The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-06-23
BUSINESS SOUND BUT QUIET.

S1C PICva4A4n8 1U0GI16 ~ AA1SAA AAo$4O>
i over nearly all departments of bust
ness" writes Henry Clews. the New
York banker. in his current weekly
financial review. and he continues
Some hopes of greater activity havs
been Justly based upon our magnid-
cent wheat crop and continued eaay
money. But such anticipations seem
to have been unfortunately smothered
by the Mexican uncertainties and con-
gressional discussions. All fair mind
ed men will concede that there il q
world wide slowing down Of business
due to economic causes. Germany II
still feeling a moderate reaction from
the activity Of the last few years and
the Balkan war. France has been
suffering from disturbed political con-
ditions. Great Britain's phenomenal
boom seems to have reached q climax
and a natural reaction 10 on. while the
whole continent of Europe is feeling
the burden of crushing military and
naval expenses. In other portions OF
the world, such as China, Japan, In
dia and South America, the tendencies
are also more or less reactionary. The
situation in the United States. how
ever, varies somewhat in important
particulars from other countries. We
have had no real boom in this country
since the panic of 1907. although a
very fair recovery followed this crisis.
While the rest of tho commercial
world has been enjoying unusual ac-
tivity we have been persistently slow
ing down for nearly two years. We
have had much liquidation, and our
principal industries have been running
on short time during q considerable
period. Economy has been practiced
in many directions and as a result this
country is remarkably free from the
OVERRIDING which is at bottom of the
recession now taking place in other
parts Of the world. Briefly. this coun-
try is in an excellent condition, COM
mercially, industrially and financially,
start at the first opportunity; the
situation here with few exceptions be-
ing unusually sound. There is one
great obstacles to such q recovery, and
that is lack Of confidence. Possibly
from even a strictly economic stand
point, the time for a fresh start is not
yet ripe, since readjustment may not
be entirely complete. and there would
naturally be a disposition to await
greater certainty as to the forthcom-
ing harvests. Business men must soon
assume a more confident and hopeful
attitude. There is no longer any I'M
certainty about the tariff, no -uncer-
tainty about the banking bill, and no
about the Panama canal
problem. Moreover. there is less I'M
certainty about trust legislation; and
the Mexican problem. though unset
tied, is much less serious than a month
ago. All sides want peace. The rate
decision still hangs. over the market
like clio Id, and 1t would be unwise
to expect too much from the interstate
Some concessions may
be made to the. railroads. and II that
august body should manifest q fair
and sjuAfcial spirit towsrde the rail-
roads, there will be little cause. for
real apprehension as to their decision.
Very soon this uncertainty win also be
a matter Of history, and the security
markets will be comparatively free for
a period from many heretofore adj
verse Influences; especially should
congress adjourn on or before the
first Of August, as is intimated in some
quarters. 4t
THE most helpful factors in the
business situation are the crop out
look, easy money. and the fact that
many lines of industry have been run:
ming on short time while consumption
nary volume. The steel trade cannot
shut down 60 per cent of its product
when rails, rolling stock
and other products are wearing out
under ordinary use. Our textile mills
cannot for ever keep their product be-
low the normal when consumption is
going along with little If any contrac-
ton. The whole country has been un-
iergoing a process of semi-starvation,
and the exhaustion OF supplies will ere
long compel renewed activity. In the
grain districts there is already q feel
Ing Of more or less buoyancy owing
TO the magnificent wheat crop now
being harvested. The corn crop also
promises well; for, while there has
been no important increase in acreage
and the crop is q little backward as
usual, the condition is reported fine.
Fruit crops are also satisfactory. The
one Important crop which at present
does not promise we'll il cotton, the
condition of which is not entirely sat
sfactory. Furthermore, the foreign
for this staple Is likely to
abate because of the depression in the
British industry, and the falling off in
her enormous export trade. Our
large exports Of gold. aggregating
about $67.000,00O since the first of
January, have excited some concern
nm this side. much more than In y,acas-
sary. for the outgo il not much in ex-
cess OF previous pears. and consider
able of this gold il likely to return
later in the season when needed. Fur
her but not heavy shipments are
because Of our decreasing
exports and increasing imports. also