The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-03-24
the BUSINESS srrUArroN.

Hence. for the time being. at any rate,
the operations ON Wall street are not
In the nature of a correct barometer
of the situation in the business world.
1T IL admitted" writes Mr.. Clews in
his weekly financial review. that there
has been "a general slowing down OF
business which il q part of world
wide movement. The trade reaction in
this country. however. has not been
very, severe. In most cases It has been
spotty. both as to Industries and locai-
ties. The somewhat unsatisfactory sit
uation has, however. been seriously
aggravated by political tendencies at
Washington and the popularity Of COR
batting throughout the coun-
try. Much of the latter must be attrib-
uted to politics. especially as congress
sional election IL in prospect next fall.
It is doubtful. however. IL the voting
classes are as hostile in this respect
as those catering for their support as
sumo. Last week 1t was shown In
these advices that there are over H.
OO0, 900 bank depositors with $1,000 Co.,
900 Of deposits in the United States
who are vitality, though often uncon-
eciously, interested in securities. This
class has not yet been awakened to the
injury threatening them. 1t 10 also
generally overlooked that there are 3d.
O00. 900 Of life insurance policies In ex-
istence in the United States. and that
the assets of these benevolent institu-
tons amount to over &.O0o. 00o, 0oo Al
together 1t 10 safe to say that. the imam
cial interests Of the bulk of the voters
in this country are being seriously I'M
periled by the present unreasonable
hostility towards corporations. I'm
questionably a few Of the latter de-
lerved the punishment already re-
ceived, but punishment cannot go on
forever Many mistakes cannot be I'M
done: and it IL sheer folly to apply the
same treatment to the unoffending as
to the criminal. Unless all signs fail.
has seen it's zenith. and be-
fore long we. hope to see signs Of re-
turning sanity in political circles.
President Wilson IL believed to be more
or less conservatively inclined. but he
is evidently having difficulty in re-
straining the radical element. We do
not doubt that Mr.. Wilson IL absolute
ly sincere in his promise to build up
business. Perhaps the best thing that
can be done IL for the constructive ele-
ments in the country to aid him in the
laudable purpose of moderation.
"The monetary outlook is encourag-
ing. and aside from expected hurries
about April first, which may not come.
the outlook il for continued ease. Last
weeks bank statement showed a good
increase in reserves and a contraction
in loans, the first since the opening of
the year. Foreign, markets are also
showing signs Of returning monetary
ease resulting from q general slowing
down Of trade. Some distrust was
caused by the crisis in the French gov
eminent arising from the assassination
of M. Calmette, but while Temporary
is possible, II not probable,
IT should be remembered that the
French az a nation are distinctly con-
sentative, in spite Of their political
for the reason that the
masses are exceedingly thrifty and do
not favor any public movement that
will fniure their financial interests. The
Ulster difficulties appear serious. but
thus far financial London has not got
very excited over the controversy.
THE latest returns Of exports show
some interesting results. In bread
stufYs there was a shrinkage In Febru-
airy Of about $4,000. 900 and in meat and
dairy products q loss Of over $4,000, 900.
On the other hand there was gain of
over $13, 000. 900 in cotton. more than on
setting both Of these losses. In the
eight months ending February. our ex-
ports of breadstuffs have fallen $2S.-
600, 900. Meat and dairy products in
creased SO. O00, 900 and cotton gained
ISL, OOO, 900. Vital changes are taking
place in our foreign trade. because on
the one hand our exports Of foodstuffs
are steadily declining. being needed at
home: while on the other hand the re-
duction of the tariff Is operating to
stimulate imports, although its effect
in that direction has not thus far
proved as important as expected. As
to the general state Of trade. that con-
tinues slack. New orders for steel are
low because the rail-
roads are financially unable to place
orders. No relief In this
respect is anticipated until the inter-
state commerce commission grants the
roads higher rates. or until traffic
shows decided Improvement. The tex
tile industry is also dragging, the ten
dency Of prices frequently being down.
wards, especially in cotton goods, and
buyers are consequently postponing
purchases The shoe industry il in a
similar condition. New England feels
this condition more than any other Sec
ton. Much Of the slackness In trade IL
to wintry weather. Now
that spring 10 close at hand trade and
industry will gradually resume more
normal volume, especially as construc-
ton work, long delayed. can now be
carried forward without interruption.
Although the number Of unemployed