The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-06-16

OF prosperity. IHl8 ID tEues PeAA sA~~A<-- - >
among merchants and manufacturers.
BETTER BUSINESS IN SIGHT.
Confidence il returning in Wall
street. This means that the big finan-
ciers OF the country foresee an Inn
provement in the situation in the
world Of trade and finance. Or. at
least, these seem to be the opinions of
Henry Clews, the New York banker,
authority in the analysis of the BUSH
ness conditions throughout the coun-
try.
"Psychologically, to use an over
worked expression" writes Mr.. Clews,
in his current weekly financial re-
view, ''the situation is improving.
There is less apprehension and more
confidence than a month ago. The
Clayton antitrust bill is likely to
pass. but in a materially modified
form before it emerges from the SEN
ate. Then uncertainty growing out Of
law making will disappear and BUSH
ness will have a chance to adjust it.
self to known conditions. Congress,
dALcI q PnSuOuuCI1aly AOn6 PCAAO4 "a
activity. Is beginning to be really anx-
ious for adjournment. Hot weather
and the vacation period are fast ap-
preaching. The past two summers
have been exceedingly strenuous ones
in Washington; and the administra-
ton. having accomplished far more
than was expected in the direction Of
tariff, banking and antitrust reforms.
can afford to rest satisfied on it's rec
ord Of fulfilled promises. Reports are
current that the interstate commission
will shortly render its rate decision,
and that the roads will be allowed
some concessions. The supreme court
decisions Of the week were also Of a
satisfactory nature: the most impor-
tant being that which asserts the SUI
premacy of national control OF inter-
state commerce rates as against state
control. In other words. as the court
correctly said. the railroads need a
single master. not many. This is an
encouraging development; inasmuch
as 1t will relieve the railroads of many
Of their perplexities and probably in
sure them more just treatment than
has been accorded in the past under
state regulation, which has too often
been Of a confiscatory tendency.
Another element which has aided
confidence on this side of the Missis-
-sippi has been the prevailing ease in
money. No better business tonic can
be found than an abundance of cheap
money available to those having good
credit. 1t is possible however that the
period of abnormally cheap money is
nearing an end. Europe has already
taken over $5O,O00.OOO of gold from
this country since the first of January.
and the outward movement has not
yet ended. This weeks shipments
a record week. Apparently foreign
demands are still unsatisfied and low
money rates here facilitate withdraw
ais. Moreover. our merchandise i'm
ports continue to increase while ex-
ports diminish. and since Europe
shows no present disposition to buy
our securities. the balance against us
thus created can only be settled by
gold shipments. Fortunately we have
an ample supply of the precious metal.
which Is always being augmented by
home productions; and the outward
movement as a whole has by no means
been injurious and should cause no
uneasiness; especially as it will ma
terially help the situation abroad.
Furthermore. the early opening of the
reserve banks will facilitate credit
operations and make us less dependent
upon our gold supply. Very shortly
crop demands will begin to assert
themselves; and should the volume of
business increase as seems not unlike
~, the demand for money will expand
and rates may somewhat harden No
stringency however is in sight. and for
the time being nothing further is an
ticipated than a check upon exception
al ease.
THE general business outlook Is
more promising. Supplies of merchan-
disc of nearly all kinds are unques-
tionably light because of the slowing
down which recent apprehensions me-
cessitated. With the recovery of con-
fidence and with the promise of a
good harvest, increased activity is only
a matter of a few weeks. 1t must be
remembered that industrial produce
ton has been abnormally restrained
for several months. The steel trade
for instance has been running for
weeks on 60 per cent of capacity;
largely because of enforced railroad
retrenchment which cannot be indie
finitely prolonged. The railroads will
soon be compelled to enter the mar
ket more freely, and with the assur-
ance of good crops and better rates
will undoubtedly place some liberal
equipment orders. In fact it would
cause no surprise IL the steel industry