The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-01-13
REASONS ron orrnnmr.


district, due to q more favorable turn
| In affairs In various directions -
writes Henry, Clews. the New York
banker. in his current Weekly Finan-
cial Review. 'fChief of these - de-
cided betterment in the money out
look. Funds arc now returning from
the interior moro freely. Bank sur
plus II rising. and the outlook now
suggests q much moro abundant sup
ply of funds In this market and more
reasonable rates of interest. During
the last few days there has been q
brisk demand for commercial paper.
liberal transactions In six months
names having taken place at 6@bA
per cent This il an encouraging indi-
cation of actual business recovery,
which is likely to be- stimulated still
further by the larger supply Of cheap
err money. Fortunately. this tendency
is not confined to the United States. A
very significant event was the reduce
ton OF the Bank Of England rate to
AZ per cent, with intimations that a
still lower rate = possible In tho not
very distant future. In both London
and Paris the symptoms OF financial
betterment are more pronounced,
proving that the excessive strain of the
last twelve months Is gradually dis
appearing through natural develop
ments. Needless to say. this relief
from financial pressure at home and
abroad win have a supporting effect
upon security markets. This pressure
was one Of the principal causes at
work for tho decline. and a change
for the better must have q correspond
ingly helpful effect upon securities
Another important factor II the
spirit Of Cancellation which now con-
trolls the movements Of both the gov
eminent and the managers OF big cor
porations in regard to enforcement Of
the antitrust law. The government
has modified its attitude Of hostility
and severity, and IL willing to give our
great corporations the time necessary
for adjustments to new requirements.
At the same time, the leaders Of big
business have bowed to public opinion.
and are sincerely endeavoring to place
the great organisations which they
control within the law. The vital fact
Is that we have changed from the pol
icy of centrahzation created largely
under the Hartman regime to a policy
of decentralization. The effect wiA
be beneficial in at least one respect, in
asmuch as 1t will discourage public
hostility to great corporations, and so
deprive professional agitators OF much
of their political ammunition. On the
other hand, this reversed movement IL
somewhat disturbing to the holders OF
such securities for the time being. for
the reason that the consequences OF
this decentraMzing policy are fAr-
reaching, and may temporarily affect
the relative standing or value Of some
of the securities directly concerned.
but these readjustments will unQues-
tionabHy increase the activity in the
stock market and finally be beneficial
to the general situation.
I'm commercial circles there Is a
more confident spirit which. though
not yet resulting in any larger volume
Of business, bodies we'll for the future.
Trade conditions arc known with few
exceptions to be generally sound. be-
cause of the conservative policy of
the past year or so. There has been
no over4production Of merchandise.
and OVERRIDING In speculation outside
Of real estate. AS previously stated
in these advicee, the United States is
in a better position than any other
country in the world to lead trade
revivaHGreat Britain and Germany
still being in the showing-down stage.
An important and very encouraging
T. Wilson q
known to be strongly In favor Of CIV
ing business a chance to recover, and
now that so much has been accom-
plished In the direction of tariff, cur
rency and trusts, he is strongly in
clined to curb unnecessary new begis-
ation and give business the freedom 1t
sadly needs for recuperation. His
Forthcoming antitrust message will
be anxiously awaited in order to see
II such expectations are sustained In
the textile trades Improvement is al
ready noticeable. There il more ac-
tivity in cotton goods, and distributors
shelves are 30 bare of stock that good
buying win be necessary to meet the
demands Of . prosperous west and
south. Last years fun harvest and
good prices have unquestionably saved
those sections of the country from the
depression which for the last SIX
months has been 30 severe In the east.
In the steel trade there are. symp-
toms of having turned the corner.
Some liberal orders have been placed
during the last few days for finished
steel and rails. AS yet the railroads
have not entered the market with any
freedom for well known reasons"
AMERICA AND HOLLAND.
An interesting journalistic announce