
10, 10000 900 of savings depositors in the
United States. whose deposits aggre-
gate nearly 100000, 900, or approx
imately 40 per cent of the total bank
deposits in the United States. Nor is
1t generally realized that the mutual
savings banks Of this country alone
have $500. 100000 invested in secur-
tiles. of which nearly $s0O,00O.O00
represent railroad bonds. Our life In
surance companies also hold enormous
masses of securities. largely railroads