The Topeka state journal., 1914-02-17

ECONOMIC CONDITIONS SOUND.
There has been some disappoint-
ment among those very optimistically
inclined ~at the slowness Of business
recovery" writes Henry Clews. the
New York banker in his current week.
ly financial review, ''but It IL recog-
nized that considerable lost ground
has been recovered. that economic
conditions are generally sound and
promising, and that should we be
blessed with another good harvest. the
prospects are that the latter half OF
1914 will witness much wider activity
than the first half. There is constd-
cradle talk ct present about the large
number Of unemployed in this city.
Unfortunately the number Ii greater
than usual. Yet 1t II proper to re-
member that at this season tho unem-
ployed from various parts Of the coun-
try drift to New York because they
stand a better chance here than else
where Of receiving food and shelter
from the numerous charitable organ
izations In this city. It II also to be
remembered that the number Of un-
employed at this season II always
larger than at any other period. be-
cause out Of door work is largely sus-
pended. This year the proportion OF
the unemployed from this cause IL
exceptionally heavy owing to slackness
in the building trades: but in the win
ter months work IL always less plenti-
full, and the class Of labor most affect
ed usually receives high wages. and
thus has opportunity for preparing
for the time Of unemployment.
Gradually but slowly trade IL in
creasing in volume. This IL quite true
In the steel trade in which the untitled
orders in January increased $4,000
tons. The steel trade IL as yet by no
means In an entirely satisfactory con-
dition. the volume Of business being
still much below normal and prices
low. Nevertheless, the tendency is
distinctly towards further improve
ment. Another indication OF better
ment was q reduction Of 100000
pounds in the domestic stocks of cop
per during January. The monthly
idle-car statement also showed q de-
crease Of $500 cars in January. Rail-
road purchases have been curtailed for
months past. and 1t is probable that
LuclX OGOCA6 OuA AAA6 SAAo Aes0S JSss OA
two Of rolling stock and rails have
fallen below the actual loss through
ordinary wear and tear. Sheer neces-
sity will soon compel larger purchases
by railroad managers The latter con-
tinue embarrassed by inability to Sc
cure better rates and by the difficult
ties Of raising money; though some
relief has been afforded by the recent
fall in interest rates, which made 1t
easier to refund or extend maturing
The question Of meeting
tho great mass Of short term notes Is
now much less serious than at one
time feared, thanks to better condi-
tions in the money market. New is
sues are now being offered with more
and seem to be promptly
absorbed. Large amounts of high
grade bonds and stocks have been
taken by investors and financial in
stitutions since the first Of the year,
a condition which materially aids the
Of desirable new issues, of
which a number still are pending.
There is every probability that inves-
tors will have an ample selection Of
new flotations from which to choose
curing inc COuuAu8 AAOHtASs Ia GO OpC
the flood of new issues has been ex-
cessive, but 1t is encouraging to note
that most Of them have been well
taken. The Belgian loan for $15.-
10000 was a complete success. So,
too, was a Chinese loan. A Greek
loan, a Hungarian loan and a South
African government loan are all in
prospect. The marked rise
in British consols is emphatic proof
of better conditions in London. al
the expected further reduc-
ton of the Bank Of England rate is
likely to be postponed. The financial
situation in Paris has much improved.
The German bank situation is also
and the London settle
ment went off without trouble in spite
Of the unsettlement caused by the
opening of parliament and the strain