The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1914-09-15


Feral thousand in Shawnee county alono
A. reported by the local assessors. but
which report. Secretary Aohler. Of the
state department OF agriculture. right
" rejected. It was too palpable an
error to pass muster with any one who
knows the conditions In this locality.
". THE BUSINESS OUTLOOK.
:. Substantial, progress il evident in the
important practical work Of clarifying
the financial situation" writes Henry
Clews. tho New York banker. in his
current weekly financial review. and he
continues: "All interests. without ex-
ception. are. cooperating cordially for
the general welfare. The problem Of
necessary readjnstment has. obviously.
been attacked at its root Hence, when
business In stock exchange securities u
at the proper time resumed it viii then
be on q completely sound and safe
basis. The governors Of the New York
Stock Exchange with their usual con-
servatism are handling the situation In
a broad-minded way. They may be re-
lied upon to reach proper conclusions.
The financial markets almost in
variably afford an accurate index Of the
mercantile and industrial activities of
the nation. Thus q stable market for
securities il dependent upon the degree
OF prosperity in thos activities. Our
foreign trade which has been 30 COM
pletely upset by the arrangement Of
foreign exchange facilities il q prime
essential to the progress Of trade at
home. Sterling exchange transactions
are approaching a more nearly normal
basis than has been current at any time
since the war started. It should not be
necessary to resort to the expectation Of
any large amount Of the precious metal.
Facilitating shipments Of wheat and
other food products that are needed SO
freely abroad would be more effective.
when the war has ended new con-
ditions will! arise. The international
struggle will Of course have to be
financed. The burden Of taxation will
bear heavily upon the people Of all the
belligerent nations regardless Of which
parent victcrs. Happily. our own coun-
try has not been drawn into the mael-
strom and our increased taxation is
merely the result Of the interference by
the foreign situation with our routine
revenues. With the great arrangement
and destruction of export markets that
have heretofore been served by the
belligerent nations our own manufac-
turers and merchants will unquestion-
ably find many favorable export OPP
portunities. Congress has already en-
~ S0In %11~A
means the establishment of a merchant
marine which will in turn facilitate the
expectation Of the products Of Ameri-
can farms and American mines and
American factories. All this means an
increase in our national activities. It
at once suggests an increase in the
freight tonnage carried by our rail-
roads and in the volume Of the pro-
ducts OF our manufacturers. Still fur
Their, an increase in the volume Of
business means a corresponding expan-
sion of profits; hence in the value Of
securities of the various transportation
and Industrial agencies. It may. be-
heve. be taken for granted that Ameri-
can foresight and ingenuity will be
found completely equal to the task Of
taking full advantage Of the opportun-
tiles that are SO clearly in sight.
There is still another favorable feat
ure Of the situation that will in all
probability follow the arrangement
caused by the European conflict. re-
fer to the worldwide necessity for
economies that will be forced in all
branches Of national, state. municipal
gance has been increasing on such a
phenomenal scale that some check has
long been needed. The real effect will
be far-reaching. Abroad, the race for
competitive ornaments will presumably
end for a considerable period with the
termination Of the war. Our own peo-
pie have undoubtedly received an OBJ
ject lesson Ct the necessity of accumu-
lating for q rainy day. They may with
good reason be expected, when their in
comes return to q normal basis. to take
Of the low level Of high grade
securities as the best method Of invest
ing their savings.
.sViewing the situation in a broad
light. there seems no reason to sup
pose that the recovery that will IN
evitably follow the current depres-
sion that has been forced upon this
country by causes over which 1t has
had no control will be rapid and SUBJ
stantial. The governments report on
the grain crops which was published
this week is certainly suggestive OF
this rapid recovery since it forecasts
such great prosperity among the farm
ing interests, which are the backbone
of this country. The wheat crop has
virtually been harvested and final re-